Midland-based Ring Energy said Tuesday it restored production to 9,219 boed (88 percent oil) in 2020Q3 by increasing third quarter net daily production by 70 percent compared to 2020Q2. Production volumes in 2020Q2 were negatively impacted by Ring’s response to the pandemic-induced oil price collapse. Ring said production in 2020Q3 was within guidance range and […]

Counts of active oil and gas drilling rigs in U.S. increased for the sixth straight week as of Oct. 23, according to Baker Hughes. The U.S. rig count was 287 – an increase of 18 percent from the 2020 low of 244 in August. There were 133 rigs in Permian Basin (increase of 14 percent […]

Another month of declining production of crude oil and natural gas is forecast by U.S. Energy Information Administration. In the Oct. 13 drilling productivity report, production of crude oil in the nation’s seven major regions is expected to decline by 121,000 barrels per day in November from previous month to 7,692,000 b/d. None of the […]

Houston-based Summit Midstream Partners said it received approval of its application to construct and operate joint venture Double E pipeline Oct. 15 from U.S. Federal Energy Regulatory Commission. Double E is a 135-mile interstate natural gas pipeline under development to provide 1.35-bcfd of transportation service from Delaware Basin in southeast New Mexico and west Texas […]

ExxonMobil Pipeline said last week that Wink-to-Webster pipeline, a joint venture, has started moving Permian crude oil and condensate from west Texas to Gulf Coast. The 650-mile system is designed to transport 1.5 million b/d of crude and condensate from starting points in Wink and Midland to several end points in the Houston market, including […]

Enverus from RS Energy Group this week estimated that flaring intensity in Permian Basin – as measured by satellites – fell slightly again this month. Normalized to 31 days for October, flaring declined by 8 percent (30 MMcfd) from September when it was 360 MMcfd. “We expect flaring will remain fairly steady as operators continue […]

U.S. added 13 oil and gas drilling rigs last week, according to the Oct. 16 weekly report from Baker Hughes, the biggest increase in one week since January before the 2020 global pandemic started in March. U.S. count was 282 rigs (269 previous week, 851 a year ago). Other counts of active drilling rigs were […]

In the week’s second major transaction, Dallas-based Pioneer Natural Resources and Austin-based pure play Permian operator Parsley Energy said Tuesday they agreed to an all-stock transaction for Pioneer to acquire Parsley for $4.5 billion. Including Parsley’s debt assumed by Pioneer, total value of the deal is $7.6 billion. Scott D. Sheffield, Pioneer president and CEO, […]

In the first of two multi-billion-dollar transactions this week, Houston-based ConocoPhillips and Midland-based Concho Resources said Monday they agreed to combine in an all-stock transaction valued at $9.7 billion, not including Concho’s net debt of $3.9 billion. The combined company will be the nation’s largest independent oil and gas company with production of more than […]

Midland-based Diamondback Energy said Tuesday it expects to maintain 2020Q4 oil production through 2021 with a capital budget 25-to-35 percent less than 2020 capex. Average oil production in 2020Q3 was 170,000 b/d (287,300 boed); the company operated 32 gross horizontal wells and turned 41 wells to production in 2020Q3. Production forecast for 2020Q4 is 170,000 […]