U.S. Energy Information Administration said last week pipeline exports from west Texas to Mexico averaged 1.6 billion cubic feet per day during May 2022 – the largest pipeline export from west Texas on record.  Compared to 2021, pipeline exports from west Texas January through May 2022 increased by 12 percent to average 1.4 Bcfd.  Natural […]

Rig counts in Permian Basin and U.S. declined for the second straight week, according to Baker Hughes.  As of Aug. 12, there were 346 rigs in Permian Basin (347 week ago, 246 year ago), 372 in Texas (373 week ago, 232 year ago), 104 in New Mexico (unchanged in past week, 80 year ago) and […]

Three additional Permian Basin operators who produce hundreds of thousands of barrels of crude oil have announced multi-billion-dollar profits for 2022Q2.  Houston-based Occidental Petroleum reported $3.6 billion in profits for the quarter that ended June 30 compared to a $97 million loss in 2021Q2.  Oxy produces about 1.1 million boed globally, including 493,000 boed from […]

The number of drilling permits issued in July 2022 for Permian Basin hit a three-year high of 1,526, according to Enverus and investment banking advisory firm Evercore.  Houston Chronicle said that’s an increase of 22 percent from July 2021.  In Texas oilfields, there were 901 approved drilling permits in July – an increase of 16 […]

Minneapolis-based Northern Oil and Gas said Wednesday it agreed to acquire assets in Midland Basin from Tulsa-based Laredo Petroleum for $110 million.  The assets in Howard County include 1,600 acres, 6.4 net producing wells and 8 net undeveloped locations – most operated by SM Energy.  Production at closing in October is expected to be 1,600 […]

Houston-based APA Corp. said in its second quarter earnings release Aug. 3 it acquired property in Delaware Basin in Loving and Reeves counties in Texas for $505 million.  The acquisition is located near APA’s exiting operations and is referred to as a “tuck-in acquisition” in the investor presentation in which APA revealed that its 2Q […]

Oklahoma City-based Chesapeake Energy said last week it will focus on its natural gas operations in Haynesville and Marcellus and move its Eagle Ford positions to non-core status.  Chesapeake said it will increase capital allocation by 15 percent to Haynesville in second half of 2022 and into 2023 and reduce to 3 rigs in Eagle […]

Count of oil and gas drilling rigs in Permian Basin declined by 4 to 347 last week, according to Baker Hughes.  It was the largest decline in Permian since falling by 5 to 117 rigs in August 2020.  Also as of Aug. 5, there were 373 rigs in Texas (up 2 in past week), 104 […]

A series of helicopter flyovers in Permian Basin by U.S. Environmental Protection Agency continued this week to survey thousands of oil and gas operations.  The flyovers will allow EPA to identify emitters of large amounts of methane and excessive emissions of volatile organic compounds (VOCs).  EPA regional administrator Earthea Nance said Aug. 1 the Permian […]

State of Texas continues to receive record amounts of sales tax revenue and production taxes from crude oil and natural gas.  Texas comptroller Glenn Hegar said Aug. 1 state sales tax revenue totaled $3.88 billion in July – highest monthly collections on record and 14.7 percent more than July 2021.  The majority of July sales […]