Fort Worth-based HighPeak Energy said in its recent earnings report that production in 2022Q4 increased to 37,348 boed (85 percent oil) – up 42 percent from 3Q.  Forecast for 2023 production is 47,000 boed-to-53,000 boed with capital expenses of $1.15 billion-to-$1.26 billion ($321.6 million in 4Q).  “HighPeak’s well performance in 2022 outpaced prior years, and […]

Texas Workforce Commission said last week that Texas added 58,200 positions in February to lead the nation in jobs added in the past month.  And TWC said February marks two years of uninterrupted monthly job growth in the state.  Since February 2022 Texas has added 611,400 jobs.  Bryan Daniel, TWC chairman, said March 24, “The […]

Houston-based Hi-Crush said last week it reached agreement with Pioneer Natural Resources to deploy Hi-Crush’s sixth OnCore mobile mining unit in Midland Basin to supply frac sand for Pioneer well completions.  It will be Hi-Crush’s second OnCore deployment for Pioneer and its fifth deployment in Midland Basin.  Dirk Hallen, Hi-Crush CEO, said March 21 the […]

U.S. Energy Information Administration said recently in its 2023 Annual Energy Outlook that U.S. will remain a net exporter of petroleum products through 2050.  Although domestic consumption of petroleum and other liquids is not expected to increase through 2040, according to the EIA report issued March 16, forecasts of U.S. petroleum and other liquids production […]

San Diego-based Sempra said last week that its 70 percent-owned subsidiary Sempra Infrastructure Partners reached final investment decision to develop, construct and operate Port Arthur LNG phase I in Jefferson County.  ConocoPhillips has 30 percent interest in the project that has an estimated capital budget of $13 billion.  Jeffrey W. Martin, Sempra chairman and CEO, […]

Permian Basin Petroleum Association, State of Texas and five ranchers’ associations filed lawsuits last week against the Biden administration over listings by U.S. Fish and Wildlife Service of lesser prairie chicken.  FWS said in its determination Nov. 25, 2022, that the northern population of the species is threatened, and the southern population is endangered.  The […]

Permian Basin added drilling rigs for the second straight week – a first this year – in the weekly report of March 24 from Houston-based services firm Baker Hughes.  Permian now has 353 rigs after adding 3 in the past week (319 a year ago, 353 to start 2023).  There are 372 rigs in Texas […]

Dallas-based Energy Transfer said Monday it has agreed to purchase Sugar Land-based Lotus Midstream Operations from EnCap Flatrock Midstream in a cash-and-stock transaction valued at $1.45 billion ($900 million).  Lotus Midstream owns and operates Centurion Pipeline, an integrated crude midstream platform in Permian Basin.  Centurion’s system includes about 3,000 miles of pipeline and covers major […]

Sentinel Midstream CEO Jeff Ballard said last week his company expects to receive all permits by 2024Q1 so construction can begin on Texas GulfLink, which plans to load up to 1 million barrels of oil per day by 2026 for global markets.  Texas GulfLink is one of at least four proposed deepwater oil export terminals […]

U.S. Energy Information Administration forecasts continued growth in production of crude oil in Permian Basin and the seven major producing regions in its latest drilling productivity report.  EIA said last week it expects production of 5.596 million barrels per day in March and 5.622 million b/d in April for a growth of 26,000 b/d.  Across […]