Dallas-based Pioneer Natural Resources said last week it plans to concentrate its development program starting in 2023 on locations with higher potential.  That comes after a year in which officials said results have not been satisfactory.  Scott D. Sheffield, CEO, said Oct. 27, “We have increased the return thresholds for wells to be included in […]

Midland-based ProPetro Holding Corp., oilfield services company that provides completions services to upstream oil and gas companies, said this week it acquired another Midland company, Silvertip Completion Services Operating, a provider of wireline perforating and pumpdown services. Value of the transaction, which includes cash ($30 million), stock and assumed debt, is $150 million. ProPetro said […]

Texas and U.S. added oil and gas drilling rigs last week, according to Baker Hughes’ weekly count as of Oct. 21, while Permian Basin was unchanged with 346 rigs (268 year ago).  There were 371 rigs in Texas (365 week ago, 249 year ago), 105 in New Mexico (109 week ago, 87 year ago) and […]

The Woodlands-based Ring Energy said Oct. 13 it reduced 2022Q4 capital guidance by 15 percent and maintained production guidance.  The Permian-focused company now estimates 2022Q4 capital expenditures of $42 million to $46 million – down from its previous estimate of $50 million to $54 million.  Ring plans to complete and place on production the remaining […]

Tulsa-based Laredo Petroleum said Oct. 18 it expects 2022Q4 production to be 72,500 to 75,500 boed and oil production to be 32,000 to 34,000 b/d – down from third quarter production.  Capital expenditures in 2022Q4 will be $135 million to $145 million – in line with 2022Q3.  The Permian-focused operator said 2022Q3 production was 79,500 […]

U.S. Energy Information Administration said this week the nation’s crude oil production could be limited by the declining number of DUC wells (drilled but uncompleted) and natural gas pipeline constraints.  More wells were completed than drilled in U.S. from July 2020 through September 2022, and the number of DUC wells fell to 4,333 – fewest […]

Minneapolis-based Northern Oil and Gas said last week it is acquiring a 36.7 percent interest in the Mascot project of Midland-Petro DC Partners for $330 million.  The acquired assets in Midland County are expected to average 4,400 boed in 2023Q1 and 6,450 boed for 2023.  NOG said Oct. 19 it also is acquiring an interest […]

East Daley Analytics said Sept. 30 falling Permian Basin prices for natural gas put a spotlight on pipeline takeaway capacity.  East Daley forecast Permian Basin egress to tighten by late 2022 “yet the steep discounting at Waha suggests takeaway is already tight.”  Reduced exports to Mexico also have put pressure on Permian prices, according to […]

U.S. reached a 2022 high of 769 active drilling rigs in the weekly count from Baker Hughes as of Oct. 14 after gaining 7 in the past week (543 a year ago).  Also, Baker Hughes said there were 346 rigs in Permian Basin (up 1 in past week, up 79 in past year), 365 in […]

Calgary-based Qube Technologies said Oct. 11 that Houston-based Birch Permian selected Qube to provide continuous monitoring technology and expand Qube’s current deployment to all its operated horizontal wells.  Birch recently completed a successful pilot program that resulted in emissions reduction over three months of more than 90 percent.  Nick Goodman, Birch vice president, said, “Birch […]