A partnership of EnCap Investments and the Double Eagle management team said June 19 it is forming Fort Worth-based Double Eagle Energy Holdings IV and Tumbleweed Royalty IV.  Double Eagle IV will focus on investing in oil and gas properties in Permian Basin, and Tumbleweed IV will focus on royalty and mineral investments in Permian […]

Dallas-based Pioneer Natural Resources said last month it expects to place on production this year wells with laterals averaging 10,500 feet – up four percent from 2021. That will include 50 wells with laterals of at least 15,000 feet as three-mile laterals play an increasing role in Pioneer’s development plans focused on Midland Basin. The […]

New Mexico was the only major producing state to report additional oil and gas drilling rigs in the previous week, according to the June 17 report from Baker Hughes. New Mexico added 7 rigs to reach 110 (75 a year ago). Also, there were 345 rigs in Permian Basin (unchanged in past week, 237 a […]

Production of crude oil is forecast to grow to 5.316 million barrels per day in July in Permian Basin by U.S. Energy Information Administration. That’s an increase of 84,000 b/d over June production of 5.232 million b/d. Across the seven major producing regions in U.S., EIA said June 13 in its latest drilling productivity report […]

Denver-based DCP Midstream said June 14 it is acquiring Permian Basin gathering and processing assets from Woodland Midstream II, a portfolio company of EIV Capital, for $160 million. DCP will acquire the James Lake system, comprised of 230 miles of sour gas gathering pipelines in Andrews, Ector and Winkler counties, and a cryogenic processing facility […]

Targa Resources and Lucid Energy Group said June 16 that a subsidiary of Targa will acquire Lucid Energy Delaware from Riverstone Holdings and Goldman Sachs Asset Management for $3.55 billion cash. Targa, a leading provider of midstream services, is one of the largest independent midstream infrastructure companies in North America. Lucid, largest privately held natural […]

Additional contracts have been awarded to nine companies in the U.S. Department of Energy’s sales of crude oil from the nation’s strategic petroleum reserve.  The latest contracts were awarded to Valero (11.65 million barrels), Marathon (8.51 million barrels), ExxonMobil (5.15 million barrels), Phillips 66 (1.3 million barrels), Chevron (900,000 barrels), Shell (700,000 barrels) and others.  […]

New drilling activity is returning to Permian Basin.  Baker Hughes’ count of active oil and gas drilling rigs in New Mexico reached at least 100 in the June 10 report for the first time in 26 months (since April 2020).  There are 103 rigs in New Mexico – up 3 in the past week and […]

Dallas-based Matador Resources said last week it agreed to acquire a gas gathering and processing system in northern Delaware Basin from Summit Midstream Partners for $75 million.  The Lane gathering and processing system, located in Eddy and Lea counties in New Mexico, includes a cryogenic processing plant (60 million cfd capacity), three compressor stations and […]