Houston-based LandBridge said last week it executed a 10-year surface use and pore space reservation agreement with Devon Energy to support Devon’s operations in the core of Delaware Basin in New Mexico. LandBridge will provide Devon with 300,000 b/d of pore space capacity on its East Stateline Ranch and Speed Ranch surface acreage. The pore […]
Oxy reports output above guidance midpoint, including 770,000 boed in Permian
Houston-based Occidental Petroleum last week said total production in second quarter was above midpoint of guidance at 1.4 million boed. That includes average production of 770,000 boed in Permian Basin, where it is one of the leading producers. Occidental also said Aug. 6 it has signed four agreements to generate about $950 million in proceeds […]
Western Midstream to acquire Aris Water Solutions to extend into Eddy, Lea
Houston-based Western Midstream Partners said last week it will acquire Aris Water Solutions in an equity and cash transaction valued at about $1.5 billion. Aris’ full-cycle water infrastructure assets include about 790 miles of produced water pipeline, 1.8 million b/d of produced water handling capacity,1.4 million b/d of water recycling capacity and 625,000 dedicated acres […]
EIA: Brent crude oil prices expected to decline significantly in coming months
U.S. Energy Information Administration said this week that Brent crude oil prices are expected to decline significantly in the coming months – falling from an average of $71 per barrel in July to $58 per barrel in 4Q and about $50 per barrel in early 2026. In its short-term energy outlook issued Tuesday, EIA said, […]
PBPA Secures Legal Victory Against Endangered Species Act Abuse
MIDLAND, TEXAS—The Permian Basin Petroleum Association (PBPA) on Aug. 12 welcomed the ruling by the U.S. District Court for the Western District of Texas vacating the U.S. Fish and Wildlife Service’s (FWS) 2022 listing of the Lesser Prairie-Chicken (LPC) under the Endangered Species Act (ESA). The decision follows FWS’s own admission that the listing rule […]
Jonah Energy acquires High Plains Natural Resources in Yoakum, Lea counties
Denver-based Jonah Energy and its partner Burk Royalty recently announced the closing of their acquisition of High Plains Natural Resources. The acquired assets are in northwestern shelf of Permian Basin in west Texas and southeast New Mexico primarily from San Andres formation. The assets include about 62,000 net acres and 250 operated horizontal wells in […]
Permian rig count down 16 percent in year, last gain was 24 weeks ago Feb. 28
It’s been 24 weeks since Permian Basin reported an increase in its count of active drilling rigs. Baker Hughes said in its weekly report of Aug. 8 that there were 256 rigs in Permian Basin – a decline of 3 from last week and a decline of 48 or 16 percent since 304 a year […]
Delek completes construction of Libby 2 processing plant in Delaware Basin
Brentwood, Tenn.-based Delek Logistics Partners said last week it completed construction of its new Libby 2 natural gas processing plant and other crude oil and water gathering projects. Delek said Aug. 6 the Libby 2 plant provides “a much-needed processing capacity expansion to our producer customers in Lea County, N.M.” Avigal Soreq, president, said, “We […]
Devon Energy reduces capital spending, reports production gains of 15 percent
For the second straight quarter, Oklahoma City-based Devon Energy said it will reduce capital spending by $100 million. Second quarter production was 387,000 b/d of oil and 841,000 boed of total production while averaging 21 rigs and 6 completion crews. Oil output was up 15 percent from last year’s spring quarter, and oil-equivalent production was […]
MPLX to acquire natural gas, NGL system in Lea County from Northwind
Findlay, Ohio-based MPLX said recently it will acquire Northwind Delaware Holdings for $2.375 billion. Northwind provides sour gas gathering, treating and processing services in Lea County, N.M. The portfolio includes 200,000 dedicated acres, 200 miles of gathering pipelines, two in-service acid gas injection wells, and a third permitted well that brings total capacity to 37 […]