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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Matador Resources to reduce drilling activities and capital spending in 2025

April 25, 2025 by PBOG

Dallas-based Matador Resources said Wednesday because of lower commodity prices it will reduce its 2025 drilling and completion activities, drop from nine to eight rigs by midyear, and reduce capital spending by $100 million to $1.275 billion.  Joe Foran, chairman and CEO, said 2025 production now is forecast at about 200,000 boed – down 5,000 […]

Filed Under: PBOG Newsletter

DOE awards contract of $1.4 billion to JV to operate SPR in Texas, Louisiana

April 22, 2025 by PBOG

U.S. Department of Energy said April 3 it awarded a contract of $1.4 billion to Strategic Storage Partners to manage and operate the four sites of the nation’s Strategic Petroleum Reserve (SPR).  Strategic Storage Partners is a joint venture of Aptim Federal Services of Baton Rouge, La., and BWX Technical Services Group of Lynchburg, Va.  […]

Filed Under: PBOG Newsletter

Unchanged counts of active drilling rigs in Permian Basin, Texas, New Mexico

April 22, 2025 by PBOG

Baker Hughes reported little new activity among operators in Permian Basin, Texas and New Mexico in its weekly report of drilling rigs for April 17.  There were 289 rigs in Permian Basin (289 week ago, 318 year ago), 274 in Texas (274 week ago, 296 year ago) and 100 in New Mexico (100 week ago, […]

Filed Under: PBOG Newsletter

Ring Energy grows production after Lime Rock deal; ‘real promise’ in CBP

April 22, 2025 by PBOG

The Woodlands-based Ring Energy said its acquisition of Lime Rock Resources earlier this year has grown its total production by 12 percent.  Paul McKinney, chairman and CEO, said Ring is looking to grow its production in Central Basin Platform both by acquisition and organically as it faces greater competition in the region between more well-known […]

Filed Under: PBOG Newsletter

TIPRO reports decline in Texas upstream employment for March

April 22, 2025 by PBOG

Texas Independent Producers and Royalty Owners Association said April 18 that upstream employment in the Texas oil and gas industry declined in March.  Austin-based TIPRO cited data from U.S. Bureau of Labor Statistics show Texas upstream employment for March was 204,400 – a decline of 700 industry positions from February.  It represents a decline of […]

Filed Under: PBOG Newsletter

Growth slows, but U.S. crude oil exports reach record in 2024

April 18, 2025 by PBOG

U.S. Energy Information Administration said April 10 the nation’s crude oil exports reached a record in 2024.  Exports erased the record set in 2023 by exceeding an annual average of 4.1 million barrels per day.  But despite the record, growth of crude oil exports year-over-year slowed to 1 percent in 2024 compared with 14 percent […]

Filed Under: PBOG Newsletter

Partnership of Midland’s Elevation Resources, IOG to drill in Andrews County

April 18, 2025 by PBOG

Dallas-based IOG Resources said April 10 it entered a joint development partnership in Permian Basin with Midland’s Elevation Resources.  Their 2025 drilling plans include 10 horizontal Barnett wellbores in Andrews County.  Elevation Resources is a Permian-focused exploration and production company with operations in the Central Basin platform.  It was formed in 2013 with financial backing […]

Filed Under: PBOG Newsletter

U.S. Energy Development acquires 20,000 net acres in Reeves, Ward counties

April 18, 2025 by PBOG

Fort Worth-based U.S. Energy Development Corp. said this week it acquired 20,000 net acres in Reeves and Ward counties in Permian Basin for $390 million from an undisclosed seller.  U.S. Energy Development said the deal includes a proved producing component and expands the company’s Permian holdings while increasing its multi-bench, multi-year drilling inventory. The company’s […]

Filed Under: PBOG Newsletter

Rigs counts down in Permian, Texas, New Mexico, U.S.; Permian count is 289

April 15, 2025 by PBOG

The counts of active oil and gas drilling rigs in Permian Basin, Texas, New Mexico and U.S. all were down in the weekly report of April 11 by Houston-based services firm Baker Hughes.  It was the sixth straight week of decline in Permian Basin, which reported 289 rigs (down 5 from 294 a week earlier, […]

Filed Under: PBOG Newsletter

U.S. interior department lifts requirements for impact statements on 3,244 leases

April 15, 2025 by PBOG

U.S. Department of Interior said last week it will no longer require environmental impact statements for thousands of oil and gas leases in New Mexico, Colorado and five other states in the western U.S.  Interior department officials told Bureau of Land Management that environmental impact statements no longer will be required for 3,244 oil and […]

Filed Under: PBOG Newsletter

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