Counts of active oil and gas drilling rigs declined in Texas and U.S. during the past week, according to Baker Hughes’ report for July 1, while Permian Basin was unchanged with 349 rigs (237 a year ago).  There were 360 rigs in Texas (362 week ago, 222 year ago), 112 in New Mexico (111 week […]

Willow Park-based ProFrac Holding Corp. said last month it agreed to acquire SP Silica and SP Silica Sales of Monahans for $90 million and U.S. Well Services, a leading provider of electric pressure pumping services, in a stock transaction.  SP Silica provides nearly 3 million tons of annual sand production capacity and nearly 25,000 tons […]

Kinder Morgan and its partners in Permian Highway pipeline said June 29 they will proceed with an expansion of the Waha-to-Katy natural gas pipeline.  Binding transportation agreements were secured for the complete expansion capacity of 550 million cfd primarily through additional compression.  Targeted in-service date is November 2023.  The 430-mile pipeline is jointly owned by […]

The Woodlands-based Ring Energy said this week it agreed to acquire assets primarily in Crane County of privately held Stronghold Energy II Operating and Stronghold Energy II Royalties.  Stronghold operations are focused on developing 37,000 net acres (31,000 leasehold, 6,000 minerals) in Central Basin Platform.  Stronghold majority owner is Warburg Pincus.  The transaction includes $230 […]

Oslo-based research firm Rystad Energy said last week oil exports from U.S. Gulf Coast are expected to reach an all-time high of 3.3 million barrels per day in 2022Q2 as refining capacity disruptions limit operators’ ability to meet demand and supply is boosted by release from strategic petroleum reserve.  More than 95 percent of U.S. […]

Baker Hughes said in its June 24 report there were no drilling rig losses in major producing states in the previous week.  There were 349 rigs in Permian Basin (up 4 in previous week, up 113 in previous year), 362 in Texas (up 6 in previous week, up 141 in previous year), 111 in New […]

U.S. onshore day rates for drilling rigs increased in May to exceed their pre-pandemic levels of early 2020, according to Enverus day rate survey.  Enverus said last month the combination of more demand and higher costs increased the U.S. average onshore day rate to $18,517 in May – the 14th straight monthly increase and first […]

Midland’s Warrior Technologies said last week it purchased a division of a Permian Basin company that will add four service lines – hot oil, winch trucks, pump trucks and frac tanks.  COO Billy Doucette told Midland Reporter Telegram the acquisition includes 18 vacuum trucks, 8 hot oil trucks, 4 pump trucks, 4 winch trucks, 32 […]

The Woodlands-based Earthstone Energy said June 28 it agreed to purchase assets in Delaware Basin of Titus Oil & Gas for $627 million.  The assets include 7,900 net acres in Eddy and Lea counties with net production in June of 31,800 boed from 44 gross (37 net) operated wells.  Titus now is using 3 rigs […]

A partnership of EnCap Investments and the Double Eagle management team said June 19 it is forming Fort Worth-based Double Eagle Energy Holdings IV and Tumbleweed Royalty IV.  Double Eagle IV will focus on investing in oil and gas properties in Permian Basin, and Tumbleweed IV will focus on royalty and mineral investments in Permian […]