Fort Worth-based Brazos Midstream said it is constructing Sundance, a new 200 million cfd natural gas processing plant in Martin County, as part of its plan to duplicate in Midland Basin its success in Delaware Basin since its founding in 2014. William Butler, CFO, told Midland Reporter Telegram last month, “We’re building the backbone over […]
Granite Ridge increased Q1 production, raises fullyear production forecast
Dallas-based Granite Ridge Resources said recently it grew production in first quarter by 46 percent over 2022Q1, and it increased fullyear production forecast for 2023 to a midpoint of 22,000 boed. Production in Q1 was 23,167 boed (46 percent oil), including 10,722 b/d oil. Capital expenditures in Q1 were $126.2 million with fullyear capex expected […]
Stallion Gets Re-branded
Stallion Oilfield Services announced in April its rebranding as Stallion Infrastructure Services. As a provider of workforce accommodations for the oil and gas industry, the company has made it clear that while its name has changed, its level of commitment to the sector remains steadfast. In addition to the rebrand, Stallion Infrastructure Services will be […]
Geopolitics Tops O&G Themes for 2023
Geopolitics became a pivotal macroeconomic theme for the oil and gas industry from the start of the Ukraine conflict. The fallout of this conflict is also critically impacting the supply chain theme as newer alliances are being forged. Nevertheless, oil and gas companies will continue to pursue newer industry themes that support the energy transition […]
Garrison Energy Holdings, new E&P company, launches in Midland
A new Midland-based exploration and production company has started with a $500 million line of equity financing from an unidentified institutional investor to pursue opportunities in Permian Basin. Garrison Energy Holdings will consider deals in Delaware and Midland basins, central basin platform and northwest shelf. Caleb Weatherl is CEO, and his father Steve is executive […]
New Mexico BLM office conducts lease sale that nets $78.8 million
New Mexico field office of Bureau of Land Management conducted a lease sale last week on 45 parcels of land in Chaves, Eddy and Lea counties in New Mexico and Cheyenne County in Kansas on public lands managed by BLM field offices for Carlsbad, Roswell and Oklahoma. BLM said 37 parcels totaling 8,596.25 acres sold […]
Western Midstream to construct gas processing plant in Loving County
Houston-based Western Midstream Partners said last week it will construct a new cryogenic natural gas processing plant in Loving County in its west Texas gathering, processing and treating complex in Delaware Basin. The proposed plant, expected to be in service by yearend 2024, will have processing capacity of 250 million cfd. Western Midstream said expansion […]
Next Bridge closes transactions to now own 100 percent interest in Orogrande
Fort Worth-based Next Bridge Hydrocarbons said last week is now owns 100 percent of working interest in the Orogrande project in Hudspeth County in west Texas on about 134,000 contiguous acres. Next Bridge closed a previously announced merger agreement with two companies (22.62 percent working interest), Wolfbone Investments and McCabe Petroleum, owned by its largest […]
Midland Basin operator HighPeak slows development plans, but maintains output
Fort Worth-based HighPeak Energy said recently it is altering its 2023 drilling and completion plans and dropping from four to two rigs next month for the remainder of 2023. HighPeak had already reduced its completion activity from four crews to two “to complete the operational DUC wells generated by the previous six-rig program.” The revised […]
Texas, NM contribute most growth as U.S. production increases 5.6 percent
U.S. Energy Information Administration said last week Texas and New Mexico contributed the most growth as U.S. crude oil production increased 5.6 percent (0.6 million barrels per day) in 2022 compared to 2021. U.S. averaged 11.9 million b/d in 2022. EIA said attribute the growth to the Permian Basin. Crude oil production grew more in […]
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