Denver-based Civitas Resources said last week it is divesting non-core assets in DJ Basin in Colorado as it prioritizes operations in Permian Basin.  Civitas divested $85 million of non-core acreage in DJ Basin in 2023Q4 – primarily non-operated interests with minimal production.  Civitas said Feb. 27 it remains on schedule to reach a $300 million […]

Calgary-based Enbridge said this week it will expand Gray Oak crude oil pipeline that transports Permian Basin oil 850 miles from Reeves County to its Ingleside Energy Center.  Enbridge plans to expand Gray Oak (900,000 b/d) by up to 120,000 barrels per day.  The company also plans to add 2.5 million barrels of storage at […]

U.S. Department of Energy said last week it will purchase another three million barrels of U.S.-sourced sour crude oil to add to the strategic petroleum reserve in August.  DOE said Feb. 26 it wants to purchase oil at or below $79 per barrel.  Bids for this solicitation are due by 11 a.m. (central), Wednesday, March […]

Count of active oil and gas drilling rigs in Permian Basin increased by 1 to 315 as of March 1, according to Baker Hughes.  Permian’s count is up 6 this year and is its highest since September 2023.  Permian’s count was 349 a year ago.  Texas was the only major producing state to report a […]

Denver-based Civitas Resources said last week it decreased estimated capital spending for 2024 while maintaining production guidance of 325,000-to-345,000 boed (71-to-74 percent liquids).  The decrease of $150 million to $1.8 billion-to-$2.1 billion primarily is driven by optimized activity levels, enhanced well productivity and reduced cycle times. CEO Chris Doyle said Feb. 27 Civitas expects to […]

Midland-based Permian Resources said last week it will focus on its New Mexico operations in 2024 in the follow-up to its $4.5 billion purchase last year of Earthstone Energy.  Permian Resources will dedicate 70 percent of 2024 capital spending (about $2 billion) to northern Delaware Basin, 25 percent to southern Delaware Basin in Texas and […]

Oklahoma City-based Chesapeake Energy said recently it plans to acquire Spring-based Southwestern Energy for $7.4 billion to create a natural gas producer with more than 5,000 locations that currently produce about 7.9 Bcfd.  The company will have 1.2 million net acres in Appalachia and 650,000 acres in Haynesville. Nick Pope of Seaport Research told Oil […]

Houston-based Enterprise Products Partners said last week it increased its interests in certain midstream assets in Texas through deals with Western Midstream Partners.  In the Permian Basin, Enterprise consolidated ownership by acquiring interests in Whitehorn Pipeline and Enterprise EF78 from affiliates of Western Midstream in a series of debt-free transactions for $375 million cash. Enterprise […]