Texas Petro Index from petroleum economist Karr Ingham declined in July for the 17th consecutive month to 154.5 despite the fact that crude oil prices have rebounded from low prices in April. The index (base 100.0 January 1995) is down from a revised 159.2 in June and down nearly 25 percent in the past year […]

After a brief rally, rig counts in Permian Basin, Texas, New Mexico and U.S. have resumed declines, according to Baker Hughes. As of Sept. 11, there were 124 rigs in Permian Basin (125 week ago, 419 year ago), 105 rigs in Texas (106 week ago, 430 year ago), 46 rigs in New Mexico (47 week […]

Minneapolis-based Northern Oil & Gas last week said it made its first acquisition in Delaware Basin. Northern acquired assets in Lea County from an undisclosed seller, including 66 net acres with 1.1 initial net wells proposed. The proposed wells are expected to be spud in late 2020 or early 2021. Total acquisition costs plus initial […]

ExxonMobil subsidiary XTO Energy said last week it withdrew its applications for permits to construct and operate natural gas facilities in Eddy County of Permian Basin in southeastern New Mexico. The applications were for facilities to be known as Husky Gas Plant and Central Delivery Point with capacity of 1.5 billion cfd of natural gas, […]

Enverus Intelligence from RS Energy Group said Sept. 4 that flaring intensity in Permian Basin, measured by satellite, averaged about 440 MMcfd in August – down from about 480 MMcfd in July. RSEG said flaring intensity had increased from about 330 MMcfd in June through the end of July by about 150 MMcfd or 45 […]

Rig counts as of Sept. 4 in U.S., Permian Basin, Texas and New Mexico remain above the 2020 low counts registered last month, according to the latest report from Baker Hughes. There were 256 rigs in U.S. (254 previous week, 2020 low of 244), 125 rigs in Permian Basin (125 previous week, 2020 low of […]

Fort Worth-based HighPeak Energy, Inc., said Aug. 24 it plans to increase production by yearend by bringing 15 horizontal wells online and drilling an additional six wells. High Peak Energy, Inc., is the company formed by the closing of Pure Acquisition Corp.’s acquisition of oil and gas assets of HighPeak Energy LP and HighPeak Energy […]

Houston-based oil and gas producer ConocoPhillips last week withdrew a request to Railroad Commission of Texas to extend flaring permits at 41 sites in west Texas. John Roper of ConocoPhillips told Reuters that the company is reducing flaring in the Goldsmith area in Andrews and Ector counties in Permian Basin by improving operations. “These efforts […]

Houston-based Enterprise Products Partners said this week it has cancelled its Midland-to-ECHO 4 crude oil pipeline (M2E4) to markets in the Houston area. EPP amended long-term agreements with customers to reduce the volume of near-term shipping commitments in exchange for extending terms of the agreements. EPP said Wednesday the agreements will allow Enterprise to use […]

Houston-based Palisade Pipeline said recently it will build a 100-mile pipeline to transport treated wastewater from Lubbock to customers in Permian Basin. The company signed an agreement to purchase 6 million gallons of treated wastewater a day from City of Lubbock; pumps along the route will transport water to a reservoir near Hobbs, N.M., for […]