Houston-based EON Resources said this week it reached agreement with Enstream Capital Management for $22.5 million in well completion funding. EON anticipates using the funds to develop 45 wells using low-cost workovers on the company’s 13,700 leasehold acres in Eddy County in southeast New Mexico in Permian Basin. And the company also plans to use […]
Report says decline in oil prices could reduce drilling rigs in Permian
A report this week from Enverus Intelligence Research says the decline in oil prices could encourage companies to reconsider spending plans for 2025 and reduce the number of drilling rigs. The report said, “Holding the Permian Basin’s crude oil production at the current level of 6.4 million barrels per day requires companies to pare the […]
Permian People December 2024
December 2024: Hirings, promotions, and other personnel matters in the nation’s biggest oil patch—or in companies who do business here. SM Energy Company announced Sept. 9 that Beth McDonald had been appointed as its Executive Vice President and Chief Operating Officer. President and Chief Executive Officer Herb Vogel commented: “We are delighted to welcome Beth to our […]
The 4-Day Work Week in the Oil Patch
I once heard a quote that sums up the oilfield work week: “It’s only two more workdays til Monday.” Unless the world is planning to change, work does not stop in the Oil Patch on Friday, much less on Saturday or Sunday. For families in the Permian Basin, where both parents work, what would […]
Rig counts unchanged with 303 in Permian, 281 in Texas, 102 in New Mexico
Baker Hughes’ rig counts in Permian Basin, Texas and New Mexico remained unchanged in the report of Nov. 27 for a week abbreviated by Thanksgiving holiday. There were 303 rigs in Permian Basin (314 year ago), 281 in Texas (306 year ago), 102 in New Mexico (106 year ago) and 582 in U.S. (down 1 […]
ONEOK acquires remainder of EnLink assets to expand presence in Permian
Tulsa-based ONEOK said last week it will acquire the remainder of EnLink Midstream for $4.3 billion in common stock. EnLink previously announced Oct. 15 the successful completion of its acquisition of Global Infrastructure Partners’ interest (43 percent) in EnLink for a total cash consideration of about $3.3 billion. The purchases expand ONEOK’s presence in Permian […]
FERC grants permission for Kinder Morgan to build Texas-Louisiana project
U.S. Federal Energy Regulatory Commission granted permission for Natural Gas Pipeline Co. of America, subsidiary of Houston-based Kinder Morgan, to build its Texas-Louisiana project in Texas. NGPL said after the FERC meeting Nov. 21 that the project will allow it to receive additional gas from existing system receipt points in the Permian, Eagle Ford and […]
Oil’s Eternal Optimist
MIDLAND, TEXAS—When Harold Hamm and a few members of his executive staff sat down with PB Oil and Gas Magazine in the Petroleum Museum in this oil-centric capital one sunny day this fall, the founder and leader of Continental Resources was keeping a timetable that would soon see them huddling up with the Permian Basin […]
Bright Spots Glimpsed on the Construction Side
Ed Sullivan, the Chief Economist and Sr. Vice President of Market Intelligence for the Portland Cement Association (PCA)—which represents America’s cement manufacturers—said on Oct. 14 the Federal Reserve’s recent move to lower interest rates coupled with easing inflation signals a significant retreat in interest rate levels by the end of next year, all to the […]
Upstream M&A Descends in Q3
Enverus Intelligence Research (EIR), a subsidiary of Enverus, an energy-dedicated SaaS company, released in mid-October its summary of 3Q24 upstream M&A activity. Following 12 months of heightened consolidation in oil and gas, the pace of deals significantly slowed in the third quarter of 2024, with $12 billion in announced deals, the lowest quarterly total since 1Q23. […]
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