Houston-based ConocoPhillips said last week it agreed to sell $600 million in noncore assets in lower 48 in its efforts to shed debt after a $22.5 billion acquisition of Marathon Oil. Ryan Lance, CEO, said the company is making progress on its pre-acquisition goal of $2 billion in asset sales. “We’re on track to dispose […]
Energized
Along with the economy and immigration, the energy future was a significant decision point in the November election. With votes counted and winners declared in the legislative and executive branches, and the judicial safely conservative for at least two years (the next congressional election cycle), is it now full speed ahead for oil and gas, […]
Atlas Energy begins driverless delivery of proppant in Permian Basin
Austin-based Atlas Energy Solutions is making driverless deliveries of proppant across the Permian Basin with two RoboTrucks equipped with Kodiak Robotics’ self-driving system. Kodiak said Jan. 24 Atlas completed its first 100 loads to mark “the first time ever that a customer has taken ownership of a RoboTruck and launched driverless commercial semi-trucking operations.” The […]
Phillips 66 midstream strategy gets boost from Permian acquisition
Houston-based Phillips 66 last week reported record NGL fractionation and LPG export volumes in its midstream unit for 2024 fourth quarter. Mark Lashier, chairman and CEO, said Jan. 31, “During the fourth quarter we achieved our strategic priority targets for shareholder distributions and asset dispositions. We also delivered on our goal of improving refining performance […]
ExxonMobil reports highest output in more than decade from Permian, Guyana
Spring, Texas-based ExxonMobil said last week in 2024 it reached its highest production in more than a decade in a surge driven by record outputs from Permian Basin and offshore Guyana. The company’s net production averaged 4.3 million boed – marking an increase of 16 percent from 2023. Exxon said earnings increased $1.6 billion “due […]
M&A activity reaches $105 billion in 2024; Permian remains ‘top of the list’
Calgary-based Enverus Intelligence Research said last week upstream activity in mergers and acquisitions reached $105 billion in 2024 – the third highest total tracked by Enverus. That trailed only the record-setting $192 billion in 2023 and $108 billion in 2014. Activity did tumble in the second half of 2024; activity was only $9.6 billion in […]
U.S. Energy Development to spend up to $1 billion in 2025 primarily in Permian
Fort Worth-based U.S. Energy Development Corp. said this week it will spend up to $1 billion this year primarily in Permian Basin. The announcement followed a record-breaking year during which USEDC deployed nearly $800 million into operated and non-operated projects. Jordan Jayson, chairman and CEO, said Monday, “Our long-term acquisition and production strategies continue to […]
Permian People February 2025 – Movers and Shakers
February 2025 hiring’s, promotions, and other personnel matters in the nation’s biggest oil patch—or in companies who do business here. Rick Muncrief, 66, has announced his retirement from the position of President and Chief Executive Officer and member of the board of directors of Devon Energy Corporation, effective March 1. The board of directors […]
Ethics. Still Necessary?
I am on my soapbox this month because I have watched several people in various generations either ignore ethical behavior entirely or ignore it until they were reminded of the “right” way to do things. My question is: are there consequences for being unethical in 2025? Remembering the truth will always be easier than remembering […]
Upstream employment in Texas declines in December after 6 months of growth
Data from U.S. Bureau of Labor Statistics and Texas Independent Producers and Royalty Owners Association show a decline in upstream employment in the industry in Texas in December. TIPRO said upstream employment in the state in December was 195,500 – a decrease of 700 positions from November (500 in oil and gas extraction, 200 in […]
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