Texas led all states in drilling rig count decline for the third straight week as of June 21, according to Baker Hughes. There were 463 active rigs in Texas – down 4 from the previous week and down 70 from a year ago. There were 439 rigs in Permian Basin (441 previous week, 474 previous […]
Phillips 66 files permits to build offshore export facility on Texas coast
Oil refiner Phillips 66 reportedly has filed federal and state permits to build an offshore export facility about 27 miles east of Port Aransas. Reuters and Houston Chronicle reported the proposed deepwater crude export terminal last week. Reuters said Phillips’ Bluewater Texas terminal is being developed with Port of Corpus Christi. Dennis Nuss of Phillips […]
Weatherford opens new oilfield technology super center in Odessa
Weatherford International, which operates in more than 80 countries with 700 locations, opened a new oilfield technology super center in Odessa June 13. Eight of Weatherford’s service lines in the region now will operate from one building. Mark Swift, president of the company’s western hemisphere division, said, “If you’re going to be a major player […]
Breakwater launches midstream division to boost recycling in Permian Basin
Houston-based Breakwater Energy Partners said June 19 its new midstream division will enhance the company’s oilfield wastewater recycling in Permian Basin. The new division will build and operate pipelines and other equipment to move freshwater and wastewater to and from oil and gas operations in the Permian shale play. Breakwater’s water recycling segment, with capacity […]
Rystad Energy says natural gas flaring in Permian Basin sets record
Flaring and venting of natural gas in Permian Basin reached an all-time high in 2019Q1, according to research by Rystad Energy. The firm said Permian gas flaring averaged 661 MMcfd in 2019Q1. Oil & Gas Journal said, “This widespread waste of a valuable commodity is the result of persistent infrastructure challenges, a lack of enough […]
Phillips 66, Plains joint venture will construct Red Oak pipeline for crude
Phillips 66 and Plains All American Pipeline said June 10 their joint venture will proceed with construction of $2.5 billion Red Oak pipeline to transport crude oil from storage terminals in Permian Basin and Cushing, Okla., to Beaumont, Corpus Christi, Houston and Ingleside. Initial service is expected to begin in 2021Q1. Red Oak will lease […]
Sand supply continues to outpace demand, prices to remain depressed
Moody’s Investor Services said in a recent research report that sand prices for oil and gas fracturing and valuations of sand mining companies are expected to remain depressed as supply continues to outpace demand. The report said “frac sand castles may crumble” as prices remain low. Moody’s said sand prices have declined 20 percent in […]
Permian leads oil production growth; U.S. gas production tops 80 billion cfd
Two-thirds of growth in U.S. oil production next month is forecast to come from the Permian Basin. In its latest Drilling Productivity Report, U.S. Energy Information Administration said oil production in the nation’s seven major regions is expected to grow from 8.412 million barrels per day in May to 8.495 million b/d in June. Much […]
Devon to sell assets in Canada to focus on Permian Basin, Eagle Ford
Oklahoma City-based Devon Energy said Wednesday it will sell its Canadian assets for $2.8 billion to Canadian Natural Resources to focus on its shale assets in Permian Basin in west Texas and Eagle Ford in south Texas and also in Oklahoma. The transaction is expected to close in 2019Q2, and Devon said proceeds will be […]
Barnett Shale: No horizontal well permits filed since April 9
The Houston Chronicle said this week there have been no filings to the state for horizontal drilling permits in more than a month in the Barnett Shale in north Texas, the so-called “birthplace of the shale revolution.” The Chronicle said May 13 that Fort Worth-based TEP Barnett USA was the last company to seek a […]