Halliburton Delivers First Successful Grid-Powered Fracturing Operation in Permian Basin
Halliburton Co. has successfully deployed the industry’s first electric grid-powered fracturing...
Halliburton Co. has successfully deployed the industry’s first electric grid-powered fracturing operation, the company said on Jan. 14.
The job, being performed on several pads for Cimarex Energy Co. in the Permian Basin, started in November. To date, Halliburton has completed almost 340 stages across multiple wells using utility-powered electric frac pumps that demonstrated consistent superior performance.
Halliburton’s electric-powered equipment is engineered to utilize the maximum power potential from the grid, allowing the customer to achieve pumping performance of 30% to 40% higher than with conventional equipment.
West Texas Intermediate crude for February delivery rose 66 cents to finish the day at $53.57 a barrel...
West Texas Intermediate crude for February delivery rose 66 cents to finish the day at $53.57 a barrel on the New York Mercantile Exchange while the global benchmark Brent crude oil for March delivery finished up 36 cents to settle at $56.42 a barrel in trading on ICE Futures Europe.
Meanwhile, February natural gas fell 6 cents to $2.67 per 1,000 cubic feet.
Analysts see US Gulf of Mexico activity accelerating
As many as 60 new deepwater wells could be drilled in the...
As many as 60 new deepwater wells could be drilled in the US Gulf of Mexico this year, up from 52 in 2020, signaling a rebound in upstream activity in the region following last year's slowdown, analysts say. "Companies drilling development wells, conducting workovers and other interventions to stimulate production will help [offset production impacts], but may not be enough to drive growth" in 2021, said Wood Mackenzie's Justin Rostant.
Freehold Royalties Acquires US Multibasin Package for $58 Million
Freehold Royalties Ltd. recently closed a $58 million acquisition of a package of U.S. multi...
Freehold Royalties Ltd. recently closed a $58 million acquisition of a package of U.S. multi basin royalty assets from a private seller.
The Canadian company said in a Jan. 5 release that the acquired assets, which include royalties in the Permian Basin and Eagle Ford, will play a key role in strengthening the resiliency of its portfolio while also enhancing the near-term and long-term sustainability of Freehold’s dividend.
The transaction included 400,000 gross acres of mineral title and overriding royalty interest across 12 basins in eight states. The package is predominantly weighted towards high quality, commodity price resilient areas of the Permian Basin and Eagle Ford Shale, which continue to see active drilling and development, according to a company release from November.
Additionally, Freehold said in November it expected the acquired assets to generate funds from operations of $12 million in 2021.
Freehold is a dividend-paying oil and gas royalty company based in Calgary, Alberta. The company’s assets are located predominately in western Canada. According to the company’s website, Freehold has one of the largest independently owned portfolios of royalty lands in Canada, with land holdings totaling more than 6.7 million gross acres.
Report—oil and gas industry has been good to Texas
The Texas Oil and Gas Association reported this week the oil and gas industry paid nearly $14 billion...
The Texas Oil and Gas Association reported this week the oil and gas industry paid nearly $14 billion in taxes in 2020 to the state of Texas and local governments.
In the association’s annual report, Todd Staples, President said the COVID-19 pandemic and what it did to the industry also showed one thing—oil and natural gas are essential and irreplaceable.
“While oil prices plummeted as a result of the pandemic, the need for products made from oil and natural gas skyrocketed. Nearly every in-demand product we need to be safe and to save lives – from face shields and other PPE to ventilators and hand sanitizers – is made from oil and natural gas,” he stated in the report.
Staples also pointed out that the oil and gas industry has paid nearly $163 billion in state and local taxes and state royalties since 2007.
