Dallas-based LandBridge said this week it acquired about 46,000 contiguous surface acres in southern Delaware Basin for $245 million in cash from a subsidiary of VTX Energy Partners.  Wolf Bone Ranch, located adjacent to LandBridge’s existing acreage in Reeves County, is “well positioned at a strategic intersection of oil and natural gas exploration and transportation” […]

Permian Basin reported 303 active drilling rigs for the third consecutive week – matching its lowest count of the year from August.  In its weekly report of Nov. 15, Baker Hughes said there were 279 rigs in Texas (down 2 from previous week, down 23 from year ago), 102 in New Mexico (up 2 in […]

Oklahoma City-based Devon Energy said recently its Delaware Basin assets accounted for 67 percent of total company production in third quarter.  Devon reached 488,000 boed in 3Q in Delaware Basin for an increase of six percent from 2Q.  A key contributor was a 21-well project targeting six landing zones in Bone Spring and Wolfcamp brought […]

After recent acquisitions and efficiencies increased its production, Midland-based Permian Resources raised its fullyear oil production guidance by 6,500 barrels per day to 158,500 b/d and its total production by 16,000 boed to 341,000 boed.  Permian Resources said, “The majority of the increase in fullyear production guidance is driven by continued strong well performance and […]

U.S. production of associated natural gas increased 7.9 percent in 2023 compared with 2022 by averaging 17.1 billion cubic feet per day, according to data from Enverus as reported Wednesday by U.S. Energy Information Administration. Associated natural gas production – natural gas produced by wells that predominantly produce oil – comes mainly from five major […]

Reuters reported Tuesday that oil major ExxonMobil agreed to sell conventional assets in Permian Basin to privately-owned Hilcorp Energy for about $1 billion.  ExxonMobil confirmed the sale but declined to name the buyer or value of the assets reportedly comprised of conventional vertical wells not horizontal wells used to pump from shale.  Exxon’s spokesman said, […]

Houston-based Targa Resources will build two additional cryogenic natural gas processing plants in Delaware and Midland basins.  Each will have capacity of 275 million cubic feet per day.  Falcon II plant in Delaware Basin is expected to begin operations in 2026Q2, and East Drive plant in Midland Basin is scheduled to go online in 2026Q3.  […]

Houston-based Coterra Energy said this week it acquired assets in Permian Basin from Franklin Mountain Energy and Avant Natural Resources in two deals totaling $3.95 billion ($2.95 billion cash, $1 billion stock).  Tom Jordan, chairman, CEO and president, said Wednesday, “These highly accretive acquisitions create an expanded core area in New Mexico that plays to […]