Texas Oil & Gas Association said this week the state’s oil and gas industry paid $15.8 billion in state and local taxes and state royalties in fiscal year 2021 – funds that directly support Texas schools, universities, roads, infrastructure and other essential services. TXOGA released the data Tuesday in Austin. Payments last year increased 14 […]
Permian Basin, Texas again record holiday decline in rig count
Permian Basin and Texas each declined in rig count for the second straight week, according to the year’s first report of active drilling rigs by Baker Hughes. As of Jan. 7 there were 292 rigs in Permian (293 week ago, 179 year ago), 274 in Texas (277 week ago, 161 year ago), 95 in New […]
Enterprise acquires Navitas Midstream to enter Midland Basin
Houston-based Enterprise Products Partners said this week an affiliate agreed to acquire Navitas Midstream Partners for $3.25 billion cash. The Woodlands-based Navitas, portfolio company of funds managed by Warburg Pincus, provides natural gas gathering, treating and processing in the core of Midland Basin. Navitas assets include about 1,750 miles of pipelines and more than 1 […]
Platts says Permian gas output to hit sustained level of 14 Bcfd in 2022Q1
S&P Global Platts Analytics said last week production of natural gas in Permian Basin likely will reach sustained levels of more than 14 Bcfd in 2022Q1. Platts said Jan. 4 that twice in December Permian gas production was estimated at more than 14 Bcfd – just short of its record of 14.1 Bcfd in June […]
Endeavor’s Stephens to receive PBPA Top Hand Award
Autry C. Stephens, founder and general partner of Endeavor Energy Resources, will receive the 2021 Top Hand Award from Permian Basin Petroleum Association Thursday, Jan. 20. The annual awards dinner will begin at 7 p.m. at Petroleum Club of Midland. The Top Hand award is the highest honor distributed by the PBPA each year. It […]
Rig count grows 67 percent in Permian Basin, 72 percent in Texas in 2021
There were few changes in Baker Hughes’ count of active oil and gas drilling rigs in the final week of 2021. As of Dec. 31, there were 293 rigs in Permian Basin (294 week ago, 175 year ago), 277 in Texas (279 week ago, 161 year ago), 94 in New Mexico (93 week ago, 65 […]
Abraxas Petroleum transforms into pure play Delaware Basin company
San Antonio-based Abraxas Petroleum said Monday it is transforming into a pure-play Delaware Basin company by paying off all revolving credit with proceeds from the $87.2 million sale of Williston Basin assets of 3,500 acres and converting a term loan held by Angelo Gordon Energy Funding into preferred stock. The Williston assets were sold to […]
FireBird acquires Midland Basin assets from Chevron
Fort Worth-based FireBird Energy said last week it acquired operated assets in Midland Basin from Chevron USA and Chevron Midcontinent. The transaction for about 21,000 net acres (99 percent operated) in Crane, Ector, Midland and Upton counties closed Dec. 30. FireBird now will have about 72,000 gross acres with about 11,500 boed. Travis F. Thompson, […]
Texas Petro Index increases again as state’s share of U.S. output grows
Texas Petro Index grew in October for the seventh consecutive month with the largest increase of the current expansion cycle. TPI was 158.9 in September and 164.3 in October (base 100 January 1995). That’s an increase of 25.2 percent since pandemic low of 131.2 in January 2021. Petroleum economist Karr Ingham of Texas Alliance of […]
Permian rig count nears 300 with addition of 6 rigs in past week
New Mexico counties Lea (58 rigs) and Eddy (31) lead Permian Basin in rig count as of Dec. 23, according to Baker Hughes. They are followed by Midland with 29 rigs, Martin and Reeves with 22 each, and Howard with 21. Permian Basin added 6 rigs in the past week to reach 294 (173 year […]
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