New Mexico field office of Bureau of Land Management conducted a lease sale last week on 45 parcels of land in Chaves, Eddy and Lea counties in New Mexico and Cheyenne County in Kansas on public lands managed by BLM field offices for Carlsbad, Roswell and Oklahoma. BLM said 37 parcels totaling 8,596.25 acres sold […]
Western Midstream to construct gas processing plant in Loving County
Houston-based Western Midstream Partners said last week it will construct a new cryogenic natural gas processing plant in Loving County in its west Texas gathering, processing and treating complex in Delaware Basin. The proposed plant, expected to be in service by yearend 2024, will have processing capacity of 250 million cfd. Western Midstream said expansion […]
New Mexico Update
By Jesse Mullins As we move deeper into the spring of 2023, oil and gas interests in New Mexico have much to be thankful for. Business is good. It can always be better, of course. But activity is strong. The biggest plus that New Mexico oil and gas can look to this spring is the […]
Next Bridge closes transactions to now own 100 percent interest in Orogrande
Fort Worth-based Next Bridge Hydrocarbons said last week is now owns 100 percent of working interest in the Orogrande project in Hudspeth County in west Texas on about 134,000 contiguous acres. Next Bridge closed a previously announced merger agreement with two companies (22.62 percent working interest), Wolfbone Investments and McCabe Petroleum, owned by its largest […]
Midland Basin operator HighPeak slows development plans, but maintains output
Fort Worth-based HighPeak Energy said recently it is altering its 2023 drilling and completion plans and dropping from four to two rigs next month for the remainder of 2023. HighPeak had already reduced its completion activity from four crews to two “to complete the operational DUC wells generated by the previous six-rig program.” The revised […]
EIA forecasts continued growth in Permian oil production to 5.707 million b/d
Crude oil production in Permian Basin is forecast to grow to 5.707 million barrels per day in June, according to the latest drilling productivity report from U.S. Energy Information Administration. That’s an increase of 15,000 b/d from May production of 5.692 million b/d. In the seven major producing regions, EIA forecasts production to grow by […]
Texas, NM contribute most growth as U.S. production increases 5.6 percent
U.S. Energy Information Administration said last week Texas and New Mexico contributed the most growth as U.S. crude oil production increased 5.6 percent (0.6 million barrels per day) in 2022 compared to 2021. U.S. averaged 11.9 million b/d in 2022. EIA said attribute the growth to the Permian Basin. Crude oil production grew more in […]
Bloomberg after PDC sale: ‘U.S. energy patch ripe for takeover boom’
Chevron CEO Mike Wirth told Bloomberg this week that Monday’s announcement of the company’s acquisition of Denver-based PDC Energy “doesn’t preclude our ability to do further transactions, but we don’t have gaps to fill. We’re always looking, but we’ll stay very disciplined as we have been on a number of transactions we have done over […]
Strength in Numbers—and in Resolve
Coalition building plays an important role in the power and influence that the Permian Basin Petroleum Association (PBPA) can harness especially when member companies have aligned interest and work together to impact legislative and regulatory policies. Sometimes the PBPA and other oil and gas trade associations work together to benefit all oil and gas producers. […]
Northern Oil & Gas partners with Vital Energy to acquire Forge Energy
Minneapolis-based oil and gas producer Northern Oil & Gas said last week it is partnering with Vital Energy to acquire EnCap portfolio company Forge Energy II Delaware. Northern came forward after markets closed May 15 to announce it is acquiring for $162 million 30 percent interest in the Delaware Basin-focused company. Vital Energy said May […]
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