Oklahoma City-based Devon Energy last week raised its forecast for 2025 oil production while reducing capital spending by $100 million “because of efficiency gains that are part of a broader cost-cutting program.”  Oil production forecast was increased by 1 percent after a better-than-expected first quarter.  In the first three months, Devon produced 388,000 barrels per […]

Baker Hughes’ weekly report of May 9 included an increase in the count of active drilling rigs in Texas for the first time since February.  There were 273 rigs in Texas compared to 271 the previous week and 289 a year ago.  Also as of May 9, there were 285 rigs in Permian Basin (down […]

Midland-based Permian Resources last week revised 2025 guidance after making a bolt-on acquisition in northern Delaware Basin.  Permian Resources acquired 13,320 net acres and 8,700 net royalty acres from APA Corp. for $608 million.  The deal adds about 100 new gross operated, two-mile locations that immediately compete for capital.  Most of the inventory (65 percent […]

Oklahoma City-based Devon Energy and Ridgemont Equity Partners last week divested their 12.5 percent interest in Matterhorn Express, 510-mile natural gas pipeline that ships Permian Basin gas from Waha hub to Wharton and Katy.  The acquisition, expected to close in second quarter, was made by a consortium of I Squared, MPLX and Enbridge for about […]

ExxonMobil and Occidental Petroleum remain the top two rig operators in U.S. and Permian Basin in the latest rig count from Enverus.  And the May 6 report says the count of frac crews has grown slightly.  As of May 2, the latest U.S. average rig counts were 36.0 for ExxonMobil and 29.6 for Oxy followed […]

Houston-based EOG Resources said last week it is reducing its forecast for 2025 capital spending by $200 million and its production growth guidance.  Ezra Yacob, chairman and CEO, said May 1 total capital expenditures for 2025 are now expected to range from $5.8 million to $6.2 million – down $200 million from its previous plan.  […]

Dallas-based Rising Phoenix Capital, privately held investment firm, said Monday it purchased mineral interests in Ector and Midland counties operated by ConocoPhillips.  The asset includes both producing wells and near-term permitted drilling locations.  Jace Graham, CEO, said, “We target high-quality operators, proven geology, and mineral interests that deliver dependable monthly income.  This acquisition furthers our […]

Houston-based Enterprise Products Partners said last week its throughput volumes in first quarter were up compared to last year for each category except marine terminals.  Total fee-based natural gas processing volumes increased 12 percent or 760 million cfd to a record 7.2 billion cfd in the first quarter compared to 2024Q1.  Pipeline transportation volumes rose […]