Permian Basin

U.S. Natural Gas Rig Count Static, but Lower 48 Oil Drilling Climbs

U.S. Natural Gas Rig Count Static, but Lower 48 Oil Drilling Climbs

The United States gained three drilling rigs for the week ending Friday (Aug. 6), all working in the Lower 48, according to Baker Hughes Co. (BKR).  There were 491 active rigs total in the U.S. onshore and Gulf of Mexico (GOM), compared with 247 for the same period of 2020. The weekly rig tally is…

August 6, 2021
Oxy Looks to Ramp Permian Carbon Capture by Early 2024, Consider More JVs in Lower 48

Oxy Looks to Ramp Permian Carbon Capture by Early 2024, Consider More JVs in Lower 48

The world’s largest direct air capture (DAC) facility, designed to zap up to 1 million metric tons/year of carbon dioxide (CO2) emissions from the Permian Basin, is tracking to start up by early 2024, Occidental Petroleum Corp. CEO Vicki Hollub said Wednesday. Oxy, as it is better known, issued its second quarter results on Wednesday.…

August 6, 2021
Natural Gas Futures Rally for Second Day, Bolstered by Demand Outlook; Spot Prices Spike

Natural Gas Futures Rally for Second Day, Bolstered by Demand Outlook; Spot Prices Spike

Natural gas futures on Monday cruised higher for a second consecutive session as forecasts pointed to stronger weather-driven demand over the back half of July. The August Nymex contract advanced 10.5 cents day/day and settled at $3.779/MMBtu. The prompt month had gained 6.0 cents on Friday to close out trading last week. The September contract…

July 19, 2021
EIA Predicts Rising Natural Gas Production on Strength of Permian, Haynesville Growth

EIA Predicts Rising Natural Gas Production on Strength of Permian, Haynesville Growth

The Permian Basin and Haynesville Shale are expected to spur an overall increase in natural gas production among seven key U.S. producing regions in August, according to updated projections from the Energy Information Administration (EIA). The agency said in its latest Drilling Productivity Report, released Monday, that it expects natural gas output from seven key…

July 12, 2021
Ranger Further Expands Wireline Footprint with PerfX Acquisition

Ranger Further Expands Wireline Footprint with PerfX Acquisition

Ranger Energy Services Inc. has further boosted its wireline presence in the Lower 48 following the acquisition of PerfX Wireline Services, its second takeover since May.  The Houston-based oilfield services company said last week it had acquired Minot, ND-based  PerfX in an all-stock deal. The deal follows the acquisition of Patriot Completions Solutions LLC in…

July 12, 2021
Permian Oil Patch Faces Economic Conundrum as Efficiencies Reduce Workforce

Permian Oil Patch Faces Economic Conundrum as Efficiencies Reduce Workforce

The technological breakthroughs that sparked the Lower 48 oil and natural gas revolution jolted economic activity across the Permian Basin, but the efficiencies reduced the need for people, creating a conundrum of sorts, according to the Federal Reserve Bank of Dallas.  Business economist Garrett Golding and research analyst Sean Howard of the Dallas Fed, as…

July 2, 2021
Oxy Sells Colgate Energy Slice of Permian West Texas Acreage, Production

Oxy Sells Colgate Energy Slice of Permian West Texas Acreage, Production

Occidental Petroleum Corp. is selling off 25,000 net acres in its West Texas holdings in the Permian Basin, along with the production, to private equity (PE) sponsored Colgate Energy Partners III LLC. The $508 million deal by Oxy, as it is better known, includes 25,000 net acres in Reeves and Ward counties within the Delaware…

June 11, 2021
NGL Energy Sees Momentum Building in DJ Basin, Permian Delaware

NGL Energy Sees Momentum Building in DJ Basin, Permian Delaware

NGL Energy Partners LP, which transports oil and also treats, recycles and disposes of water generated as part of the energy production process – said it got off to a slow start in calendar 2021 because of Winter Storm Uri and lingering effects of the pandemic. But the Tulsa-based company sees brighter days ahead with…

June 4, 2021
Bechtel Snags Contract to Build Nacero’s Permian Natural Gas-to-Gasoline Plant

Bechtel Snags Contract to Build Nacero’s Permian Natural Gas-to-Gasoline Plant

Houston-based Nacero Inc. has awarded engineering firm Bechtel Corp. a front-end engineering and design (FEED) contract for a natural gas-to-gasoline manufacturing facility in Penwell, TX. The plant would be the first natural gas-to-gasoline plant in the United States, according to Nacero. The company’s 115,000 b/d plant near Odessa, TX, in the Permian Basin also would…

May 28, 2021
Oasis Selling Permian Assets for $406M, Doubling Down on Williston

Oasis Selling Permian Assets for $406M, Doubling Down on Williston

Oasis Petroleum Inc. said Thursday it is exiting the Permian Basin to become a Williston Basin pure play. The Houston-based independent is selling its Permian acreage to an undisclosed buyer for total gross consideration of up to $481 million.  Oasis will receive $406 million at closing and up to three $25 million annual contingent payments…

May 21, 2021