U.S. Energy Information Administration said last week the nation’s crude oil production will expand this year by only 160,000 barrels per day after record output of 13.3 million b/d in December.  EIA said that level won’t be reached again until February 2025 after production fell to 12.6 million b/d in January as extreme weather affected […]

Findlay, Ohio-based MPLX said recently it advanced its Permian Basin growth strategy with the acquisition of the remaining 40 percent interest from a partner in a gathering and processing joint venture for about $270 million. In its logistics and storage segment, MPLX is expanding its natural gas and NGL long-haul and crude gathering pipelines supporting […]

Houston-based ConocoPhillips said last week production for 4Q in 2023 was 1.902 million boed.  That’s an increase of 144,000 boed from the same period in 2022 and up from 1.806 million boed in 3Q.  Lower 48 delivered 1.086 million boed, including 750,000 boed from Permian Basin and 211,000 boed from Eagle Ford. Production in 2024Q1 […]

Two Permian operators who announced a merger Monday also revealed fourth quarter and fullyear production for 2023.  Diamondback Energy said 4Q production was 273.1 million barrels of oil per day (462.6 million boed) with cash capital expenditures of $649 million.  In 2024 Diamondback – on a standalone basis – expects to generate oil production of […]

Irving-based Pioneer Natural Resources said last week it received shareholder approval for its pending merger with ExxonMobil.  Pioneer will file the results of the special shareholder meeting with the U.S. Securities and Exchange Commission. Pioneer and Exxon continue to work with the Federal Trade Commission in the FTC review of the merger.  Pioneer, largest independent […]

Permian Basin added rigs for the third straight week, according to the latest weekly report of rig counts from Baker Hughes.  As of Feb. 9, there were 313 rigs in Permian Basin (up 2 in past week, down 39 in past year), 301 in Texas (down 2 in past week, down 69 in past year), […]

Midland-based Diamondback Energy said Monday it entered into an agreement to merge with Midland’s Endeavor Energy Resources to “create a premier Permian independent operator” that will be the fifth largest Permian producer.  Purchase price is about $26 billion – $8 billion cash and 117.3 million shares of Diamondback common stock.  The combined company will control […]

Calgary-based Enverus Intelligence Research Tuesday released a report identifying high-grade locations in Eagle Ford where recoveries remain high despite denser development.  Enverus said as deals increase in Permian Basin ($144 billion in 2023Q4), interest is turning to basins such as Eagle Ford, Haynesville and Bakken. Dani von Bassenheim, author of the report, said, “The core […]