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Since 2019, PSP turned $181M into $1.8B impact, boosting education, health, jobs, and roads in 22 Permian Basin counties.

PSP turns $184M investment into $1.8B community impact in Permian Basin

Since launching in 2019, the Permian Strategic Partnership (PSP) has leveraged $181 million in direct investment into $1.8 billion in community impact, fueling improvements in education, healthcare, workforce development, and road safety across 22 counties of the Permian Basin.

That’s according to the PSP’s 2024 annual report, which also notes that PSP committed nearly $31 million toward those focus areas in 2024 alone.

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Source: Permian Proud

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Crude oil inventories in the US increased by 3M barrels during the week ending August 8, according to new data from the US EIA.

EIA shows US crude oil inventories growing

Crude oil inventories in the United States increased by 3.0 million barrels during the week ending August 8, after dropping by 3 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426.7 million barrels according to government data, which is 6% below the five-year average for this time of year.

The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories grew by 1.5 million barrels.

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Source: Oil & Gas 360

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Chevron's new triple-frac method cuts time by 25% and costs by 12% in Permian Basin oil and gas extraction.

New oil and gas extraction technique saves time and money in the Permian Basin

After the oil and gas industry began using hydraulic fracturing in shale plays, it took less than 20 years for the U.S. to go from a net importer of oil to a net exporter of oil.

“Without hydraulic fracturing, we would not be energy independent right now in the U.S.,” said Jeff Newhook, a general manager of drilling and completions engineering supporting Chevron’s Permian Basin operations.

Now, Chevron is employing an evolution of the technique to hydraulically fracture three wells at once, called triple-frac. In 2024, the company began taking this approach in the Permian Basin. That year, it completed approximately 25 percent of its wells this way.

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Source: Permian Proud

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Chevron beat Wall Street estimates of its Q2 profit as Permian output surged and US and worldwide oil and gas output jumped to record highs.

Chevron tops profit estimates on record-high oil and gas output

Chevron Corporation (NYSE: CVX) beat Wall Street estimates of its second-quarter profit as Permian production surged and U.S. and worldwide oil and gas output jumped to record highs.

Chevron reported on Friday adjusted earnings of $3.1 billion, or $1.77 per share, for the second quarter of 2025, compared to adjusted earnings of $4.7 billion, or $2.55 per share, for the same period last year.

The decline was the result of lower realizations due to lower crude oil prices, lower income from upstream and downstream equity affiliates, and an unfavorable fair value adjustment for shares of Hess Corp, Chevron said.

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Source: Oil Price

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EU may pool demand to boost US LNG buys, aiming to meet $250B annual energy purchase pledge, says European Commission.

EU considers pooling demand from companies to buy more US gas

The European Commission could pool demand from European companies to buy more U.S. liquefied natural gas, as part of its efforts to reach a pledge to buy $250 billion in U.S. energy per year, it said on Thursday. Under a framework trade deal the U.S. and EU agreed on Sunday, the European Union agreed to increase its purchases of U.S. energy to $750 billion over the next three years. Analysts have said that is unrealistically high.

The Commission has said it will remain up to private companies to choose where they buy energy, but that it was considering pooling European buyers’ demand to match it with U.S. supplies.

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Source: Oil & Gas 360

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US crude oil production from onshore federal lands hit a record 1.7M bpd in 2024, according to the EIA and the Department of the Interior.

US onshore oil production soars to record highs

U.S. crude oil production from onshore federal lands hit a record 1.7 million barrels per day (bpd) in 2024, according to the EIA and the Department of the Interior. That’s a sixfold jump since 2008—far outpacing the broader rise in national crude output, which nearly tripled to 13.2 million bpd over the same period. The driver? An explosion of activity in New Mexico’s portion of the Permian Basin, where leasing, permitting, and drilling have surged in recent years.

From FY2020 through FY2023, New Mexico accounted for the majority of federal land drilling permits approved and well bores started. The state has quietly become the epicenter of the federal onshore oil boom, combining geological riches with favorable permitting conditions and existing infrastructure.

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Source: Oil & Gas 360

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Chevron clears hurdles to acquire Hess Corporation, set to expand oil and gas operations in four key regions.

As $53 billion Chevron-Hess merger crosses the finish line, oil & gas assets’ fusion comes next

With the arbitration proceedings that followed in the wake of Chevron’s $53 billion all-stock deal to acquire Hess Corporation, now out of the way, the U.S. player is the new partner in Guyana’s Stabroek block, where ExxonMobil and CNOOC are its partners. The Hess acquisition is Chevron’s third upstream deal since 2020, following Noble Energy in 2020, REG in 2022, and PDC Energy in 2023.

Previously, ExxonMobil and CNOOC initiated the arbitration process, as they believed they should have a right to a first refusal over any sale of Hess’ 30% interest in Guyana’s oil-rich offshore block under the existing joint operating agreement. This delayed the Chevron-Hess merger, originally announced in 2023, dragging the business combination closure date into 2025.

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Source: Offshore Energy

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The EIA projected that U.S. crude oil production will average 13.37M bpd in 2025–2026, up from 13.21M bpd in 2024.

USA EIA reveals latest USA crude oil production forecast

The U.S. Energy Information Administration (EIA) revealed its latest U.S. crude oil production forecast in its July short term energy outlook (STEO), which was released earlier this month. Learn how USA EIA reveals latest USA crude oil production forecast.

In its July STEO, the EIA projected that U.S. crude oil production, including lease condensate, will average 13.37 million barrels per day across 2025 and 2026. The STEO highlighted that this output came in at 13.21 million barrels per day in 2024.

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Source: Rigzone

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President Trump’s second-term agenda has reinvigorated US private equity groups' interest in oil and gas sector buyouts and business deals.

US federal policies driving fresh interest in oil and gas

President Donald Trump’s second-term agenda has reinvigorated US federal policies to private equity groups and revived their interest in traditional opportunities to buy and sell businesses in the oil and gas sector.

Private equity exits in the sector in 2025 are on track to smash the figure for 2024, according to S&P Global. The analyst reported that there were 17 private equity exits in oil and gas globally, worth a combined $18.5bn, between January 1 and May 21. Of those, 13 deals totalling $15.9bn were in the US and Canada.

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Source: Sustainable Views

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US energy firms this week added oil and natural gas rigs for the first time in 12 weeks, per Baker Hughes report.

US drillers add oil/gas rigs for first time in 12 weeks, Baker Hughes says

U.S. energy firms this week added oil and natural gas rigs for the first time in 12 weeks, energy services firm Baker Hughes said in its closely followed report on Friday. How will this impact US drillers?

The oil and gas rig count, an early indicator of future output, rose by seven, its biggest weekly increase since December, to 544 in the week to July 18.

Despite this week’s rig increase, Baker Hughes said the total count was still down 42 rigs, or 7% below this time last year.

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Source: msn

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