Railroad Commission of Texas said last week it will add more requirements to new disposal well permits in Permian Basin to help the agency and industry monitor and respond to injection and reservoir conditions that may induce seismic activity.  The new regulations will require certain new disposal wells to be equipped and operated with a […]

Calgary-based Enverus Intelligence Research said recently that upstream M&A (merger and acquisition) activity in 2022 resulted in transaction values down about 20 percent from pre-pandemic averages, and the volume of deals fell to a nearly two-decade low.  Activity was driven by large companies targeting the highest quality assets in billion-dollar-plus deals. Andrew Dittman, director at […]

U.S. count of active oil and gas drilling rigs continues its contraction in 2023.  No state added rigs in the past week, according to Baker Hughes in its weekly report of Feb. 3.  There were 354 rigs in Permian Basin (down 3 in past week, up 60 in past year), 377 in Texas (down 3 […]

The Woodlands-based Earthstone Energy said recently that 14 of 19 wells brought online in 2022Q3 exceeded 1,000 barrels of oil per day, including the five-well Barnhart pad in Irion County, and Enverus said the company plans to allocate part of its 2023 capital budget to the area after it identified 40 additional locations.  Earthstone reached […]

Increased equity commitments will enable Fort Worth-based Double Eagle Energy Holdings to accelerate its acquisition and development strategy in Permian Basin.  Enverus reported recently that EnCap Investments, portfolio company Double Eagle and affiliated mineral company Tumbleweed Royalty IV increased equity funding to $2.3 billion. “We are ramping up our development pace,” co-CEOs Cody Campbell and […]

David Lawler, CEO of BPX Energy, BP’s onshore oil and gas business, told Houston Chronicle his company will spend $1.3 billion to build three additional facilities in Permian Basin similar to Grand Slam.  Located near Orla in Reeves County, Grand Slam is a network of tanks, pipelines and other equipment for gathering, processing and transporting […]

U.S. count of active drilling rigs continues down for the year while counts in Permian Basin, Texas and New Mexico increased in the weekly report of Jan. 27 from Baker Hughes. There were 357 rigs in Permian Basin (up 3 in past week), 380 in Texas (unchanged), 105 in New Mexico (up 3) and 771 […]

Initial roster of the Texas House Water Caucus includes nine members of the House of Representatives from west Texas. Sarah Schlessinger, CEO of Texas Water Foundation, said Jan. 13 the group will focus on creating a sustainable water system in Texas. She said aging infrastructure and limited investments have left Texas’ water infrastructure fragile. Last […]

Houston-based Kinder Morgan said Jan. 18 that land acquisition and procurement of materials and construction contractors continue as planned for expansion of Permian Highway natural gas pipeline. Target in-service date is Nov. 1 for the pipeline that will increase natural gas delivery from Permian Basin to Gulf Coast. The project will expand Permian Highway’s capacity […]

Midland-based Permian Resources Corp. said Jan. 17 it recently made several portfolio management transactions, including acquisition of 4,000 net leasehold acres, 3,300 net royalty acres and 1,100 boed (73 percent oil) of net production primarily in Lea County, N.M., from an undisclosed seller for $98 million. James Walter, co-CEO, said, “The combined transactions high-grade our […]