U.S. Energy Information Administration said continued decline in rig counts could lead to a drop in production in 2027 of about 2 percent.  In the March issue of its short-term energy outlook, EIA said Texas produced nearly half (6.6 million barrels a day) of the nation’s 13.6 million barrels a day of crude oil in […]

Midland-based EOG Resources exited its Dean sandstone and Spraberry positions in northern Midland Basin with a sale of assets to Houston-based Laguna Resources for $165 million.  The transaction was completed in February for the assets in Dawson County in the Permian Basin of west Texas. The deal included such wells as Bluebonnet C Unit.  There […]

U.S. Energy Information Administration said recently that Permian Basin provided 48 percent of the nation’s record total of crude oil production in 2025.  In the March edition of its short-term energy outlook, EIA said U.S. oil production increased by 3 percent or 350,000 barrels to a record 13.6 million barrels per day last year compared […]

Houston-based Summit Midstream is expanding its Double E natural gas pipeline in Permian Basin with new long-term transportation agreements and planned capacity increase of up to 50 percent.  A mainline compression project will increase capacity from 1.6 billion cubic feet per day to 2.4 Bcfd by yearend 2028. Summit Midstream also continues to expand the […]

Houston-based New Height Energy said last week it acquired about 500 producing oil and gas wells from an undisclosed seller in Midland Basin with net production of about 4,000 barrels of oil equivalent per day.  The privately-held company said it also secured equity commitments from current owners and a consortium of family offices led by […]

U.S. Department of the Interior said Friday it is merging the Bureau of Ocean Energy Management and Bureau of Safety and Environmental Enforcement into a single unit to be called Marine Minerals Administration.  The move was made “to stream offshore oil and natural gas leasing, permitting, inspections and oversight.”

Rig counts increased in Permian Basin, Texas, New Mexico and U.S. in the past week, according to the weekly report of April 3 by Baker Hughes.  U.S. count was up 5 from the previous week to 548 rigs (down 42 or 7.12 percent from 590 a year ago).  U.S. reported 3 additional gas-directed rigs and […]

The annual expo and trade show of Texas Alliance of Energy Producers will be held next week in Wichita Falls.  The two-day event April 13-14 will conclude Tuesday at the multi-purpose events center with a luncheon featuring Senator Kevin Sparks (R-Midland), a member of Texas’ Senate natural resources committee.  He assumed office in January 2023. […]

Bloomberg reported last week that Oklahoma City-based Continental Resources was the first prominent U.S. oil producer to publicly say it will ramp up production as the U.S.-Israeli war continues in Iran.  CEO Doug Lawler told Bloomberg Friday, “Continental is increasing our capital budget, which will increase production.”  Crude oil prices are their highest in four […]

Texas’ taskforce on petroleum theft met Thursday in Midland in its second quarterly meeting since it launched during the 89th session of the Texas legislature in 2025.  For its first report to the legislature due in December, the taskforce is divided into four subcommittees:  background and history, laws and regulations, economic analysis and impact, and […]