Midland-based Diamondback Energy said Tuesday in its announcement of the purchase of certain subsidiaries of Double Eagle IV that the two companies also are forming a JV to accelerate development of Diamondback’s non-core acreage in Midland Basin. Diamondback said, “This acceleration is expected to bring forward net asset value to Diamondback by developing Diamondback’s lower […]
Permian Oil: The Next Four Years
Fourteen years ago, in 2011, I wrote an article for MarketWatch that described how frac’ing for oil and gas would “change everything” for American energy. Among my assertions was the prediction that the United States would be an energy exporter by 2019. The negative comments on the piece were overwhelming. I was told that I was stupid and naive […]
Hiring and Retention: Everyone’s Challenge
While hiring and talent acquisition and retention have long been issues across all sectors of the American economy, perhaps nowhere do those issues pose such unique challenges as are found in the Permian Basin. And yet these are challenges that have been answered with innovation and energy. Considerable effort has been made over the years […]
PBPA’s Spring Swing Scheduled for April 7
Monday, April 7, is the date when the Permian Basin Petroleum Association’s celebrated Spring Swing Golf Tournament takes to the links. This four-man scramble unfolds on the Odessa Country Club’s two magnificent courses, with food, fun, and fellowship available to all who attend. Spring Swing, one of PBPA’s most well-attended events, typically sells out. Anyone hoping to […]
EON reduces debt and acquires additional royalty interests in Eddy County
Houston-based EON Resources said this week it reached agreement with Pogo Royalty to eliminate $40 million in EON debt and add to the company’s interests in Grayburg-Jackson oilfield in Permian Basin. EON called the deal “a balance sheet restructuring.” EON will pay a combination of cash and equity to Pogo which will reduce certain liabilities […]
EIA raises production forecast for U.S. oil output this year to 13.59 million b/d
U.S. Energy Information Administration this week raised its forecast for U.S. oil production this year. The EIA said Tuesday in its short-term energy outlook that it expects production to average 13.59 million barrels per day in 2025 – up from its prior estimate of 13.55 million barrels per day. Brent crude prices are expected to […]
Chevron forecasts growth in Permian production despite less investment
Houston-based Chevron said last week its production in Permian Basin is expected to grow up to 10 percent this year despite less investment. Chevron’s capital spending was $15.8 billion in 2023 and $16.4 billion in 2024, but it is forecast at $14 billion to $16 billion in 2025. The company set oil and gas production […]
ArcLight Capital Partners acquires 25 percent interest in Gulf Coast Express
Boston-based ArcLight Capital Partners said last week it acquired a 25 percent equity interest in Gulf Coast Express pipeline from an affiliate of Phillips 66 for $865 million. The pipeline now is owned by subsidiaries of Kinder Morgan and ArcLight, and Kinder Morgan will continue to operate the pipeline. The 500-mile natural gas pipeline has […]
Changing of the Guard
Welcome to everyone’s favorite topic in the oilfield: Safety. Said no one ever, lol. It’s easy to make jokes about safety to a non-sensitive safety guy such as myself. However, I have known some safety professionals that had to fill out an incident report for “hurt feelings.” Fortunately, they were all non-recordable. I am going […]
Rig count remains stable with 303 in Permian Basin, count up 1 in Texas to 278
Baker Hughes reported few changes in drilling activity in Permian Basin, Texas and New Mexico last week. As of Feb. 7, there were 303 rigs in Permian Basin (unchanged from previous week, down 10 in past year), 278 in Texas (up 1 in past week, down 23 in past year) and 106 in New Mexico […]
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