Approaching the Labor Day holiday weekend, the retail price for all formulations of regular gasoline in the U.S. averaged $3.31 per gallon Aug. 26 – 13 percent lower than the same time last year. The decrease in prices paid at the pump is driven by weak growth in global and U.S. petroleum product demand, continued […]

U.S. Energy Information Administration said last week it forecasts crude oil production in the U.S. will grow to 13.7 million barrels per day and marketed natural gas production will grow to 114.3 billion cfd in 2025.  EIA said Aug. 21, “Most of the forecast growth in oil and natural gas production comes from the Permian […]

Tulsa-based pipeline operator ONEOK said Wednesday it will acquire Medallion Midstream and controlling interest in EnLink Midstream from Global Infrastructure Partners for $5.9 billion.  By acquiring Medallion – the largest privately held crude gathering and transportation system in Midland Basin – along with 43 percent interest in EnLink, ONEK establishes a fully integrated platform at […]

Permian Basin and Texas each added drilling rigs for the second time in three weeks, according to the weekly report of Aug. 23 from Baker Hughes.  There were 306 rigs in Permian Basin (303 previous week, 320 year ago) and 274 in Texas (273 previous week, 307 year ago).  Also, there were 106 rigs in […]

Dallas-based Granite Ridge Resources said recently in an operational update it closed multiple transactions in second quarter that added 16.4 net future drilling locations for $22.4 million.  And in traditional non-op, Granite Ridge acquired 51 gross (4.7 net) future drilling locations in Delaware, Midland and three other basins for a total cost of $12.6 million. […]

Houston-based Occidental Petroleum said recently its forecast for 2024 fullyear production remains 1,290,000 to 1,340,000 boed.  In its second quarter report, Occidental said its 2Q production was 1,258,000 boed – up from 1,172,000 boed in 1Q.  Oxy’s 2Q production in Permian Basin (587,000 boed) and Gulf of Mexico both exceeded midpoint of guidance.  U.S. oil […]

T. Grant Johnson of Houston this week was named chairman of the board of directors for Texas Independent Producers and Royalty Owners Association. Johnson has worked more than 40 years in the energy industry and most recently served as president of Lone Star Production Co., a privately-owned corporation founded in 1991 to conduct exploration and […]

Houston-based H2O Midstream and private equity firm EIV Capital said recently they agreed for H2O Midstream to be acquired by Delek Logistics Partners.  H2O Midstream provides gathering, transportation, recycling, storage and disposal solutions for produced water in Howard County.  EIV Capital and H2O Midstream partnered in 2016 to pursue produced water midstream opportunities in Permian […]

Houston-based Enterprise Products Partners said this week an affiliate is acquiring Pinon Midstream in a debt-free transaction for $950 million cash.  Pinon Midstream provides natural gas gathering and treating services in the core of the eastern Delaware Basin in southeastern New Mexico and west Texas.  Pinon’s assets include 50 miles of natural gas gathering and […]