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US energy firms cut rigs for the second week, though oil rigs rose to the highest level since June, according to Baker Hughes' latest report.

US Oil Rig Count Rises to Highest Since June, Baker Hughes says

U.S. energy firms this week cut the total number of rigs operating for a second week in a row, even as the number of oil rigs rose to the highest since June, energy services firm Baker Hughes said in its closely followed report on Friday. Let’s read more about US Oil Rig Count below.

The oil and gas rig count, an early indicator of future output, fell by two to 590 in the week to April 4.

aker Hughes said this week’s decline put the total rig count down 30 rigs, or 5% below this time last year.

Baker Hughes said oil rigs rose by five to 489 this week, their highest since June, while gas rigs fell by seven, the most in a week since May 2023, to 96, their lowest since September.

Conversely, the report highlighted a significant decline in the number of gas rigs, which fell by seven, marking the largest weekly decrease since May 2023 and bringing the total to 96. This figure represents the lowest level of operational gas rigs since September, raising concerns about the future of natural gas production amidst fluctuating market dynamics. Such a decrease may reflect a strategic pivot by companies in response to lower demand for natural gas or shifting market conditions, including competition from renewable energy sources and changing consumer preferences. As the energy landscape evolves, the implications of these shifts on pricing, supply, and broader economic factors will be critical for stakeholders across the industry.

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Source: yahoo!finance

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Texas oil and gas production hit new records in 2024, surpassing records that were set in 2023, according to the Texas Railroad Commission.

Texas Oil and Gas Industry Continued Hot Streak in 2024

The Texas oil and gas industry continued a hot streak in 2024, with production volumes surpassing records set in 2025. All of this is according to a statement recently posted on its website by the Texas Railroad Commission (RRC).

In the statement, the RRC noted that it tallies production reports submitted by operators. It is an outline that the latest reports show that oil production came in at 2,003,844,281 barrels. Moreover, natural gas production hit 12.62 trillion cubic feet, last year. The RRC highlighted in the statement that this was the first time oil “surpassed the two billion threshold”.

The RRC statement pointed out that Texas’ top five crude oil and condensate production years came in 2024, This is at 2.00 billion barrels in 2023 then at 1.99 billion barrels in 2022. Lastly at 1.87 billion barrels in 2019. For additional data, at 1.86 billion barrels and 2020, and at 1.77 billion barrels.

The statement highlighted Texas’ top five gas production years—2024 (12.62 trillion cubic feet), 2023 (12.30 trillion cubic feet), 2022 (11.43 trillion cubic feet), 2021 (10.51 trillion cubic feet), and 2020 (10.24 trillion cubic feet).

“These latest records further demonstrate Texas’s position as a global leader in oil and gas production,” RRC Chairman Christi Craddick said in the statem

ent.

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Source: Rigzone

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The Trump admin’s first oil and gas lease sales in 2025 raised nearly $40 million, supporting the vision of American energy dominance.

Trump admin’s first oil and gas-lease sales nets nearly $40 million for US coffers

The Interior Department announced Thursday something important. In the first three months of 2025, the federal government brought in nearly $40 million in revenue from oil and gas lease. These are sales on public land. Let’s read more about Trump admin’s first oil.

The development proves the worth of President Donald Trump’s vision. It is to unleash American energy dominance, a top official said.

“This quarter’s lease sales demonstrate Interior’s unwavering commitment to fostering American Energy Dominance. We are grateful to those who produce energy on federal lands,” Interior Secretary Doug Burgum said in a statement.

The original sentence is already in active voice. Here’s the sentence again for clarity:

We’re building on the commonsense, pro-growth policies of the Trump administration to ensure that public lands are used to their fullest potential to support national security, economic strength, and the livelihood of the American people.

The Bureau of Land Management (BLM), which falls under Burgum’s auspices, leased 34 land parcels for fossil fuel development since January.

Those 25,038 acres brought in $39,007,609 in total receipts.

The feds and each particular state where the leases were sold will divide the revenues.

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Source: Fox News

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Crude oil prices were set for a third weekly rise due to concerns over supply after Trump threatened tariffs on Venezuelan crude and increased sanctions on Iran.

Oil prices set to extend winning streak on US sanction action

Crude oil prices set for their third weekly rise as concern grew about supply after President Trump threatened 25% tariffs on any country buying Venezuelan crude while stepping up sanctions on Iranian entities.

At the time of writing, Brent crude was trading at $73.91 per barrel while West Texas Intermediate was changing hands for $69.80 per barrel, both set to end the week about $1 per barrel higher than they started it.

Sparta Commodities analyst June Goh told Reuters that the potential loss of Venezuelan crude exports to the market due to secondary tariffs and the possibility that the same tariffs may be imposed on Iranian barrels has caused an apparent tightness in crude supply.

On Monday, President Trump said in an executive order that “On or after April 2, 2025, the United States may impose a tariff of 25 percent on all goods imported from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties.”

This caught many traders and refiners off guard, especially in China, which is the biggest buyer of Venezuelan crude. It is also the biggest buyer of Iranian crude oil, which also came under attack from the Trump administration as soon as this administration took office.

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Source: Oil Price

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Over a dozen oil CEOs will meet with President Trump to express gratitude for his policies and offer caution on future challenges.

Oil titans meet with Trump as USA unwinds environmental rules

The chief executives of more than a dozen oil titans companies will deliver a message of gratitude. Moreover some caution. This is when they meet with President Donald Trump on Wednesday.

Industry leaders say they have plenty of reasons to give thanks. Trump is an unabashed champion of US oil and gas production who has vowed to unleash the industry’s potential. Two months into office, he’s already taken steps to begin unwinding policies that increased operational costs and reduced demand for fuel.

But for the roughly 15 oil bosses set to visit Trump at the White House, there also are warning signs on that path to energy dominance. Energy Secretary Chris Wright has floated a $50-per-barrel target for crude that’s too low to sustain some US production. The president has spent days enthusiastically praising oil price declines that came after he pushed OPEC+ to boost output and the cartel obliged.

Meanwhile, the president’s threatened tariffs are stoking industry concerns about potential economic declines even as the levies raise costs for the materials oil companies use to refine gasoline and drill wells.

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Source: Rigzone

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Oil prices climbed this week as OPEC+ committed to controlling supply while Trump continued his efforts to choke Iran's oil industry.

Oil Prices Upside ahead as Supply Comes into Focus

Oil prices climbed this week as OPEC+ committed to controlling supply. This is while Trump continued his efforts to choke Iran’s oil industry.

Buoyed by Trump’s continued pressure on Iran and OPEC+’s renewed efforts to send prices higher ahead of its April. This is before the meeting by committing to additional overcompensation plans. ICE Brent is creeping back closer to the $75 per barrel mark, posting its second weekly gain. The oil markets have become desensitized to US Federal Reserve meeting. With the awkward implementation of the 30-day ban on energy strikes between Russia and Ukraine, there might be further upside ahead for crude.

OPEC+ Rolls Out New Compensation Plans.

Confronted with continuous overproduction by its leading members, OPEC+ issued a new compensation plan with voluntary cuts lasting until June 2026, seeing 300-400,000 b/d output curtailments over the summer months with Iraq forced to cut the most.

US Sanctions First Chinese Teapot Refiner.

Ramping up the pressure on buyers of Iranian oil, the US Treasury Department announced new sanctions on entities linked to Iranian oil trade, adding a Chinese refiner (Shandong-based Shouguang Luqing Petrochemical) to the SDN list for the first time ever.

Oil Traders Become the New Drillers.

Global trading house Vitol agreed to buy stakes in West African oil and gas assets operated by Italy’s oil major ENI (BIT:ENI) for $1.65 billion, taking a 30% minority stake in the largest oil discovery of 2021, the Baleine field in Ivory Coast, as well as in Congolese LNG assets.

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Source: Oil Price

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US Secretary Doug Burgum thanked the oil and gas industry for driving innovation, boosting production, and enabling new extraction areas.

Interior Secretary welcomes more oil and gas extraction to secure energy dominance

US Secretary of the Interior, Doug Burgum, on Wednesday set out to sound a different note from the previous US administration while speaking to an audience of oil and gas professionals in Houston, US, starting with two words that he figured they had not heard from President Joe Biden’s team: “Thank you.”

He thanked the much-maligned US oil and gas industry for coming up with new technologies that have driven higher the nation’s energy production and exports, and for working out how to produce in areas where no one had thought it would be possible.

On Wednesday, Doug Burgum, the US Secretary of the Interior, sought to convey a distinct message compared to the previous administration during his address to oil and gas industry professionals in Houston. He opened his remarks with a phrase he believed they had not often heard from President Joe Biden’s administration: “Thank you.”

Burgum expressed appreciation for the often-criticized US oil and gas sector, acknowledging its role in pioneering new technologies that have significantly boosted the nation’s energy production and exports. He also commended the industry’s ingenuity in developing methods to extract resources in previously unfeasible locations.

Prior to his role in the Trump administration, Burgum served as the governor of North Dakota, a state rich in oil reserves.

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Source: upstream

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IEA's Fatih Birol at CERAWeek stressed the need for upstream investments in existing oil and gas fields to ensure global energy security.

IEA: The world needs upstream oil and gas investment

The world needs upstream investments in existing oil and gas fields to support global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said at the CERAWeek by S&P Global conference in Houston.

The IEA famously said in 2021 that no investments in new oil and gas fields are needed if the world has a chance to reach net-zero emissions by 2050.

The Paris-based agency has repeatedly said since 2021 that the world not need any new long lead-time conventional oil and gas projects or coal mines approved after 2023 as the surge in clean energy deployment could lead to peak fossil fuel demand this decade.

This decade, the IEA, created in response to the Arab oil embargo in the 1970s, has shifted its focus to advocating for and promoting clean energy investments and transition and has often expressed the opinion that achieving net zero wouldn’t be possible with investments in new oil and gas production.

These opinions, alongside forecasts that peak oil demand will happen this decade, have drawn harsh criticism from OPEC, which has repeatedly slammed the IEA for “dangerous” forecasts that would hurt consumers and “only lead to energy volatility on a potentially unprecedented scale.”

At CERAWeek, the IEA’s Birol said “I want to make it clear … there would be a need for investment, especially to address the decline in the existing fields.”

“There is a need for oil and gas upstream investments, full stop,” Birol added.

Of the $400 billion annual investment in oil and gas, $360 billion goes into offsetting the decline in existing fields, according to the IEA official.

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Source: Oil Price

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Evolution Petroleum Corporation is acquiring non-operated oil & gas assets in NM, TX, LA for $9M, subject to customary closing adjustments.

Evolution to acquire oil, gas assets in 3 states for $9M

Evolution Petroleum Corporation said it is acquiring non-operated oil and natural gas assets in New Mexico. Also in Texas, and Louisiana for a total purchase price of $9 million, subject to customary closing adjustments. Evolution to acquire oil? Read more.

The acquisition is expected to close by the end of Evolution’s third quarter of fiscal 2025. This is with an effective date of February 1, 2025, the company said in a news release.

Evolution said the acquisition expands its asset portfolio with approximately 440 barrels of oil equivalent per day (boepd) of net production. It consists of a balanced commodity mix of 60 percent oil and 40 percent natural gas. It has the the acquired assets primarily being low-decline.

The portfolio consists of approximately 254 gross producing wells across all regions, and the assets will be managed by a top-tier private operator, “ensuring operational efficiency and the ability to maximize value,” Evolution said.

The Acquisition

<p>The company said it intends to finance the acquisition through a combination of cash on hand and borrowings under its existing credit facility.<p>Evolution President and CEO Kelly Loyd said, “This acquisition marks our seventh such transaction in the last 6 years and is another step forward in strengthening our production base – aligns with our disciplined growth strategy by adding high-quality, low-decline production at an attractive valuation, estimated at ~2.8x NTM2 Adjusted EBITDA which doesn’t include any incremental cash flows for upside opportunities. These assets complement our existing portfolio and enhance our ability to generate stable free cash flow, which supports our long-standing commitment to returning capital to shareholders. We see additional upside through reactivations of existing waterfloods and through operational efficiencies, which will further enhance long-term value”.

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Source: Rigzone

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New Mexico's oil revenue could fund a permanent dividend, empowering residents, boosting the economy, and ensuring lasting prosperity.

Share, Baby, Share: How a permanent oil and gas fund dividend could empower New Mexicans

In his recent visit to the Land of Enchantment, Energy Secretary Chris Wright underscored New Mexico’s national significance in energy production. This is highlighting its vital role in meeting growing U.S. energy demands through oil. Moreover through solar, and emerging nuclear and geothermal industries. Simultaneously, the state is enjoying more than $800 million in new tax revenue from oil and natural gas extracted from the Permian Basin in the southeast corner of the state. The oil and gas tax revenue has grown over 50 percent in the last year. It is worth $2.1 billion. It represents over 20 percent of the state’s annual budget. Learn more about the permanent oil and gas fund.

This government-controlled wealth has prompted an urgent and consequential question: How do we transform today’s abundance into lasting prosperity? The Southwest Public Policy Institute believes the answer lies in empowering New Mexicans. It is directly by establishing a permanent fund dividend (NMPFD). Modeled after Alaska’s successful program, this proposal offers a path toward economic freedom, poverty alleviation, and long-term stability.

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Source: National Review

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