WorldOil EIA reports sharp decline in drilled but uncompleted shale well count The decline in DUCs in most major U.S. onshore oil-producing regions, especially in the Permian region, reflects more well completions and, at the same time, less new well drilling activity. Texas drilling permits and completions show mixed performance in August According to figures released September 3rd by the Railroad Commission of Texas, the state’s drilling permits issued fell to their lowest level since May, while new drills hit their highest total since March. Texas oil regulator proposes tax credits for natural gas infrastructure The natural gas industry should receive tax incentives similar to those provided for renewable energy projects, according to one of Texas’s top oil and gas regulators. Penn Virginia to expand Eagle Ford presence with $370MM Lonestar Resources deal Penn Virginia Corporation and Lonestar Resources US Inc. have entered into a definitive merger agreement under which Penn Virginia will acquire Lonestar in an all-stock transaction. Boycott Texas oil, and Texas will boycott you, says Gov. Abbott with new law Governor Greg Abbott signed a bill into law on Monday banning state investments in businesses that cut ties with the oil and gas industry. The underlying message, according to one of the most powerful energy regulators in the state, is simple: Boycott Texas, and we’ll boycott you. KKR plans more shale acquisitions after $5.5B Contango Oil and Gas deal KKR is bucking the trend among private-equity peers that have been unloading shale investments after back-to-back oil market busts. The move may signal a bullish turn with U.S. crude prices heading for the best annual performance since 2015. KKR’s Independence Energy, Contango Oil and Gas aim for $5.5B all-stock merger KKR and Contango are doubling down on investing in exploration and production companies as many in the sector seek to recover from years of poor returns amid the shale boom and bust. The combination is said to allow the merged company to reach greater scale, boost access to capital and drive down the cost of production. Permian oil output nears pre-pandemic levels as crude prices build driller confidence Crude production in the Permian basin will reach 4.466 million barrels a day in May, the most in a year, and rig counts have touched a one-year high, according to the latest data from the Energy Information Administration. Texas oil and gas signals recovery as March 2021 drilling permits outpace 2020 The Railroad Commission of Texas issued a total of 798 original drilling permits in March 2021 compared to 744 in March 2020. The March 2021 total includes 682 permits to drill new oil or gas wells, 13 to re-enter plugged well bores, and 99 for re-completions of existing well bores. Texas Alliance: Last week’s rare cold weather stressed the power grid, but gas wasn’t the culprit Proponents of expanded renewable forms of energy (and opponents of fossil fuel energy, including petroleum) have taken this catastrophe as an opportunity to demonize natural gas, suggesting that falling natural gas supplies were the primary source of the loss of power supply.