1979 Royalties, subsidiary of Midland-based Endeavor Energy Resources, said last week it acquired oil and gas mineral and royalty interests in Midland Basin from Peacemaker Royalties, portfolio company of EnCap Investments, for $61 million. The divested properties cover about 5,000 net royalty acres in Dawson and Martin counties operated by Endeavor and Ovintiv. The assets […]
Civitas Resources acquires Vencer Energy assets in Midland Basin for $2.15B
Denver-based Civitas Resources said Wednesday it signed an agreement with Vencer Energy, upstream unit of Vitol, to acquire oil-producing assets in Midland Basin in a cash-and-stock deal valued at $2.15 billion ($1.55 billion cash). Closing is expected in January 2024. The acquisition will add about 44,000 net acres in five counties in west Texas with […]
Looking Back and Looking Ahead
History tells us the future remains bright. On Sept. 27-28 we were honored to host our 62nd Annual Meeting in Midland and perhaps even more special, celebrate the 100th Anniversary of the Santa Rita No. 1. As all of you know it is credited as the well that began this long and storied history of […]
M2X Energy produces first methanol, testing unit for first field deployment
Lexington, N.C.-based M2X Energy said recently that its transportable, modular gas-to-methanol plant produced its first methanol. The company said it is performing test runs now to qualify the system for its first field deployment. “This major milestone substantially de-risks our innovative technology and validates its commercial viability,” CEO Max Pieri said. “We are currently the […]
Permian Basin rig count declines 8.5 percent in third quarter
Texas and Permian Basin again were the loss leaders in Baker Hughes’ weekly report of active oil and gas drilling rigs as of Sept. 29. Texas’ count fell by 8 in the past week to 304 (360 year ago), and the count in the Permian Basin fell by 5 to 312 (344 year ago). Also, […]
TGS announces 3D expansion of survey in Midland Basin
Houston-based TGS, global provider of energy data and intelligence, announced last week a northern extension of its Pontiac 3D survey in Midland Basin. The extension increases the Pontiac 3D from 167 square miles to 267 square miles in Crane, Ector, Midland and Upton counties. The extension sits on the western edge of the Midland Basin […]
LM Energy divests crude system in Eddy, Lea to focus on gas gathering
Dallas-based LM Energy Holdings said last week it agreed to sell certain subsidiaries and assets of its Touchdown crude oil gathering system in Eddy and Lea counties in Permian Basin. The transaction with an undisclosed buyer is expected to close in 4Q and allows LM Energy to focus on its natural gas gathering systems in […]
O&G Contract Value Up 60 percent in Q2
The overall oil and gas industry’s disclosed contract value witnessed a significant quarter-on-quarter (QoQ) increase of 60 percent in Q2 2023, mainly driven by a mega contract for Qatar’s North Field South (NFS) LNG project, according to GlobalData, a data and analytics company. GlobalData’s latest report shows that the overall contract value increased from $35.4 […]
Remote Sensing Drones Protect Infrastructure
A firm named Birdstop asserts that there is a rapidly growing need for Beyond-Visual-Line-Of-Sight drones to monitor critical infrastructure. With oil fields, farmland, power stations, transit lines, airports, dams, water supplies and telecom at risk, any blind spots can lead to major issues, they say. To that end, Birdstop is striving to usher in a new […]
Refiners Show Strong Financial Profiles
North American refining and marketing companies continue to post robust results due to recovering demand and low inventory levels, according to a new Fitch Ratings report. The report is a relative credit analysis that compares issuers based on their business and financial characteristics. Fitch anticipates limited rating actions across the peer group despite above-midcycle cash […]
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