Permian Basin added rigs for the third straight week, according to the latest weekly report of rig counts from Baker Hughes.  As of Feb. 9, there were 313 rigs in Permian Basin (up 2 in past week, down 39 in past year), 301 in Texas (down 2 in past week, down 69 in past year), […]

Midland-based Diamondback Energy said Monday it entered into an agreement to merge with Midland’s Endeavor Energy Resources to “create a premier Permian independent operator” that will be the fifth largest Permian producer.  Purchase price is about $26 billion – $8 billion cash and 117.3 million shares of Diamondback common stock.  The combined company will control […]

Calgary-based Enverus Intelligence Research Tuesday released a report identifying high-grade locations in Eagle Ford where recoveries remain high despite denser development.  Enverus said as deals increase in Permian Basin ($144 billion in 2023Q4), interest is turning to basins such as Eagle Ford, Haynesville and Bakken. Dani von Bassenheim, author of the report, said, “The core […]

Midland-based Permian Resources said recently it made two bolt-on acquisitions and an acreage swap and divested non-core assets to “optimize its portfolio” in Permian Basin.  James Walter, co-CEO, said Jan. 30, “Since closing the Earthstone transaction (November in Eagle Ford), Permian Resources has added 14,000 net acres and 5,300 net royalty acres located in the […]

San Ramon, Calif.-based Chevron said last week it plans to spend about $5 billion in Permian Basin this year with production growth of nearly 4 percent.  Production in second half of 2024 is expected to compensate for small declines in 1Q and 2Q.  Mike Wirth, chairman and CEO, said Chevron expects to exit 2024 with […]

Permian Basin added a drilling rig last week, but U.S., Texas and New Mexico reported declining counts of active rigs.  Permian Basin added 1 rig to reach 311 (354 year ago). Baker Hughes said as of Feb. 2 there were 303 rigs in Texas (down 1 in past week, down 74 in past year), 98 […]

Texas’ record crude oil production last year resulted in a record amount of state and local taxes paid by the industry.  The latest annual report from Texas Oil and Gas Association said oil and gas companies in Texas paid $26.3 million in taxes in 2023 – $1.5 billion more than the previous year.  The report […]

Brentwood, Tenn.-based Delek Holdings said last week the U.S. Department of Energy selected Delek’s refinery in Big Spring for a carbon capture pilot project.  DOE will provide up to $95 million of federal funds to support development of the project, which aims to capture 145,000 metric tons of carbon dioxide per year and reduce other […]

Railroad Commission of Texas said it completed plugging a well Monday in Crane County that had uncontrolled water flow.  Inspectors from the commission were dispatched within hours of a report of the water flow that began Dec. 7.  RRC said water flow stopped Jan. 21, the well is now cased and cemented, and freshwater zones […]

Oil & Gas Journal said a dozen LNG proposed projects – enough to liquefy more than 13 Bcfd of natural gas – are “potentially at risk following the Biden administration’s decision last week to halt new export authorizations to non-Free Trade Agreement countries.”  Journal analyzed data from Center for LNG and U.S. Department of Energy. […]