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 […]
Chronicle: Federal loans save 93,117 oil and gas industry jobs in Texas
An analysis of data from U.S. Small Business Administration by Houston Chronicle shows that more than $1 billion in forgivable loans for Texas companies in the federal government’s pandemic relief program saved more than half of the state’s oil and gas industry jobs. The federal government issued 6,610 loans to crude oil and natural gas […]
Midland’s Summit Petroleum files 9 permits in Upton County
Midland-based Summit Petroleum led companies filing for oil and gas drilling permits in Texas during the week of July 1-7. Houston Chronicle said Summit filed 9 drilling permits with Railroad Commission of Texas for horizontal wells targeting Spraberry in Upton County to depths of 9,400 to 10,100 feet. Also in west Texas, Tulsa-based WPX Energy […]
No Time to Back off Safety
As companies start recovering from the coronavirus debacle and the major downturn due to oil prices, the time has come to focus on rebuilding a sustainable business, especially in the field of safety. Some companies just continue to rebuild following the same philosophies and principles that have been carried on for years. It is a […]
Hi-Crush idles plants leaving only one each in west Texas and Wisconsin
Houston-based Hi-Crush said June 25 it has idled three production and three terminal facilities since April and now has operating (at reduced rates) only its Kermit facility in west Texas and Wyeville facility in Wisconsin. Hi-Crush provides proppant and logistics services for hydraulic fracturing operations. The company also adjusted the deployment schedule for its first […]
Crude Prices: When Will the Upturn Turn Up?
In an article posted this week entitled, “Oil Rebounds with Economic Data Outweighing Virus Resurgence,” Bloomberg’s Hailey Waller and Grant Smith set forth some much-needed positive news for the oil and gas industry. It’s the question that is on everyone’s minds. When will the price of crude oil rise to a level that can sustain […]
This is NOT the 1980s
Oil production costs are down sharply in Texas in recent years, but they are not yet at a level to maintain viability given current prices and uncertainty. As a result, significant disruptions in oil production areas are occurring. The industry initiated a rapid shutdown of drilling activity, which rippled through an enormous supply chain and […]
Railroad Commission hears recommendations on reducing flaring
Commissioners of the Railroad Commission of Texas heard recommendations on flaring from three groups at a hearing in Austin June 16 and asked the RRC staff “to consider the recommendations and come back to the commission this fall with a plan of action.” Commissioners heard from industry trade associations, environmental advocacy groups, and oil and […]
Rollin’
Bumper stickers touting “If you have it, a truck brought it” have never been more on point than during a worldwide lockdown. This is always true in the oilfield, where tons of pipe and machinery share lanes with millions of barrels of water, drilling mud, and other supplies every hour of every day. As drilling […]
U.S. rig count falls below 300, Texas at 115, Permian Basin has 141 rigs
U.S. count of active oil and gas rigs fell for the fifth straight week to a record low, according to June 5 report from Baker Hughes. There were 284 rigs in U.S. as of June 5 – an all-time low, Reuters said, according to records dating back to 1940 – compared to 301 rigs a […]
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