San Ramon, Calif.-based Chevron said Sunday in a quarterly earnings preview that its production in Permian Basin in second quarter increased 11 percent over 2022Q2 to 772,000 boed.  Chevron said it was a quarterly record for the company.  Early 2023 performance of company-operated assets is on track with fullyear guidance.  Chevron previously said it allocated […]

Occidental Petroleum subsidiary 1PointFive said last week it signed an oxygen supply contract with Nippon Sanso Holdings’ U.S. operating company Matheson Tri-Gas for the carbon capture, utilization and sequestration company’s first direct air capture plant in Permian Basin.  Matheson will supply oxygen to Stratos, the plant under construction in Ector County.  Oxygen is used to […]

U.S. Energy Information Administration said Wednesday it expects higher crude oil prices in the second half of 2023 and into 2024 “because of moderate but persistent inventory drawdowns.”  Inventory drawdowns occur when demand for a commodity is greater than its supply.  EIA said, “Production cuts from OPEC members and forecast higher production consumption will lead […]

Houston-based Enterprise Products Partners said Tuesday it has started service at Poseidon, cryogenic natural gas processing plant in Glasscock County that is EPP’s sixth in Midland Basin.  Poseidon has capacity of 300 million cubic feet per day and can extract more than 40,000 barrels per day of NGLs.  Enterprise now can process 1.3 billion cfd […]

In addition to this decline in oil output, production of natural gas also is expected by U.S. Energy Information Administration to decline in August.  EIA said gas production for August in seven major regions is expected to be 97.972 billion cubic feet per day – down 100 million cfd from July.  Permian, Bakken and Niobrara […]

After record high totals in June and July, U.S. crude oil production is forecast to fall in August for the first time this year.  U.S. Energy Information Administration said in its drilling productivity report Monday it expects production of 9.397 million barrels per day in seven major shale regions in August – down 18,000 b/d […]

International Energy Agency last week cut its global oil demand growth forecast for the first time this year because of what Oilprice.com said was “persistent economic headwinds.”  IEA continues to see record high global oil demand in 2023 at 102.1 million barrels per day, according to its Oil Market Report of July 13.  But the […]

Baker Hughes’ rig count in Permian Basin as of July 14 fell by 5 in the previous week to 337 rigs – its lowest count of rigs in 14 months since May 2022.  There were 350 rigs in Permian Basin a year ago and 353 to start 2023.  Also there were 329 rigs in Texas […]

The Woodlands-based Ring Energy said last week it will expand its operations in central basin platform in Permian Basin with a $75 million purchase from Founders Oil & Gas IV.  Founders’ operations in Ector County are focused on development of about 3,600 net acres like Ring’s central basin platform assets acquired in 2022 from Stronghold […]

Houston-based independent infrastructure company Pinnacle Midstream said last week it will expand its Dos Picos system and processing complex in Midland County by constructing a second natural gas processing plant.  Train II, which is targeted for commercial operation in 2024Q4, will add 220 million cubic feet per day of processing capacity and increase Pinnacle’s total […]