In its Annual Energy Outlook 2023, the U.S. Energy Information Administration (EIA) projects that U.S. natural gas production will increase 15 percent and liquefied natural gas (LNG) exports will increase 152 percent between 2022 and 2050. They expect natural gas production to rise to 42.1 trillion cubic feet (Tcf) by 2050. Production growth is largely driven by U.S. LNG exports, which we expect to rise to 10 Tcf by 2050. Natural gas production growth on the Gulf Coast and in the Southwest reflects increased activity in the Haynesville Formation and in the Permian Basin, which are close to inf ..read more

Intelligent Wellhead Systems, Inc. (IWS), a supplier of digital control technologies for improving oil and gas well completion operations, recently opened a new base of operations in Midland. Officials for the company said that rapid adoption of automation technology and digital solutions for completions drove the need for local customer support, logistics, and a full-service operations base to support the Permian Basin. “As we assessed customer activity in the region, it became clear that maintaining a quick turnaround facility in the center of the Permian was necessary,” said Steve Sinclair ..read more

Stallion Oilfield Services announced in April its rebranding as Stallion Infrastructure Services. As a provider of workforce accommodations for the oil and gas industry, the company has made it clear that while its name has changed, its level of commitment to the sector remains steadfast. In addition to the rebrand, Stallion Infrastructure Services will be increasing its expansive line of products, technologies, and services to ensure remote upstream oil and gas operations receive the highest level of security, comfort, and connectivity. “Our new brand reflects our 20-year commitment to qualit ..read more

Ben Shepperd, PBPA President With the end of the Texas Legislative session taking place after the writing of this article, I can assure you that PBPA has worked diligently to provide oil and gas operators in the Permian Basin successes that would benefit them. One issue that became a lasting challenge throughout the session was the plain and simple difference of opinions between the Texas House and the Texas Senate. This carried over on a bevy of issues, including the best method to offer Texans property tax relief. The House plan sought to limit the ability of appraisal districts to increas ..read more

by Chuck Gallagher   What is the hottest business topic this year? No, it’s not interest rates or an impending recession; it’s artificial intelligence. A recent survey indicated that 67 percent of IT professionals believe that generative AI will be a priority for their company within the next year and a half, despite ongoing concerns about generative AI ethics and responsibility. Even those who believe generative AI is “overhyped” believe the technology will improve customer service, reduce workloads, and increase organizational efficiencies. As businesses race to adopt generative AI, the ..read more

A new Midland-based exploration and production company has started with a $500 million line of equity financing from an unidentified institutional investor to pursue opportunities in Permian Basin.  Garrison Energy Holdings will consider deals in Delaware and Midland basins, central basin platform and northwest shelf. Caleb Weatherl is CEO, and his father Steve is executive chairman.  They previously founded Stronghold Energy II, which was backed by Warburg Pincus and sold in August 2022 for $465 million to Ring Energy. “We’re looking for assets with upside that we can expeditiously ..read more

New Mexico field office of Bureau of Land Management conducted a lease sale last week on 45 parcels of land in Chaves, Eddy and Lea counties in New Mexico and Cheyenne County in Kansas on public lands managed by BLM field offices for Carlsbad, Roswell and Oklahoma.  BLM said 37 parcels totaling 8,596.25 acres sold May 25 for a total of $78,844,369.  BLM offered 10,123 acres for sale. Minimum bids were $10 an acre and royalty rates of 16.67 percent. The post New Mexico BLM office conducts lease sale that nets $78.8 million appeared first on Permian Basin Oil and Gas Magazine ..read more

Houston-based Western Midstream Partners said last week it will construct a new cryogenic natural gas processing plant in Loving County in its west Texas gathering, processing and treating complex in Delaware Basin.  The proposed plant, expected to be in service by yearend 2024, will have processing capacity of 250 million cfd. Western Midstream said expansion of North Loving follows an increase in firm longterm processing commitments of up to 950 million cfd from regional producers secured over the past year.  Michael Ure, president and CEO, said May 22 a new processing agreement of ..read more

By Jesse Mullins As we move deeper into the spring of 2023, oil and gas interests in New Mexico have much to be thankful for. Business is good. It can always be better, of course. But activity is strong. The biggest plus that New Mexico oil and gas can look to this spring is the satisfactory conclusion of the 2023 NM Legislature. When the gavel came down, oil and gas survived unscathed. Bills that could have injured the industry were deflected. Maybe that is the best that anyone could have hoped for in this tumultuous 2020s decade. New Mexico is different from its shared-border neighbor, Texas ..read more

Fort Worth-based Next Bridge Hydrocarbons said last week is now owns 100 percent of working interest in the Orogrande project in Hudspeth County in west Texas on about 134,000 contiguous acres.  Next Bridge closed a previously announced merger agreement with two companies (22.62 percent working interest), Wolfbone Investments and McCabe Petroleum, owned by its largest shareholder, Gregory McCabe, and also closed agreements with six other Orogrande working interest owners (10.87 percent working interest) to boost its stake in the project to 100 percent. “The completion of all these separat ..read more