Operators in Permian Basin show the greatest rates of increase in drilling speeds and in drilling efficiencies, according to new research by Enverus Intelligence Research.  The research analyzes which oil and gas plays show the greatest rate of increase in drilling speeds, whether well costs correlate with drilling speeds, and how well designs are affecting […]

San Diego, Calif.-based Royale Energy said last week it is drilling and completing its fifth and sixth wells in its joint venture with Ares Energy in Permian Basin.  The project is a horizontal resource play in the Mississippian interval on 17,000 net acres in Ector County.  Royale and its investors have a 5 percent working […]

Midland-based ProPetro Holding said Monday it acquired Aqua Prop, Midland-based provider of wet sand solutions.  The all-cash acquisition, valued initially at $35.6 million, advances ProPetro’s commitment to delivering more integrated industrial solutions.  Sam Sledge, CEO, said, “The acquisition of Aqua Prop aligns seamlessly with our strategy of pursuing more innovation and integration for our disciplined […]

Analysts at Wood Mackenzie said last week the $22.5 billion recently-announced acquisition of Marathon Oil by ConocoPhillips could make the company the third largest producer in the U.S. lower 48 behind ExxonMobil and Chevron/Hess.  Alex Beeker, research director, said May 30, “The addition of Marathon further solidifies ConocoPhillips in a league of its own with […]

Suwanee, Ga.-based Future Technologies Venture said recently it will open an office in Midland in 2Q to serve the oil and gas industry in Permian Basin.  “This is a dynamic industry in a dynamic environment,” Valerie Sciortino, head of site development for Future Technologies, said.  “Having more immediate access to our clients and their real […]

Permian Basin, Texas and U.S. each declined in count of active drilling rigs during May, according to weekly reports from Baker Hughes.  As of May 31, Permian Basin reported 310 rigs (down from 312 the previous week, 348 the previous year and 317 to start the month), Texas reported 287 (unchanged from the previous week, […]

Houston-based Select Water Solutions said recently its collaboration with Occidental Petroleum in Midland Basin has treated and recycled 50 million barrels of produced water.  The South Curtis Ranch treatment facility has been operating since March 2021.  John Schmitz, chairman, president and CEO of Select, said May 20, “Reaching this milestone at one of our flagship […]

Enverus reported May 24 that ConocoPhillips is the most active operator in the U.S. and Occidental Petroleum is the most active operator in the Permian Basin.  In the U.S. for the week that ended May 24, ConocoPhillips led with 31 rigs followed by EOG Resources and Occidental with 27 each, Mewbourne Oil with 25, Continental […]

Houston-based Energy Transfer said Tuesday it agreed to acquire Midland’s WTG Midstream Holdings from affiliates of Davis Estate, Diamondback Energy and Stonepeak.  The deal is valued at $3.25 billion, including $2.45 billion in cash and about 50.8 million newly issued Energy Transfer common units.  The assets are expected to provide Energy Transfer with increased access […]

Houston-based ConocoPhillips, top U.S. independent oil and gas producer, said Wednesday it agreed to purchase Marathon Oil in an all-stock deal worth $22.5 billion, including $5.4 billion in debt.  CNN Business said, “Oil giants are flush with cash and printing bumper profits following years of elevated prices.  They’re using those windfalls to snap up assets […]