Houston-based Enterprise Products Partners said this week an affiliate is acquiring Pinon Midstream in a debt-free transaction for $950 million cash. Pinon Midstream provides natural gas gathering and treating services in the core of the eastern Delaware Basin in southeastern New Mexico and west Texas. Pinon’s assets include 50 miles of natural gas gathering and […]
The Permian’s Future is Electric
AI has been at the forefront of daily investment news the past year. Nvidia this, OpenAI that. More recently, the power needs of AI have been getting column space and breathy podcast time too. Globally, AI power demand needs have been putting pressure on utilities and governments to come up with more energy production. In […]
Lateral Moves
Longer laterals, faster completion times, and tightening budgets have pushed downhole tools to their limits in the last five years. Innovators at service companies like Neo Oil Tools, NOV, and Baker Hughes are also pushing the research envelope to adapt their equipment and procedures to the demands of today’s oilfield. In every case they’re finding […]
Bernhard Capital acquires New Mexico Gas from Emera for $1.25 billion
Private equity investment firm Bernhard Capital Partners said last week it agreed to acquire New Mexico Gas Co., wholly owned operating company of Halifax-based Emera, in a transaction valued at $1.252 billion. The deal includes $500 million of debt. Scott Balfour, president and CEO of Emera, said Aug. 6, “New Mexico Gas is a strong […]
ConocoPhillips reports increase in 2Q production in Permian Basin
Houston-based ConocoPhillips said recently its second quarter production in Permian Basin was 748,000 boed – an increase of 1.6 percent from 736,000 in first quarter. And it’s up 6 percent from 2023Q2. ConocoPhillips has about 800,000 net acres in Permian Basin, including 87,000 net acres in Delaware Basin and 58,000 unconventional net acres in Midland […]
ExxonMobil reports record production in 2Q after Pioneer acquisition
Spring-based ExxonMobil reported record production in second quarter after its acquisition of Pioneer Natural Resources closed in May. Exxon said Aug. 2 it achieved production of 680,000 boed from its heritage footprint in Permian Basin in 2Q. The $63 billion Pioneer deal gave Exxon greater scale and drilling runway in Permian Basin. Darren Woods, chairman […]
Ingham named president of Texas Alliance of Energy Producers
Petroleum economist Karr Ingham of Amarillo has been named president of Texas Alliance of Energy Producers. Ingham had been interim president since 2023 after earlier serving for five years as executive vice president. The alliance said he will continue to serve as the organization’s economist and issue the Texas Petro Index and Texas Permian Basin […]
The Luck of a Safety Guy!
Some of the most commonly heard phrases in the oilfield when describing accidents are references to some sort of luck. Luck is defined as success or failure, apparently brought by chance rather than through one’s own actions. Regardless, whether it is good luck or bad luck (or, as some claim, it may be “no luck […]
Permian Basin crude production to reach 6.66 million b/d in August
U.S. Energy Information Administration forecasts total crude oil production in Permian Basin will grow to 6.66 million barrels per day this month after 6.61 million b/d in June and 6.64 million b/d in July. U.S. total crude oil production is forecast at 13.73 million b/d in August after 13.68 million b/d in June and 13.72 […]
Produced Water Society conducts Permian Basin conference
Produced Water Society is conducting its ninth annual Permian Basin Summit this week in Midland. The three-day event that began Monday addresses produced water issues faced by operators, water midstream companies and water services providers. About 400 people are expected to attend to hear speakers that include state Sen. Kevin Sparks (R-Midland), member of Senate […]
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