No new drilling activity was reported last week in Permian Basin, Texas and New Mexico, Baker Hughes said in its weekly report of April 25.  The U.S. count of active drilling rigs grew by 2 in the past week to 587 (613 year ago).  There were 289 rigs in Permian Basin (317 year ago), 274 […]

U.S. marketed natural gas production remained relatively flat in 2024, according to U.S. Energy Information Administration, and grew by less than 0.4 billion cubic feet per day compared to 2023.  Production averaged 113 Bcfd, according to EIA’s latest Natural Gas Monthly.  Production growth in Permian Basin was offset by declining production in Haynesville and flat […]

In an operational update for first quarter 2025, Midland-based Diamondback Energy said it is “closely monitoring the macro environment and is actively reviewing its operating plan for the remainder of 2025.”  First quarter production was 475,944 barrels of oil per day (850,656 boed).  The company’s announcement April 16 added, “Should low commodity prices persist or […]

Oxy Low Carbon Ventures, subsidiary of Occidental Petroleum, said recently it has acquired Holocene Climate Corp. of Knoxville, Tenn.  Holocene owns liquid, low-temperature direct air capture technology that Occidental said is additive to technology acquired through Carbon Engineering in 2023 for about $1.1 billion.  Occidental said combining the Carbon Engineering technology with Holocene’s technology “will […]

U.S. crude oil production grew by 270,000 barrels per day in 2024 to average 13.2 million b/d, according to the latest Petroleum Supply Monthly from U.S. Energy Information Administration.  EIA said April 16 most of the growth came from Permian Basin.  EIA reported, “In 2024 the Permian region … produced more crude oil than any […]

Houston-based Crescent Energy said Tuesday it closed a deal to sell non-operated assets in Permian Basin for $83 million in cash to reduce debt.  The assets in Reeves County projected 2025 production of about 3,000 boed (35 percent oil).  CEO David Rockecharlie said the deal is part of the company’s plan for $250 million in […]

Dallas-based Matador Resources said Wednesday because of lower commodity prices it will reduce its 2025 drilling and completion activities, drop from nine to eight rigs by midyear, and reduce capital spending by $100 million to $1.275 billion.  Joe Foran, chairman and CEO, said 2025 production now is forecast at about 200,000 boed – down 5,000 […]

U.S. Department of Energy said April 3 it awarded a contract of $1.4 billion to Strategic Storage Partners to manage and operate the four sites of the nation’s Strategic Petroleum Reserve (SPR).  Strategic Storage Partners is a joint venture of Aptim Federal Services of Baton Rouge, La., and BWX Technical Services Group of Lynchburg, Va.  […]

Baker Hughes reported little new activity among operators in Permian Basin, Texas and New Mexico in its weekly report of drilling rigs for April 17.  There were 289 rigs in Permian Basin (289 week ago, 318 year ago), 274 in Texas (274 week ago, 296 year ago) and 100 in New Mexico (100 week ago, […]

The Woodlands-based Ring Energy said its acquisition of Lime Rock Resources earlier this year has grown its total production by 12 percent.  Paul McKinney, chairman and CEO, said Ring is looking to grow its production in Central Basin Platform both by acquisition and organically as it faces greater competition in the region between more well-known […]