Midland-based Kinetik Holdings said recently it completed the third of three strategic growth projects in its 2023 capital program when it placed online gathering system expansion into Lea County, N.M.  Kinetik said the expansion was placed online Jan. 18 (two months ahead of schedule) and under budget. Jamie Welch, president and CEO, said Feb. 28, […]

Calgary-based Enverus Intelligence Research released a report last week on U.S. emissions for the oil and gas sector to evaluate industry progress based on data from U.S. Environmental Protection Agency.  Enverus analyzed trends in the upstream and gathering sections in 2020-22 – highlighting where operator efforts are paying off and which sources are more difficult […]

U.S., Texas and Permian Basin reported declining counts of active drilling rigs for the past week, but New Mexico added 3 rigs for a 2024 new high of 106.  Houston-based Baker Hughes said as of March 8 there were 313 rigs in Permian Basin (315 previous week, 343 year ago), 291 in Texas (299 week […]

Oklahoma City-based Devon Energy recently reaffirmed its 2024 production forecast of about 650,000 boed, but Devon said it expects first quarter production to be down about 2 percent because of curtailments caused by severe winter storms.  The storms shut down refineries on the Gulf Coast in Texas and limited production in North Dakota to about […]

Occidental and Pioneer Natural Resources continue to lead Permian Basin in rig count as of March 1, according to Enverus.  Occidental leads with 26 drilling rigs followed by Pioneer with 22.  Other Permian leaders are Mewbourne with 19, EOG Resources with 18, Devon Energy with 17, ConocoPhillips and ExxonMobil each with 16, Diamondback Energy with […]

Last year U.S. maintained its position as the largest supplier of LNG to Europe by supplying nearly half of the total LNG imports, according to data from CEDIGAS (international association for natural and renewable gases) as reported by Oil & Gas Journal.  It was the third straight year for U.S. to lead in LNG supply […]

Denver-based Civitas Resources said last week it is divesting non-core assets in DJ Basin in Colorado as it prioritizes operations in Permian Basin.  Civitas divested $85 million of non-core acreage in DJ Basin in 2023Q4 – primarily non-operated interests with minimal production.  Civitas said Feb. 27 it remains on schedule to reach a $300 million […]

Calgary-based Enbridge said this week it will expand Gray Oak crude oil pipeline that transports Permian Basin oil 850 miles from Reeves County to its Ingleside Energy Center.  Enbridge plans to expand Gray Oak (900,000 b/d) by up to 120,000 barrels per day.  The company also plans to add 2.5 million barrels of storage at […]

U.S. Department of Energy said last week it will purchase another three million barrels of U.S.-sourced sour crude oil to add to the strategic petroleum reserve in August.  DOE said Feb. 26 it wants to purchase oil at or below $79 per barrel.  Bids for this solicitation are due by 11 a.m. (central), Wednesday, March […]

Count of active oil and gas drilling rigs in Permian Basin increased by 1 to 315 as of March 1, according to Baker Hughes.  Permian’s count is up 6 this year and is its highest since September 2023.  Permian’s count was 349 a year ago.  Texas was the only major producing state to report a […]