US shale companies produce more crude using fewer rigs
August 13, 2024
US shale companies produce more crude using fewer rigs
Oxy raises 2024 oil and gas production, following $10.8 billion CrownRock acquisition, Permian success
August 8, 2024
World Oil (Bloomberg) – Occidental Petroleum Corp. raised its production and capital spending plans for this year after closing its $10.8 billion acquisition of CrownRock LP earlier this month. The deal will increase Occidental’s production 5% to about 1.32 MMboed in 2024, with the extra coming from the Permian basin, the Houston-based company said in a statement Wednesday. Capital spending
U.S. oil & gas Jobs are disappearing despite record production
August 1, 2024
Oil Price U.S. oil production is breaking records, but employment numbers have dropped in five out of six months this year as operational efficiencies allow operators to continue to boost production with fewer rigs and workers, the Texas Oil & Gas Association (TXOGA) said last week in a cautionary note. Texas, home to the biggest shale basin, the Permian, has seen crude
Another world first in the Permian, natural gas to gasoline
July 26, 2024
Oil and Gas 360 Finding another way to avoid the waste and lost revenue from stranded gas in a pipeline-constrained portion of the Permian Basin could have global applications, according to two business partners in Texas interviewed in the June-July Oil and Gas Journal. Boosted by a $20 million investment by Midland-based partner and producer Diamondback Energy, Houston-based Verde Clean
Operational efficiencies drive cost excellence for U.S. onshore drilling operations, report finds
June 5, 2024
World Oil (WO) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, has released new research that analyzes which oil and gas plays show the greatest rate of increase in drilling speeds and whether well costs correlate with drilling speeds. In addition, the report looks at how well designs are affecting drilling efficiencies. “Cost reduction efforts to improve capital efficiency
ProPetro announces agreement for FORCESM electric hydraulic fracturing services
April 29, 2024
Oil and Gas 360 MIDLAND, Texas–(BUSINESS WIRE)– ProPetro Holding Corp. (“ProPetro” or “the Company”) (NYSE: PUMP) has entered into a three year Hydraulic Fracturing Services Agreement (the “Agreement”) to provide electric hydraulic fracturing services to ExxonMobil in the Permian Basin. ProPetro’s Chief Executive Officer, Sam Sledge, commented, “We’re thrilled to announce a key strategic step for ProPetro as we strengthen
Matador Resources increases oil production following “surprise” Permian success in 2023
April 24, 2024
World Oil (Bloomberg) – Matador Resources Co. pumped more oil than expected in the first three months of 2024 at a time when most U.S. producers have pledged flat to moderate production growth this year. Matador also plans to hit the high end of its full-year output expectations, the Dallas-based company said in its earnings report Tuesday. The company’s production
U.S. shale drillers to reduce Permian drilling emissions, increase reliability with nuclear reactors
April 1, 2024
World Oil (Bloomberg) – U.S. oil and gas companies including Diamondback Energy Inc. are considering small nuclear reactors to power drilling operations in Texas’s Permian basin, a move aimed at cutting carbon emissions and ensuring reliable access to electricity. Diamondback, the largest independent producer headquartered in the shale-oil region, has signed a nonbinding letter of intent with Oklo Inc. to
Shale CEOs hesitant to begin new Permian drilling campaigns due to political uncertainty, Dallas Fed says
March 27, 2024
World Oil (Bloomberg) – U.S. oil prices are more than high enough to make drilling new wells profitable, but some shale bosses say they’re hesitant because of political and regulatory “uncertainty” that won’t be settled until the November election, according to the Federal Reserve Bank of Dallas. “Until the next administration is decided, we’re in a state of flux when
ConocoPhillps’ Willow project to reach first production in “four more winters;” expects modest Permian growth
March 20, 2024
World Oil WO) – During CERAWeek by S&P Global’s second day, ConocoPhillips’ CEO Ryan Lance announced that his firm’s highly-anticipated Willow project in Alaska is making developmental headway. Sitting down with S&P Global’s Dan Yergin, Lance also discussed Biden’s controversial LNG export ban, the U.S.’ unprecedented production growth in 2023, the role of artificial intelligence, and regulatory issues plaguing the U.S.
Exxon set to exit Equatorial Guinea
February 9, 2024
Oil Price Exxon is leaving Equatorial Guinea after a three-decade presence in the OPEC member from Central Africa. The supermajor told Bloomberg that it will transfer its holdings in the country to the government and that “Our focus now is on a safe handover of operations and caring for all impacted by this change.” Exxon also added that the exit was part
Permian Resources adds 17,000 acres to portfolio following Earthstone Energy acquisition
February 6, 2024
World Oil (WO) – Permian Resources Corporation announced a series of recent portfolio optimization transactions consisting of two bolt-on acquisitions, a sizeable acreage swap, a divestiture of non-core assets and additional grassroots acquisitions. Recent acquisitions. Permian Resources recently executed two separate transactions to acquire a total of approximately 11,500 net leasehold acres and 4,000 net royalty acres located in Eddy
