DOE awards contracts to four companies for oil to add to SPR in Texas
Permian Basin Oil and Gas Magazine
by Sarrah Barton
3d ago
U.S. Department of Energy said Friday it signed contracts for 3.3 million barrels of U.S.-produced crude oil to add to the nation’s strategic petroleum reserve. The oil is being purchased for an average price of $79.38 per barrel for delivery in October to the Big Hill SPR site in Jefferson County in southeast Texas. DOE said it also will purchase another 3 million barrels for delivery to Big Hill in November. DOE has purchased 35.6 million barrels of oil for the SPR for an average price of $77.18 per barrel. The latest RFP attracted 22 proposals, and contracts were awarded to four companies ..read more
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Permian Basin rig count declines for third straight week
Permian Basin Oil and Gas Magazine
by Sarrah Barton
3d ago
Permian Basin reported a declining rig count as of May 17 for the third consecutive week, according to Baker Hughes. The Houston-based services firm reported 312 rigs (down 2 in past week, down 37 in past year) in Permian Basin. Also, there were 290 rigs in Texas (up 1 in past week, down 67 in past year), 107 in New Mexico (down 2 in past week, down 2 in past year) and 604 in U.S. (up 1 in past week, down 116 in past year). Eagle Ford in south Texas remains No. 2 among regions with 51 rigs (down 1 in past week, down 8 in past year) followed by Haynesville with 35 (up 1 in past week, down 22 in ..read more
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Dunes sagebrush lizard declared endangered species by federal officials
Permian Basin Oil and Gas Magazine
by Sarrah Barton
3d ago
U.S. Fish and Wildlife Service said Friday the dunes sagebrush lizard in west Texas and southeast New Mexico has been declared an endangered species. Federal officials cited future energy development, sand mining and climate change as biggest threats to survival of the dunes sagebrush lizard. “We have determined that the dunes sagebrush lizard is in danger of extinction throughout all of its range,” officials said. The lizard is “functionally extinct” across 47 percent of its range. “Even if there were no further expansion of the oil and gas or sand mining industries,” they added, “the existin ..read more
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APA, Apache divest assets in Permian, two other plays for $700 million
Permian Basin Oil and Gas Magazine
by Sarrah Barton
3d ago
Houston-based APA Corp. and subsidiaries including Apache announced Monday the sale of non-core assets in Permian Basin, East Texas Austin Chalk and Eagle Ford in south Texas for more than $700 million. The properties produced in first quarter an estimated 13,000 boed – more than one-third oil. APA said proceeds will be used primarily to reduce near-term borrowing (after recent purchase of Callon Petroleum). “We will continue to look for opportunities to exit assets that are unlikely to compete for capital within our portfolio or to monetize non-core assets at attractive prices,” John J. Chris ..read more
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Going Dutch
Permian Basin Oil and Gas Magazine
by PBOG
4d ago
Pieter Bergstein Standard Energy Services Founder and President Pieter Bergstein started his company with no down payment on one hot oil truck. Today Standard has 350 employees and additional services—including vacuum trucks, pump trucks, well service, saltwater disposal, and others, along with hot oiling. This company that, over the years, has been asked to help clean up the Exxon Valdez spill and has won awards for its safety records, is now ready for a leadership transition. Now Bergstein is looking to the future, planning for his daughter Saskia Allen to assume the company’s reins in the ..read more
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Occidental, Pioneer lead Permian operators in count of active drilling rigs
Permian Basin Oil and Gas Magazine
by Sarrah Barton
1w ago
Enverus reported this week Occidental Petroleum and Pioneer Natural Resources are leading operators of drilling rigs in Permian Basin.  As of May 10, Occidental led with 23 rigs followed by Pioneer with 21.  Others in the Permian were EOG Resources with 19 rigs, Mewbourne Oil with 18, ConocoPhillips and Devon Energy each with 16, ExxonMobil with 15, Diamondback Energy with 13, and Chevron and Permian Resources each with 12. Also, as of May 10, Permian leads the U.S. with 115 frac crews – up from 102 the previous week.  Other leading regions include Gulf Coast with 44 frac crews ..read more
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Enbridge to expand Gray Oak crude oil pipeline from Reeves County
Permian Basin Oil and Gas Magazine
by Sarrah Barton
1w ago
Houston-based Enbridge said last week it plans to expand Gray Oak crude oil pipeline by up to 120,000 barrels per day.  The 850-mile joint-venture pipeline carries Permian Basin crude oil from Reeves County to destination points at Corpus Christi, Ingleside and Sweeny/Freeport. Enbridge also plans to add 2.5 million barrels of storage at its Ingleside Energy Center terminal near Corpus Christi and also buy two marine docks and adjacent land from Flint Hills Resources. The post Enbridge to expand Gray Oak crude oil pipeline from Reeves County appeared first on Permian Basin Oil and Gas Mag ..read more
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Houston company acquires Midland’s WellWorx Energy
Permian Basin Oil and Gas Magazine
by Sarrah Barton
1w ago
Houston-based Liberty Lift Solutions said recently it will acquire Midland’s WellWorx Energy.  Formed in 2019, WellWorx provides downhole tools and automation solutions to the oil and gas industry.  Liberty Lift, formed in 2012, is an artificial lift company known for premium products, service and customer service. Bobby Evans, CEO of Liberty Lift, told the Midland Reporter Telegram, “Adding WellWorx Energy’s expertise and products to our arsenal is a strategic step… WellWorx has been an integral partner of Liberty Lift for many years.” The post Houston company acquires Midland’s Wel ..read more
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BPX Energy to open fourth central processing facility in Permian Basin
Permian Basin Oil and Gas Magazine
by Sarrah Barton
1w ago
BPX Energy, which manages BP’s oil and gas operations in lower 48, said recently it will bring online in midyear 2025 another central processing facility in Permian Basin.  Murray Auchincloss, CEO, said it will be the fourth and final processing facility for BPX in Permian Basin. Formed in 2015, BPX recently brought online its second and third central processing facilities, Bingo and Checkmate.  The first, Grand Slam, can process about 30,000 b/d. London-based BP has about 80,000 employees, including 30,000 in U.S., in 70 counties.  BPX operates in Delaware Basin, Eagle Ford and ..read more
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EIA expects crude oil prices to remain near $90 per barrel for remainder of 2024
Permian Basin Oil and Gas Magazine
by PBOG
1w ago
U.S. Energy Information Administration said last week it expects Brent crude oil prices to remain near $90 per barrel for the remainder of 2024 because of “voluntary OPEC+ crude oil production cuts and ongoing geopolitical risks.”  Prices are expected to fall to $85 per barrel in 2025 as global oil production growth increases ($88/b for fullyear 2024). EIA expects global production of petroleum and other liquid fuels will increase by 1 million b/d in 2024 – slowing from growth of 1.8 million b/d in 2023.  And EIA forecasts of retail gasoline prices in U.S. will average near $3.70 per ..read more
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