Houston-based startup Spur Energy Partners and investment firm KKR said Tuesday they formed a partnership to acquire Permian northwest shelf assets of Houston-based Percussion Petroleum and other assets across the lower 48 states. The acquisition includes interests in 380 gross producing wells and 22,000 net acres in the Yeso formation in Eddy and Lea counties […]
Texas Petro Index for March up 9.4 percent in past year
The Texas Petro Index prepared for March by Amarillo petroleum economist Karr Ingham remains relatively flat but above the index of a year ago. The March index was 212.4 for a decline of less than a point from 213.2 in February. The index was 212.2 in December and 212.5 in January, but 194.2 in March […]
Texas Permian Basin Index rebounds after two months of declines
The Texas Permian Basin Petroleum Index rebounded from two months of declines to grow slightly to 347.9 in January 2019, according to Karr Ingham of Amarillo, economist who prepares the index for Texas Alliance of Energy Producers. The index peaked at 384.9 in November 2014 before falling to 210.1 in September 2016 (base 100 in […]
Texas, New Mexico still lead state rig counts; Permian down to 463
Texas and all other major oil- and gas-producing states posted declines in rig counts for the week that ended April 18, according to Baker Hughes. Texas’ count was down 2 in the past week to 500 rigs (509 a year ago), and the U.S. count was down 10 to 1,012 rigs (1,013 a year ago). […]
Apache temporarily defers Alpine High gas production in Permian
Houston-based Apache Corp. said April 23 it initiated natural gas production volume deferrals from its Alpine High play in late March “in response to extremely low prices at Waha hub.” Current deferrals represent about 250 MMcfd of gross gas production. John J. Christmann IV, CEO and president, said, “As far back as two years ago […]
Occidental follows Chevron with another proposal for Anadarko
Houston-based Occidental Petroleum said Wednesday it is making “a superior proposal” of $76 per share to acquire Anadarko Petroleum compared to Chevron’s recent proposal of $65 per share. “Occidental’s proposal represents a premium of approximately 20 percent to the value of Anadarko’s pending transaction,” the company said. Oil & Gas Journal said the proposed transaction […]
Weir opens new service center in David Mims Business Park
Weir Oil and Gas, an international company that serves the upstream market, opened a $30 million service center in David Mims Business Park last week. The service center of 92,000 square feet combines Weir’s three Permian Basin facilities into one location for 150 employees. The new plant offers pressure pumping and pressure control assembly, repair […]
Texas Petro Index climbs to 213.2; rig counts, production, employment up
Karr Ingham’s Texas Petro Index increased for the second consecutive month to 213.2 in February from 212.5 in January. The index had declined the two previous months from 213.3 in October to 212.4 in November and 212.2 in December. The index by Ingham, petroleum economist from Amarillo, is based on a comprehensive set of economic […]
News Reviews May 2014
Denver-based DCP Midstream will construct a 200 MMcf/d sour natural gas processing plant known as Zia II in Lea County in New Mexico with associated gathering system expansions to service producers in southeast New Mexico and West Texas. The project includes front-end treating for sour gas, two acid gas injection wells, a 50-mile, 20-inch high-pressure […]
Doing a Land Office Business
The year 2014 has begun with a bang in the Permian Basin. San Antonio-based Lake Truck Lines opened an oilfield services facility in Odessa with another planned in Snyder as it expands into the Permian Basin. Doug Cain, president and CEO, told the Midland Reporter Telegram, “We will probably be going after the Cline Shale […]
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