permian

Permian, Eagle Ford Lead Gains in Oil Patch as U.S. Drilling Numbers Rise in Latest Tally

Permian, Eagle Ford Lead Gains in Oil Patch as U.S. Drilling Numbers Rise in Latest Tally

The U.S. rig count climbed six units to reach 733 during the week ended Friday (June 10), bolstered by growth in the Permian Basin and Eagle Ford Shale, the latest numbers from Baker Hughes Co. (BKR) show. Total natural gas-directed rigs were unchanged domestically for the week, while oil-directed rigs increased by six. Gains of…

June 10, 2022
Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Laredo Petroleum Inc. has locked in pricing for most of its oilfield services operations through the rest of this year to counter inflation, but costs for the diesel fuel and chemicals needed to sustain them remain harder to predict. “We worked with our service partners to lock in 85% of expected drilling, completions, equipment and…

May 20, 2022
Permian-Focused Ring Energy Exceeds 1Q Production Guidance

Permian-Focused Ring Energy Exceeds 1Q Production Guidance

Ring Energy Inc. is off to a strong start to the year, drilling six Permian Basin wells during the first quarter and placing four new wells into production, the independent exploration and production (E&P) company reported. “Our operations teams continue to perform efficiently and effectively maintaining our base production and bringing on new development wells…

April 29, 2022
U.S. Upstream Dealmaking Fueled by Permian, Haynesville

U.S. Upstream Dealmaking Fueled by Permian, Haynesville

The Permian Basin and natural gas-rich Haynesville Shale accounted for nearly all of the upstream transactions in the final three months of 2021, but dealmaking overall was down sharply from the third quarter, Enverus reported. The value of Lower 48 merger and acquisition (M&A) activity between exploration and production (E&P) companies totaled $9 billion in…

January 14, 2022
ExxonMobil Targeting Net Zero Emissions in the Permian by 2030

ExxonMobil Targeting Net Zero Emissions in the Permian by 2030

ExxonMobil is targeting net zero Scope 1 and 2 greenhouse gas emissions from its operated Permian Basin assets by 2030, the company said Monday. The Irving, TX-based supermajor was producing 500,000 boe/d in the Permian at the end of the third quarter, accounting for more than 40% of the company’s U.S. net production. ExxonMobil plans…

December 6, 2021
Lower 48 Oil, Natural Gas Production to Rise in November as DUC Drawdown Continues

Lower 48 Oil, Natural Gas Production to Rise in November as DUC Drawdown Continues

U.S. onshore oil and natural gas production is set to rise from October to November, propelled by supply growth in the Permian Basin and Haynesville Shale, according to updated projections Monday from the U.S. Energy Information Administration (EIA). Natural gas production from seven key U.S. producing regions — the Anadarko, Appalachia and Permian basins, along…

October 18, 2021
Earthstone Beefs up Permian Midland Basin Footprint with $73.2M Acquisition

Earthstone Beefs up Permian Midland Basin Footprint with $73.2M Acquisition

Permian Basin-focused independent Earthstone Energy Inc. said Monday it would boost its footprint in the area with a $73.2 million acquisition. The company is buying the assets in the Midland sub-basin from two undisclosed sellers for a mix of stock and $49.2 million in cash. The deal is expected to close in the middle of…

October 4, 2021
ExxonMobil Grabs Golden Ring as Profits Soar, Ethane Demand Climbs

ExxonMobil Grabs Golden Ring as Profits Soar, Ethane Demand Climbs

With natural gas and liquids prices soaring, along with ethane demand, ExxonMobil hit on all cylinders during 2Q2021.  The supermajor unveiled its quarterly report on Friday, offering investors some encouraging news following a volatile run over the past few quarters. The gains were keyed to higher commodity prices and a stellar performance by the Chemicals…

July 30, 2021
LM Energy Gauging Support to Expand Permian Delaware Crude Gathering System

LM Energy Gauging Support to Expand Permian Delaware Crude Gathering System

Dallas-based midstreamer LM Energy Holdings LLC through its subsidiary LM Touchdown Crude III LLC is testing support to obtain commitments to expand its crude oil gathering system in the Permian Basin of New Mexico. The binding open season to expand the system in the Delaware sub-basin was launched on Monday and concludes May 12. “Despite…

April 13, 2021
Texas Oil, Gas Steadily Recovers as Industry Jobs Return, Crude Supply Steadies

Texas Oil, Gas Steadily Recovers as Industry Jobs Return, Crude Supply Steadies

The Texas oil and natural gas industry is poised to find its “cyclical trough” early this year, according to one of the state’s leading industry groups.  The state’s share of total U.S. oil production had grown to roughly 42% in 2019, and by the end of 2020 its share was up to 44%, according to…

February 2, 2021
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