Houston-based EOG Resources resumed its status as No. 1 driller in Texas, according to a report this week in Houston Chronicle. EOG has filed 175 drilling permits with the Railroad Commission of Texas to date to overtake ExxonMobil (105). Midland’s Diamondback Energy (151) and Irving-based Pioneer Natural Resources (144) also have overtaken Exxon followed by […]
Exxon, Pioneer, 3 others launch “Project Astra” network to detect emissions
Five industry groups, including Irving companies ExxonMobil and Pioneer Natural Resources, said this week they are collaborating on a new sensor network to monitor methane emissions in Permian Basin. Officials said Project Astra could revolutionize the way leaks are found and repaired. Joining Exxon and Pioneer are Gas Technology Institute, Environmental Defense Fund, and University […]
Belting It Out
A 16.6-mile-long covered conveyor belt system would bring sand for hydraulic fracturing from West Texas into Southeast New Mexico, according to a development plan written by OLC Kermit, LLC, a subsidiary of Atlas Sand Company, LLC. The plan was submitted in January to the Bureau of Land Management (BLM) Carlsbad Field Office as part of […]
EOG Resources to reduce 2020 drilling, production forecast
Houston-based EOG Resources, in its May 7 announcement of first quarter results, said it reduced rigs in the last six weeks from 36 to 8 and will have an average of 6 rigs for the remainder of 2020. EOG in 2020 will focus drilling in Permian Basin and Eagle Ford, produce about 390,000 b/d of […]
“Full-on retreat” in U.S. rig count, but New Mexico reverses decline
The streak of declining rig counts reached nine weeks in the U.S. in Baker Hughes’ weekly report of May 8, but New Mexico ended its streak at seven weeks. U.S. lost 34 more rigs in the previous week for a new total of 374 (988 a year ago). The U.S. count is down 62 percent […]
Concho to average 8 rigs for remainder of 2020; Kermit sand plant idled
Midland-based Concho Resources said last week it is again reducing capital spending for 2020 to $1.6 billion (40 percent below original budget) and complete about 110 to 130 gross operated wells. Concho said April 30 it expects to average about 8 rigs for the remainder of the year. First quarter oil production totaled 209,000 b/d […]
U.S. idles 385 of 793 rigs (49 percent) during 8 straight weeks of decline
During the eight-week decline in count of active oil and gas drilling rigs, U.S. operators have idled 385 rigs to fall from 793 rigs to 408 in Baker Hughes’ report of May 1. There have been seven-week declines in Permian Basin (down 199 rigs from 418 to 219), Texas (down 207 rigs from 408 to […]
Gravity Oilfield Services ships storage tanks
Midland-based Gravity Oilfield Services said last week it shipped more than 1,000 storage tanks in recent weeks and has another 4,000 available to operators in Permian Basin, Eagle Ford and Haynesville. “As a result of the decline in their normal use for frac or mud tanks, we are making them available for crude oil storage,” […]
Navigating a Twofold Crisis
You have to like a guy who does the thing that gives people a measure of hope. Just when the grimness of the colossal price drop in crude oil was deflating people’s outlook for their economic future, someone did something uplifting. Kirk Edwards published an “Open Letter to President Trump” in the Odessa American on […]
Were Oil & Gas Producers Hedged For Price Collapse?
By Shane Randolph and Josh Schulte While energy markets continue to be volatile, fewer oil and gas producers have hedges in place than in prior years. In addition, a number of producers hedged with strategies containing sold puts on large portions of their production. This essentially creates a trap door where a company doesn’t have […]
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