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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Matador reports 4Q production above 200,000 boed for first time

February 21, 2025 by Sarrah Barton

Dallas-based Matador Resources said this week its 4Q production was 201,116 boed (59 percent oil) thanks to better-than-expected performance from new wells in Delaware Basin and higher production from non-operated assets.  The 4Q output is 30 percent more than 2023Q4 and the first time Matador has topped 200,000 boed.  Oil production in 4Q was 118,400 […]

Filed Under: PBOG Newsletter

Permian Basin, Texas, U.S. add rigs in latest report from Baker Hughes

February 18, 2025 by Sarrah Barton

Permian Basin, Texas and U.S. each added drilling rigs again last week, according to the weekly report of Feb. 14 by Baker Hughes.  Permian Basin was up 1 rig to 304 (312 year ago), Texas was up 2 to 280 (299 year ago), and U.S. was up 2 to 588 (621 year ago).  New Mexico […]

Filed Under: PBOG Newsletter

Report: Midland Basin depletes inventory of DUC wells from two months to one

February 18, 2025 by Sarrah Barton

Calgary-based Enverus Intelligence Research said last week operators entered 2025 with fewer DUC (drilled but uncompleted) wells than a year earlier to create “potential for impacts to capital efficiency throughout the year.”  Mark Chapman, principal analyst, said, “DUCs act as a form of inventory, and when market conditions are favorable – such as higher winter […]

Filed Under: PBOG Newsletter

Northern adds Midland Basin assets, reports increased production in Permian

February 18, 2025 by Sarrah Barton

Minneapolis-based Northern Oil and Gas said last week it agreed to acquire assets in Upton County in Permian Basin from one of its private operating partners for $40 million.  The assets include about 2,275 net acres in Midland Basin.  NOG said it has a multi-year joint development agreement for the property.  Closing is expected in […]

Filed Under: PBOG Newsletter

Diamondback Energy to acquire Double Eagle IV in $4.08 billion deal

February 18, 2025 by Sarrah Barton

Midland-based Diamondback Energy said Friday it agreed to acquire Double Eagle IV in a cash-and-stock deal of about $4.08 billion.  Diamondback continues to strengthen its position in Permian Basin after last year’s $26 billion deal to buy privately held Endeavor Energy Partners to make it the third largest oil and gas producer in Permian. The […]

Filed Under: PBOG Newsletter

ExxonMobil leads Permian Basin with 37 rigs, Permian leads U.S. in frac crews

August 20, 2024 by Sarrah Barton

ExxonMobil is the Permian Basin leader in oil and gas drilling rigs as of Aug. 9, according to Enverus, with 37 working rigs.  Other leaders include Occidental with 21 rigs, EOG Resources, Mewbourne Oil and Devon Energy with 16 each, ConocoPhillips with 15, Chevron and Permian Resources with 12 each, and Diamondback Energy and Endeavor […]

Filed Under: PBOG Newsletter

Drilling rig counts decline to 303 in Permian, 273 in Texas, 586 in U.S.

August 20, 2024 by Sarrah Barton

After a week of gains, Permian Basin, Texas and U.S. returned to declining counts of drilling rigs last week, according to the weekly report of Aug. 16 from Baker Hughes.  There were 303 rigs in Permian Basin (down 1 from 304 previous week, down 24 from 327 year ago), 273 in Texas (down 3 from […]

Filed Under: PBOG Newsletter

Trace Midstream acquires natural gas assets from LM Energy in Delaware Basin

August 20, 2024 by Sarrah Barton

Houston-based Trace Midstream Partners II said recently it reached agreement with LM Energy Delaware to acquire its natural gas gathering and transportation assets in northern Delaware Basin.  The system in Eddy and Lea counties in New Mexico consists of high- and low-pressure gas pipelines with associated compression, dehydration, condensate handling and vapor recovery capabilities. LM […]

Filed Under: PBOG Newsletter

Autry Stephens, founder of Endeavor and Top Hand Award winner, dies at age 86

August 20, 2024 by Sarrah Barton

Midland wildcatter and military veteran Autry Carl Stephens, founder of Endeavor Energy Resources and recipient of the Top Hand Award from Permian Basin Petroleum Association, died at the age of 86.  Endeavor said its board chairman died Aug. 16 and will be succeeded as chairman by his daughter, Lyndal Stephens Greth, an attorney who served […]

Filed Under: PBOG Newsletter

Brazos Midstream completes gas processing plant in Martin, another due in 2025

August 20, 2024 by Sarrah Barton

Fort Worth-based Brazos Midstream Holdings III said last week it completed construction of a cryogenic gas processing plant in Martin County.  Sundance I is scheduled to start commercial service in October with capacity of 200 million cfd.  Brazos said Aug. 15 it also is in final stages of constructing about 175 miles of high-pressure gas-gathering […]

Filed Under: PBOG Newsletter

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