Houston-based Vencer Energy, U.S. upstream unit of oil trader Vitol, said April 30 it agreed to purchase Midland Basin assets of Hunt Oil Co. Vencer is acquiring 44,000 acres in five counties with current production of 40,000 boed. Purchase price was not announced. The acquisition is the first for Vencer, which began last year. Ben […]

S&P Global Platts said Monday that U.S. natural gas exports to Mexico could hit record highs over the next two weeks – fueled by rising temperatures in Mexico and increased capacity of cross-border and downstream pipelines. In April exports to Mexico hit record levels of nearly 7 Bcfd accompanied by above-normal temperatures and a spike […]

New Mexico was the only major producing state to add at least one active drilling rig in the past week, according to the April 23 report from Baker Hughes. New Mexico has 71 rigs (70 last week, 70 a year ago). Also, Permian Basin has 226 rigs (227 a week ago, 246 a year ago), […]

Associated Press reported that officials of U.S. Department of Energy said April 21 oil and gas lease sales from public lands will be canceled through June amid the ongoing review of how the program contributes to climate change. The action does not affect existing leases, and the agency continues to issue new drilling permits during […]

Fort Worth-based private equity firm Vortus Investment Advisors said April 19 it will partner with newly formed Stateline Operating to develop assets in Eddy County, N.M. Fort Worth-based Stateline, a joint venture of Vortus and Flat Creek Resources, will be managed by Flat Creek with initial focus on existing oil-rich assets in Delaware Basin. Mike […]

Houston-based Nacero said last week it will build in two phases a $6.5-to-$7.0 billion lower-carbon gasoline manufacturing facility near Penwell in Ector County. Odessa American said the 2,600-acre site about 15 miles west of Odessa was one of three finalists for the plant’s location. It will be the first in the U.S. to produce gasoline […]

Midland-based Diamondback Energy revised 2021 capital guidance after closing acquisitions of 32,500 net acres in Midland Basin from Guidon Operating and 95,000 net acres in Williston Basin from QEP Resources. Production in 2021 will be flat with 2020Q4. CEO Travis Stice said April 12, “While commodity prices have improved, global spare oil production capacity remains […]

Oil and gas drilling resumed its steady recovery last week in Permian Basin, Texas and U.S. Baker Hughes said April 16 there were 227 rigs in Permian (224 previous week), 214 rigs in Texas (209 previous week), 70 rigs in New Mexico (unchanged) and 439 rigs in U.S. (432 previous week). Louisiana remains No. 3 […]

Oslo-based research firm Rystad said April 9 associated wellhead gas flaring in major U.S. liquids regions, including Pemian Basin, posted another sequential decline in March. Permian flaring intensity fell to 1 percent as of January, but satellite data revealed a clear spike for February during the winter weather crisis before resuming a decline in March. […]

The Woodlands-based Ring Energy said April 14 it recently initiated the next phase of its Permian Basin northwest shelf drilling program in Yoakum County. Drilling of the first well is complete, drilling of the second well is underway, and operations on the third well are expected to begin in late April. Each well targets San […]