Midland-based Diamondback Energy said Tuesday in its announcement of the purchase of certain subsidiaries of Double Eagle IV that the two companies also are forming a JV to accelerate development of Diamondback’s non-core acreage in Midland Basin. Diamondback said, “This acceleration is expected to bring forward net asset value to Diamondback by developing Diamondback’s lower […]

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 […]

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 […]

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 […]

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 […]

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 […]

Houston-based EON Resources said this week it reached agreement with Pogo Royalty to eliminate $40 million in EON debt and add to the company’s interests in Grayburg-Jackson oilfield in Permian Basin.  EON called the deal “a balance sheet restructuring.” EON will pay a combination of cash and equity to Pogo which will reduce certain liabilities […]

U.S. Energy Information Administration this week raised its forecast for U.S. oil production this year.  The EIA said Tuesday in its short-term energy outlook that it expects production to average 13.59 million barrels per day in 2025 – up from its prior estimate of 13.55 million barrels per day.  Brent crude prices are expected to […]

Houston-based Chevron said last week its production in Permian Basin is expected to grow up to 10 percent this year despite less investment.  Chevron’s capital spending was $15.8 billion in 2023 and $16.4 billion in 2024, but it is forecast at $14 billion to $16 billion in 2025.  The company set oil and gas production […]