Texas comptroller Glenn Hegar recently said oil production tax revenue in Texas totaled $586 million in October – up 8 percent from October 2022 – but overall state sales tax receipts were down 0.3 percent from a year ago.  State sales tax revenue in October of $3.81 billion is based on sales made in September […]

The decline in U.S. drilling day rates slowed to a near standstill in October, according to Enverus, as the U.S. composite rate declined to $23,621.  That’s down only $2 from $23,623 in September after falling $838 in the previous four months, according to the Enverus Day Rate Survey.  Three of the survey’s seven regions rose, […]

Bloomberg recently reported wages for U.S. oilfield workers climbed in September for the third straight month “as paychecks prove resilient amid slowing shale activity.”  Average hourly earnings for frontline oil and natural gas workers rose 0.9 percent in September from the previous month to $43.63, according to a report released Nov. 3 by the U.S. […]

Permian Basin and U.S. each added drilling rigs for the first time in three weeks, according to the weekly report of Nov. 17 from Baker Hughes.  There were 311 active rigs in Permian Basin (310 previous week, 349 year ago) and 618 in U.S. (616 week ago, 782 year ago).  Also as of Nov. 17 […]

The Woodlands-based Durango Midstream said recently it received commitments from commercial banks – led by Wells Fargo Bank National Association – to support expansion of Kings Landing gas gathering and processing facility in Eddy County, N.M.  Phase I of the project is expected to be placed into service in 2024Q4 and includes 200 million cfd […]

U.S. Department of Energy said Monday it will purchase 1.2 million barrels of oil to help replenish the nation’s strategic petroleum reserve.  The purchases will be made at an average price of $77.57 per barrel from two companies after 18 bids were submitted. Reuters reported, “The administration of President Joe Biden last year conducted the […]

Findlay-based MPLX recently said expansion of the Whistler pipeline was completed at the end of the third quarter.  The 450-mile pipeline (42 inches) moves natural gas from Waha in Permian Basin to Agua Dulce in south Texas.  It was increased from 2.0 Bcfd to 2.5 Bcfd through the installation of three new compressor stations.  MPLX […]

Houston-based Occidental Petroleum said recently private equity firm BlackRock will invest $550 million on behalf of its clients in development of Stratos, the world’s largest direct air capture facility in Ector County.  Oxy said Nov. 7 BlackRock signed an agreement to form a joint venture with Occidental through its subsidiary 1PointFive, which will own Stratos.  […]

Denver-based Ovintiv reported last week production in Permian Basin in third quarter of 194,000 boed (83 percent liquids).  The company is increasing fullyear 2023 production guidance to 550,000 boed to 560,000 boed on strong well productivity and faster-than-expected integration of Permian assets acquired in multi-billion dollar deals earlier this year.  Fullyear capital investment is now […]

U.S. Energy Information Administration forecasts that oil production will grow by 5,000 b/d in December in the Permian Basin to 5.981 million b/d from 5.976 million b/d in November.  Oil production for November was revised upward by EIA from its original forecast Oct. 16 of 5.901 million b/d.  Production for October was 5.931 million b/d […]