Oklahoma City-based Lagoon Water Midstream said Sept. 21 it closed on acquisition of Midland water management company Double Drop Resources.  The deal expands Lagoon’s operations and establishes it as a multi-basin water management company with new presence in Permian Basin.  Lagoon absorbed all Double Drop employees and will maintain an office in Midland with plans […]

Baker Hughes’ count of active oil and gas drilling rigs in Permian Basin increased for the sixth straight week as of Sept. 17 (and 10th time in the last 12 weeks).  There were 512 rigs in U.S. (503 week ago, 255 year ago), 259 rigs in Permian Basin (254 week ago, 123 year ago), 239 […]

Production of both crude oil and natural gas in seven major U.S. shale plays is expected to increase in October, according to the latest Drilling Productivity Report from U.S. Energy Information Administration.  Oil output will rise 66,000 b/d from September to October to 8.135 million b/d, and natural gas volumes will increase 219 million cfd […]

Midland-based Diamondback Energy recently increased its 2021 production guidance to 363,000-to-370,000 boed from 350,000-to-360,000 boed as forecast in May with oil weighting staying steady at about 60 percent.  Production in 2021Q2 was 401,451 boed (up 36 percent from 2020Q2), and in 2021Q3 it’s expected to be 388,000-to-398,000 boed.  The recent sale of Diamondback’s assets in […]

Denver-based Cimarex Energy said it also is realizing improved well productivity through relaxed spacing in Delaware Basin.  In Reeves County, Cimarex’s Dixieland and Big Sky developments with spacing of 8 wells per section are outperforming legacy projects of 12-to-14 wells per section.  Thomas Jorden, chairman and CEO, said benefits include enhanced capital efficiency, reduced operational […]

Tulsa-based Laredo Petroleum said this week it is acquiring about 20,000 net acres in western Glasscock County from Pioneer Natural Resources for about $230 million ($160 million cash).  The leasehold to be acquired is adjacent to Laredo’s existing western Glasscock assets, it increases its high-margin, oil-weighted inventory by 50 percent, and it expands its core […]

Houston-based Shell Enterprises, subsidiary of Royal Dutch Shell, said Monday it reached agreement for the sale of its Permian Basin business to ConocoPhillips for $9.5 billion.  The transaction will transfer all of Shell’s assets in Permian Basin to ConocoPhillips.  Shell’s Permian business includes ownership of about 225,000 net acres on the Texas side of the […]

Railroad Commission of Texas said Monday for the fifth straight year it exceeded its goal of plugging orphaned wells.  RRC said 1,453 orphaned wells were plugged in fiscal year 2021 – above the goal of 1,400.  Clay Woodul, director of field operations, said, “Our plugging staff in the district offices deserve credit for staying on […]

U.S. count of active drilling rigs returned to at least 500 rigs as of Sept. 10, according to Baker Hughes, after falling below 500 the previous week because of Hurricane Ida.  There were 503 rigs in U.S. (497 previous week, 254 previous year), 254 rigs in Permian Basin (250 previous week, 124 previous year), 235 […]

Calgary-based Enbridge said Sept. 7 it agreed to acquire Moda Midstream Operating for $3 billion from EnCap Flatrock Midstream to enhance its U.S. Gulf Coast oil export capacity.  WorldOil reported, “Enbridge, which already handles about a quarter of all crude produced in North America, is betting on a strong outlook for exports of oil pumped […]