Pat Hinds’ Post

Citizen Energy III ranks #111 in wells drilled in 2023 with 22 wells drilled in the US, download drilling report https://lnkd.in/gXpF4mB4

Google Earth - Frac - CITIZEN ENERGY III LLC - DEWEY County, OK

The Permian Basin is the highest oil-producing shale play in the U.S. It alone produces approximately 45% of total U.S. oil production. In recent months, the Permian Basin has seen over 400,000 barrels per day of new production coming online. https://lnkd.in/gBX3rwgX

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 113 drilling rigs operating in the United States for June 2024, and an average of 114 rigs for the three months ending June 30, 2024. The figures represent the number of drilling rigs earning revenue under a drilling contract. The company emphasized that various factors, beyond the average number of operating rigs, can affect its operating results and that rig count trends do not necessarily reflect its financial performance. Patterson-UTI plans to continue providing monthly updates on drilling rig operations. https://lnkd.in/gngwe4sB

Shares of Permian Resources Corp (PR) rose in early trading on Wednesday this week following an upgrade from BMO Capital Markets. Analyst Phillip Jungwirth upgraded the stock from Market Perform to Outperform, citing the company's extensive footprint in the Delaware Basin and strong M&A track record, while maintaining a price target of $21. Jungwirth highlighted Permian Resources' top-tier cost structure, solid operational performance, and long-term inventory, which supports flexible production growth based on macro conditions, and noted impressive synergies and potential cost improvements from the Earthstone deal. https://lnkd.in/gjxWhEzB

Crude oil stocks in the U.S. fell by over 12 million barrels in the past week, dropping from 460.7 million barrels on June 21 to 448.5 million on June 28, according to the U.S. Energy Information Administration (EIA). Meanwhile, the Cushing, Oklahoma hub saw an increase of 300,000 barrels, rising from 33.9 million to 34.2 million barrels during the same period. A year ago, Cushing held 42.8 million barrels, and the national total was 452.2 million barrels.

Wyoming has joined 25 states in suing the Biden administration over new NHTSA rules mandating the production of electric vehicles, with Governor Mark Gordon arguing that such mandates overreach federal authority and disrupt the free market. The lawsuit, led by Oklahoma Attorney General Gentner Drummond, challenges the regulation on grounds of exceeding statutory authority and being arbitrary and capricious. Drummond also contends that these mandates will impose substantial costs on commercial trucking, ultimately burdening consumers with higher prices.

Detailed list of 1500+ contacts that work for Midstream companies with Operations in Texas and have Engineer in their title. Example titles include Pipeline Engineer in a midstream company plays a crucial role in the transportation and storage segment of the oil and gas industry. Their responsibilities encompass the design, construction, operation, maintenance, and optimization of pipelines that transport oil, natural gas, and other hydrocarbons from production sites to refineries, processing plants, and storage facilities. Process Engineer in the oil and gas industry is responsible for designing, implementing, optimizing, and maintaining the processes involved in the extraction, production, refining, and distribution of oil and gas. Operation Engineer in a midstream company plays a crucial role in ensuring the efficient, safe, and reliable operation of facilities and infrastructure involved in the transportation and storage of oil, natural gas, and other hydrocarbons. Integrity Engineer in a midstream company is responsible for ensuring the safety, reliability, and longevity of the infrastructure used for transporting and storing hydrocarbons. This includes pipelines, storage tanks, and related facilities. https://lnkd.in/giWwDzF9

ConocoPhillips is leveraging automated artificial intelligence (AI) and machine learning (ML) workflows to make more efficient and economically sound decisions for its nonoperated assets in the Permian Basin. According to Tom Williford, a reservoir engineer at ConocoPhillips, these tools are crucial for rapidly evaluating opportunities and responding to asset operators within the required decision-making window, typically 30 days. https://lnkd.in/g-tgRQ2N

As oil and gas production surges in New Mexico’s Permian Basin, state and federal regulators are intensifying their enforcement of environmental laws. Recent inspections by the New Mexico Environment Department and the EPA revealed potential air quality violations at over half of the 124 facilities inspected, with 75 facilities found to be non-compliant with volatile organic compound (VOC) emission standards. https://lnkd.in/gQ5u2At9