San Ramon, Calif.-based Chevron increased its presence in Permian Basin and Denver-Julesburg Basin in Colorado with its acquisition of Houston-based Noble Energy. Chevron said July 20 the all-stock transaction is valued at $5 billion ($10.38 per share). Total enterprise value, including debt, is $13 billion. It will increase Chevron’s proved reserves by about 18 percent […]
Texas Petro Index falls for 15th straight month to 163.5 in May
Falling rig count combined with steep declines in drilling permits, industry employment and crude oil production pushed the Texas Petro Index down again in May to 163.5 – down 22.5 percent from 210.7 of a year ago May 2019. It was the 15th consecutive month of decline for the index developed by petroleum economist Karr […]
Mergers and acquisitions decline 68 percent in Texas in 2020Q2
Texas Lawbook said the 89 mergers, acquisitions and joint venture transactions completed by Texas companies in 2020Q2 represented a decline of 68 percent from 2019Q2 as activity in the state reached historic lows. Texas Lawbook, with data from Mergermarket, said the value of the transactions dropped 93.7 percent. The 89 deals were the fewest in […]
New Mexico adds rig for second straight week; Permian still leader with 124
New Mexico added a rig for the second straight week, but declines of counts of oil and gas drilling rigs continued in Permian Basin, Texas and U.S. According to the July 17 report from Baker Hughes, New Mexico added 1 rig again to reach 50 (107 year ago). Permian Basin has 124 rigs (125 week […]
Earthstone Energy returns curtailed production, drills in Upton County
The Woodlands-based Earthstone Energy said it is returning to full production all of its shut-in and curtailed operated wells. Earthstone said July 16 its wells “are currently producing at nearly 100 percent of capacity.” Earthstone said total net production was curtailed by about 60 percent in May, when the company concluded its 2020 drilling program […]
Permian crude loaded on first vessel at South Texas Gateway
Crude oil from Permian Basin was loaded July 16 on the first marine vessel to launch from South Texas Gateway, a new state-of-the-art terminal in Ingleside at Port of Corpus Christi. Four pipelines serve South Texas Gateway developed by Buckeye Partners, a leading global terminal operator that owns 50 percent of the terminal. Phillips 66 […]
Haynesville overtakes Eagle Ford as second most popular location of rigs
Natural gas-rich Haynesville in east Texas and north Louisiana has overtaken Eagle Ford in south Texas as the second most popular destination for drilling rig operators in U.S. Haynesville surpassed Eagle Ford in May and now has 32 operating rigs to 11 for Eagle Ford as of July 17, according to Baker Hughes. And Haynesville […]
Texas leads U.S. declining production in April, pandemic’s first full month
April was the first full month of business and travel restrictions in place in the U.S. to fight the spread of the coronavirus, and the U.S. Energy Information Administration said this week crude oil production declined that month by the largest amount in more than a decade. The nation’s output was down by 670,000 barrels […]
Baker Hughes: New Mexico only state to add drilling rig in past week
Baker Hughes’ count of active oil and gas drilling rigs fell for the 18th consecutive week in U.S. and 17th in Permian Basin as of July 10. U.S. count fell to 258 rigs (263 week ago, 958 year ago), and Permian Basin count fell to 125 (126 week ago, 437 year ago). All 5 rigs […]
Diamondback, Noble, others return curtailed oil production in July
Midland-based Diamondback Energy said Tuesday it lifted its reduction in May of about 9,000 barrels of oil production per day and resumed pumping from its shut-in wells in June. Travis Stice, CEO, said, “With oil prices having recovered significantly since the decision to curtail production was made in April, Diamondback returned this production through the […]
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