Permian Basin Oil and Gas Magazine

3 days ago | pboilandgasmagazine.com | Sarrah Barton

Railroad Commission of Texas said this week the 89th session of the Texas legislature that ended June 2 provided historic funding of more than $593 million for the next two fiscal years beginning Sept. 1, 2025. The appropriations include $100 million for oil and gas well plugging to be used in the commission’s state-managed plugging program. It’s the largest one-time infusion of funds from the legislature to support this program, which has plugged more than 46,000 wells since it started in 1984.

3 days ago | pboilandgasmagazine.com | Sarrah Barton

New Mexico reversed its streak of rig count declines, but the counts in Permian Basin, Texas and U.S. continued to fall. Baker Hughes said as of June 20 there were 271 active rigs in Permian Basin (down 2 from 273 last week, down 37 from 308 year ago), 258 in Texas (down 4 from 262 last week, down 24 from 282 year ago) and 554 in U.S. (down 1 from 555 last week, down 34 from 588 year ago). New Mexico reported 92 rigs (up 2 in past week, down 16 in past year).

3 days ago | pboilandgasmagazine.com | Sarrah Barton

Houston-based Post Oak Energy Capital said last week it closed Fund V of Post Oak Energy Partners in May with capital investments of $600 million. Consistent with Post Oak’s four earlier funds, Fund V will focus on the lower middle market of North American upstream oil and gas industry. The fund partners with experienced management teams to provide equity capital for growth, development, acquisitions and recapitalizations.

3 days ago | pboilandgasmagazine.com | Sarrah Barton

Houston-based EON Resources, independent upstream energy company with properties in Permian Basin, said last week that subsidiary EON Energy agreed with WPP NM and Northwest Central to acquire all their interests in South Justis field in Lea County, N.M.  EON will exchange one million Class A common shares of the company (without cash consideration or debt) to acquire 94 percent working interest in South Justis.

1 week ago | pboilandgasmagazine.com | Sarrah Barton

Jim Wright, commissioner of the Railroad Commission of Texas, was elected chair at the commission’s meeting Wednesday in Austin. He succeeds Midland’s Christi Craddick as chair. A resident of Orange Grove, Wright was elected to the commission in November 2020. A graduate of Midland High School and University of Texas, Craddick said in March she will be a candidate for Texas comptroller in elections in 2026.