Houston-based ConocoPhillips said last week its core Permian Basin assets will grow production about seven percent each year through 2032.  Nick Olds, executive vice president, said April 12 that Delaware Basin will be the primary growth engine for the company, and the Midland Basin, which accounts for about one-third of ConocoPhillips inventory, will grow more […]

Ten counties in the nation’s leading oil-producing region have at least 10 active oil and gas drilling wells, according to the weekly report of April 14 from Baker Hughes.  Eddy (unchanged from last week with 53 wells) and Lea (up 1 to 48 rigs) counties in New Mexico continue to lead the Permian Basin followed […]

In the latest drilling productivity report from U.S. Energy Information Administration, Permian Basin continues to grow production of crude oil and natural gas.  EIA said Monday that oil production in Permian will grow by 13,000 barrels per day from 5.681 million b/d in April to 5.694 million b/d in May.  Across the seven major producing […]

Fort Worth-based Kimbell Royalty Partners said last week it is acquiring mineral and royalty interests from EnCap Investments and Sabalo Holdings subsidiary MB Minerals in a cash-and-stock deal valued at $143 million ($48.8 million cash).  The assets are comprised of 806 net royalty acres on 60,000 gross unit acres in Borden and Howard counties in […]

Houston-based Intelligent Wellhead Systems, supplier of digital control technologies for oil and gas well completions, said last week it opened a new base of operations in Midland.  The company said that “rapid adoption of automation technology and digital solutions for completions drove the need for local customer support, logistics and a full-service operations base to […]

U.S. Energy Information Administration said Tuesday it expects global liquids fuel production to increase by 1.5 million barrels per day in 2023 despite declining production in OPEC and Russia.  EIA attributes the increased production to “strong growth from non-OPEC countries, which increase by 2.3 million b/d… Non-OPEC production growth is largely driven by counties in […]

U.S. interior secretary Debra Haaland (D-New Mexico) visited Texas recently, and officials from Railroad Commission of Texas took advantage to request additional federal funds to plug more orphaned oil and gas wells.  Last year Texas was the first state to begin plugging orphaned wells using initial grants from the federal Infrastructure Investment and Jobs Act.  […]

Tulsa-based Vital Energy, an independent energy company focused on assets in Permian Basin, this week increased its 2023 production guidance because of improved performance in Q1 and the closing of its acquisition of Driftwood Energy in Reagan and Upton counties in the Midland Basin.  Vital forecasts 2023 production of 76,000 to 80,000 boed – up […]

1PointFive, subsidiary of Houston-based Occidental Petroleum, leased more than 55,000 acres along the Gulf Coast in Texas to develop a carbon capture and sequestration hub in Chambers, Jefferson and Liberty counties.  The Bluebonnet hub, with capacity of about 1.2 billion metric tons of CO2, will be located near refineries, chemical plants and manufacturing facilities between […]

The number of earthquakes in the Permian Basin is declining, according to research scientist Peter Hennings from University of Texas.  Dr. Hennings was featured luncheon speaker April 4 in Midland at the national technical conference of the American Association of Drilling Engineers.  “Operators and regulators are adapting – using data and trends successfully,” he said.  […]