Tulsa-based Vital Energy said Friday it will acquire Permian Basin assets of Forge Energy II Delaware, portfolio company of EnCap, for $540 million cash to expand its Permian focus and establish a core operating position in Delaware Basin.  Vital will acquire 70 percent of the assets for $378 million, and an unidentified third party will […]

ONEOK and Magellan Midstream Partners said Sunday they executed a merger agreement for ONEOK to acquire Magellan in a cash-and-stock transaction valued at $18.8 billion, including $5 billion of debt.  Magellan will be a wholly owned subsidiary of ONEOK.  The combined company, valued at $60 billion, will have 25,000 miles of liquids-oriented pipelines with operational […]

Houston-based Coterra Energy said last week it is raising its 2023 oil production guidance to 87,000-to-93,000 barrels per day from 86,000-to-92,000 b/d.  Coterra currently is operating six rigs and two completion crews in Permian Basin and announced plans May 4 to drop two rigs and one completion crew from its Marcellus activity.  The company also […]

U.S. Energy Information Administration this week lowered its forecast for Brent crude oil spot price for 2024 to $74 per barrel – down 8.3 percent from its April 11 forecast of $81.  Also Tuesday in its Short-Term Energy Outlook, EIA lowered the forecast price for 2023 to $79 from $85 last month.  Price fell at […]

Midland-based ProPetro Holding said last week its seventh Tier IV dual-fuel frac fleet is expected to begin operations in 2023Q2.  The company plans to retire about 140,000 hydraulic horsepower of Tier II conventional diesel frac equipment during 2023.  ProPetro now operates six Tier IV dual-fuel frac fleets.  And two of the four electric frac fleets […]

Houston-based Targa Resources said last week it plans to construct a new fractionation Train 10 (120 thousand barrels per day) in Mont Belvieu to handle continued supply growth from its Permian Basin gathering and processing systems and third parties.  And Targa also said May 4 that it is ordering long-lead-time items for another gas plant […]

Dorf Ketal, one of the world’s leading specialty products and services companies, recently acquired Clariant’s North American Land Oil, including a manufacturing facility in Midland.  After the combination of the two companies, Dorf Ketal launched DK Energy Services.  The transaction of $14.5 million includes 180 employees in North America, technology portfolio of 40 patent families, […]

Enverus Intelligence Research said last week the deal value of U.S. merger and acquisition activity in Q1 was down about 20 percent from the Q1 average since 2016 and was an outlier in deal targets and types for upstream transactions.  Andrew Dittmar, director at Enverus, said May 2, “Rather than public E&Ps focusing on buying […]