Boston-based ArcLight Capital Partners said last week it acquired a 25 percent equity interest in Gulf Coast Express pipeline from an affiliate of Phillips 66 for $865 million.  The pipeline now is owned by subsidiaries of Kinder Morgan and ArcLight, and Kinder Morgan will continue to operate the pipeline.  The 500-mile natural gas pipeline has […]

Baker Hughes reported few changes in drilling activity in Permian Basin, Texas and New Mexico last week.  As of Feb. 7, there were 303 rigs in Permian Basin (unchanged from previous week, down 10 in past year), 278 in Texas (up 1 in past week, down 23 in past year) and 106 in New Mexico […]

Houston-based ConocoPhillips last week reported increased production for 2024 with additional output forecast for 2025.  The operator expects production of 2.34 million to 2.38 million boed in full year 2025 on capital expenses of about $12.9 billion. Production for fourth quarter was 2.1 million boed – an increase of 281,000 boed from 2023Q4.  Lower 48 […]

Tulsa-based ONEOK said last week it agreed to form a joint venture with MPLX to construct a new large-scale LPG export terminal in Texas City and a new 24-inch pipeline from ONEOK’s storage facility in Mont Belvieu to the new terminal.  Texas City Logistics, the new export terminal, will be owned 50 percent by each […]

Houston-based ConocoPhillips said last week it agreed to sell $600 million in noncore assets in lower 48 in its efforts to shed debt after a $22.5 billion acquisition of Marathon Oil.  Ryan Lance, CEO, said the company is making progress on its pre-acquisition goal of $2 billion in asset sales.  “We’re on track to dispose […]

Austin-based Atlas Energy Solutions is making driverless deliveries of proppant across the Permian Basin with two RoboTrucks equipped with Kodiak Robotics’ self-driving system.  Kodiak said Jan. 24 Atlas completed its first 100 loads to mark “the first time ever that a customer has taken ownership of a RoboTruck and launched driverless commercial semi-trucking operations.”  The […]

Houston-based Phillips 66 last week reported record NGL fractionation and LPG export volumes in its midstream unit for 2024 fourth quarter.  Mark Lashier, chairman and CEO, said Jan. 31, “During the fourth quarter we achieved our strategic priority targets for shareholder distributions and asset dispositions.  We also delivered on our goal of improving refining performance […]

Spring, Texas-based ExxonMobil said last week in 2024 it reached its highest production in more than a decade in a surge driven by record outputs from Permian Basin and offshore Guyana.  The company’s net production averaged 4.3 million boed – marking an increase of 16 percent from 2023.  Exxon said earnings increased $1.6 billion “due […]

Calgary-based Enverus Intelligence Research said last week upstream activity in mergers and acquisitions reached $105 billion in 2024 – the third highest total tracked by Enverus.  That trailed only the record-setting $192 billion in 2023 and $108 billion in 2014.  Activity did tumble in the second half of 2024; activity was only $9.6 billion in […]