Houston-based Occidental Petroleum said recently its 2024 production in Permian Basin will be flat after a 14 percent increase last year.  Total production this year is forecast at 1.22 million-to-1.28 million boed (midpoint would be an increase of 2.2 percent from 2023).  In 2023Q4 Occidental’s total production was 1.23 million boed, including 588,000 boed from […]

Houston-based Targa Resources reported recently Permian record volumes for fullyear 2023 and 2023Q4 and said it completed and commissioned in late 4Q the Wildcat II gas plant in Winkler County in Delaware Basin.  Wildcat II capacity is 275 million cfd.  Targa produced record Permian, NGL transportation, fractionation and LPG export volumes for 2023 fullyear and […]

Election day is Tuesday, March 5, for Texas’ primary elections for federal, state and local offices.  Included is an election for one of three seats on the Railroad Commission of Texas, the agency that regulates the state’s oil and gas industry. Candidates on the Republican ballot are incumbent Christi Craddick of Midland, current chair of […]

Permian Basin is one of four major producing regions expected to increase production of crude oil next month.  In the latest drilling productivity report Feb. 12 from U.S. Energy Information Administration, crude oil in Permian Basin is forecast at 6.085 million barrels per day for March – an increase of 14,000 b/d from 6.071 million […]

Houston-based Verde Clean Fuels said last week it executed a joint agreement with Cottonmouth Ventures for the proposed development, construction and operation of a facility in Martin County to produce commodity-grade gasoline using associated natural gas from Diamondback Energy in Permian Basin.  Cottonmouth is a subsidiarity of Midland’s Diamondback.  The agreement provides “a pathway forward […]

Texas comptroller Glenn Hegar recently said state sales tax revenue in January 2024 totaled $4.02 billion – 2 percent less than January 2023.  The majority of January sales tax revenue is based on sales made in December and remitted to the agency in January. Hegar said Feb. 3, “For the second time since pandemic restrictions […]

Texas dropped 2 rigs in the past week to fall below 300 active drilling rigs for the first time since October 2023.  Baker Hughes reported as of Feb. 16 there were 299 rigs in Texas (301 previous week, 370 year ago), 312 in Permian Basin (313 previous week, 352 year ago), 101 in New Mexico […]

All seven regions in the latest Enverus day rate survey saw rates increase in January for the second time in three months “as confidence started to strengthen among U.S. land drilling contractors.”  The January gains were modest – ranging from 0.58 percent to 1.36 percent.  The U.S. composite rate increased in January by $218 to […]

Midland-based Midway Energy Partners announced recently closing of an equity commitment from investment funds managed by Houston-based private equity firm Post Oak Energy Capital.  Midway said it seeks to leverage its execution capabilities in an “acquire and exploit” strategy across the Permian Basin. Brady Adams, COO, said Feb. 7 “Our experienced team is well positioned […]

Houston-based Plains All American Pipeline said recently it expects to increase its Permian Basin gathering tariff volumes by about 275,000 barrels per day to 2.92 million b/d during 2024.  And Plains forecast total Permian crude production to increase by 200,000-to-300,000 b/d from yearend 2023 to yearend 2024. The pipeline and storage operator said Feb. 9 […]