Houston-based Phillips 66 said this week it will acquire Pinnacle Midland Parent from private equity firm Energy Spectrum Capital for $550 million to expand its natural gas gathering and processing system in Midland Basin. Assets of Houston-based Pinnacle include the recently built Dos Picos natural gas gathering and processing system (220 million cfd processing plant, […]
Props to our Industry!
The idea of “props,” as expressed in the headline, is not a reference to proppant—something much utilized in our industry—though proppant is indeed necessary and could even qualify as something “current,” No, the reference here is to the indomitable spirit of our industry—a spirit that deserve props, or accolades. For a wide span of years […]
DOE awards contracts to four companies for oil to add to SPR in Texas
U.S. Department of Energy said Friday it signed contracts for 3.3 million barrels of U.S.-produced crude oil to add to the nation’s strategic petroleum reserve. The oil is being purchased for an average price of $79.38 per barrel for delivery in October to the Big Hill SPR site in Jefferson County in southeast Texas. DOE […]
Permian Basin rig count declines for third straight week
Permian Basin reported a declining rig count as of May 17 for the third consecutive week, according to Baker Hughes. The Houston-based services firm reported 312 rigs (down 2 in past week, down 37 in past year) in Permian Basin. Also, there were 290 rigs in Texas (up 1 in past week, down 67 in […]
Dunes sagebrush lizard declared endangered species by federal officials
U.S. Fish and Wildlife Service said Friday the dunes sagebrush lizard in west Texas and southeast New Mexico has been declared an endangered species. Federal officials cited future energy development, sand mining and climate change as biggest threats to survival of the dunes sagebrush lizard. “We have determined that the dunes sagebrush lizard is in […]
APA, Apache divest assets in Permian, two other plays for $700 million
Houston-based APA Corp. and subsidiaries including Apache announced Monday the sale of non-core assets in Permian Basin, East Texas Austin Chalk and Eagle Ford in south Texas for more than $700 million. The properties produced in first quarter an estimated 13,000 boed – more than one-third oil. APA said proceeds will be used primarily to […]
Going Dutch
Standard Energy Services Founder and President Pieter Bergstein started his company with no down payment on one hot oil truck. Today Standard has 350 employees and additional services—including vacuum trucks, pump trucks, well service, saltwater disposal, and others, along with hot oiling. This company that, over the years, has been asked to help clean up […]
Occidental, Pioneer lead Permian operators in count of active drilling rigs
Enverus reported this week Occidental Petroleum and Pioneer Natural Resources are leading operators of drilling rigs in Permian Basin. As of May 10, Occidental led with 23 rigs followed by Pioneer with 21. Others in the Permian were EOG Resources with 19 rigs, Mewbourne Oil with 18, ConocoPhillips and Devon Energy each with 16, ExxonMobil […]
Enbridge to expand Gray Oak crude oil pipeline from Reeves County
Houston-based Enbridge said last week it plans to expand Gray Oak crude oil pipeline by up to 120,000 barrels per day. The 850-mile joint-venture pipeline carries Permian Basin crude oil from Reeves County to destination points at Corpus Christi, Ingleside and Sweeny/Freeport. Enbridge also plans to add 2.5 million barrels of storage at its Ingleside […]
Houston company acquires Midland’s WellWorx Energy
Houston-based Liberty Lift Solutions said recently it will acquire Midland’s WellWorx Energy. Formed in 2019, WellWorx provides downhole tools and automation solutions to the oil and gas industry. Liberty Lift, formed in 2012, is an artificial lift company known for premium products, service and customer service. Bobby Evans, CEO of Liberty Lift, told the Midland […]
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