Midland-Petro D.C. Partners and Houston-based private investment firm Andros Capital Partners agreed to a joint venture for a drilling program targeting Spraberry and Wolfcamp in Midland County. Andros Capital said Aug. 25 it will fund $150 million to participate. Phillip A. Gayle, Jr., Andros managing partner, said, “This transaction underscores Andros’ commitment to investing in […]

Houston-based Marathon Oil will accelerate activity in Permian Basin and SCOOP/STACK in 2021Q3, according to Enverus. This quarter will be Marathon’s busiest with $340 million in capital expenses of fullyear $1 billion, including completion of multi-well pad at Marathon play on Texas side of the Delaware Basin. Enverus said average 2021 production will increase by […]

Pin Oak Corpus Christi said last week it completed the 20-inch Taft pipeline that connects Pin Oak Taft terminal with Flint Hills Resources Midway station and Cactus II Taft terminal. The bidirectional pipeline, fully supported by commercial contracts, provides inbound receipt of a suite of Permian Basin and Eagle Ford grades and redelivery options to […]

Reuters reported this week the U.S. Department of Interior will open millions of acres for oil and gas exploration, including land in New Mexico and Oklahoma, to comply with a court order requiring it to resume lease auctions. President Biden paused drilling auctions after he took office in January pending an analysis of their impact […]

Midland-based Diamondback Energy said Aug. 2 it increased 2021 oil guidance to 219,000-to-222,000 barrels per day (up from 212,000-to-216,000 b/d forecast earlier) and lowered full-year 2021 cash capital expense guidance to $1.525 billion-to-$1.625 billion – down 6 percent at midpoint from $1.60 billion-to-$1.75 billion. Oil production in Permian Basin in 3Q is forecast to be […]

New Mexico added another drilling rig in the past week, according to Baker Hughes, to reach 80 active oil and gas rigs for the first time since April 2020. There were 47 rigs in New Mexico a year ago. Baker Hughes said as of Aug. 20 also there were 231 rigs in Texas (232 week […]

U.S. oil production from seven major shale formations is forecast to grow by 49,000 barrels per day in September, according to drilling productivity report of Aug. 16 from U.S. Energy Information Administration. That growth is led by Permian Basin, which is expected to increase by 49,000 b/d from 4.756 million b/d in August to 4.805 […]

Houston-based Halliburton Co. said Aug. 19 it successfully executed its SmartFleet intelligent fracturing system with a major operator in Permian Basin. Aaron Hunter, vice president-Midland Basin for ConocoPhillips, described SmartFleet as “a tool that provides valuable insights into subsurface fracture placement. These insights lead to informed decisions that improve fracture performance.” Halliburton vice president Michael […]

Houston-based Targa Resources said Aug. 5 it will construct a cryogenic processing plant, Legacy (250 million cubic feet per day), in Midland Basin, and it completed relocation of another processing plant (200 MMcfd) to Midland Basin from north Texas. The $70 million Legacy plant is expected to begin commercial operations in 2022Q4. The Longhorn plant […]