Count of active drilling rigs in Texas increased for the fourth straight week in the April 6 report from Houston-based Baker Hughes.  And the rig count increased for the third time in the last four weeks in Permian Basin.  There were 353 rigs in Permian Basin (352 previous week, 332 year ago), 377 in Texas […]

U.S. Energy Information Administration said more electricity was generated from renewable sources of fuel in 2022 than from coal for the first time.  Electricity generated from renewable sources such as wind and solar has grown rapidly in the past decade.  Doug Lewin, president of Stoic Energy, power consultant, told Houston Chronicle, “It’s been a really […]

Houston-based Chevron and its partners Talos Energy and Carbonvert said recently they will triple the size of Bayou Bend CCS, a carbon capture and storage project on the Gulf Coast, to become one of the largest in the nation.  Chevron said it acquired about 100,000 acres of onshore land in Chambers and Jefferson counties.  The […]

Seven universities in Texas and New Mexico and three national laboratories said they are forming Permian Energy Development Lab (PEDL) to study carbon capture and its beneficial use and the management of methane and emissions.  The new lab was revealed March 30 during a panel discussion in Austin at University of Texas, which will be […]

Denver-based Ovintiv said this week that following closing of its latest Midland Basin acquisition it plans to moderate drilling activity in the acquired assets.  Ovintiv said it will move from 7 operated rigs to 2 for a total of 5 rigs operating across its combined Permian acreage.  Ovintiv expects to deliver 2024 total company oil […]

U.S. Energy Information Administration said the nation’s crude oil production rebounded in January to an average of 12.462 million barrels per day – highest since March 2020 (during the pandemic).  Production of crude oil in U.S. fell to a low of 9.713 million b/d in May 2020 (during the pandemic) before recovering to 11.369 million […]

Midland-based Diamondback Energy said last week it joined Oil and Gas Methane Partnership 2.0, the flagship oil and gas reporting and mitigation program of United Nations’ environmental program.  Travis Stice, chairman and CEO, said March 27, “As we work toward achieving our emission reduction targets, it’s paramount that we can rely on a framework that […]

After two weeks of increases in Baker Hughes’ counts of active drilling rigs, the counts in Permian Basin, New Mexico and U.S. declined in the weekly report for March 31.  And the U.S. count marked its first decline in a quarter since 2020Q3 after increasing for 9 consecutive quarters.  As of March 31, there were […]

Denver-based Ovintiv confirmed Monday that it agreed to purchase substantially all leasehold interests and related assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources in Midland Basin in a cash-and-stock deal valued at $4.275 billion ($3.125 billion cash).  The acquisition will add about 1,050 net well locations of 10,000 feet to Ovintiv’s […]

The Woodlands-based Ring Energy said in its recent 4Q earnings report that proved reserves increased 78 percent in the past year from 77.8 million boe at yearend 2021 to 138.1 million boe at yearend 2022 in Permian Basin.  Capital expenditures in 2023 are forecast at $135 million-to-$170 million after $140.1 million in 2022.  Drilling and […]