Permian Basin’s streak of nine straight weeks of adding active oil and gas drilling rigs came to an end last week when its count fell by 1 to 173 rigs. U.S. and Texas counts increased. Baker Hughes said as of Dec. 23 there were 159 rigs in Texas (158 previous week), 65 rigs in New […]

U.S. Department of Energy said last month it has extended the terms of seven LNG export authorizations through 2050, including Golden Pass facility under construction in Sabine Pass and Texas LNG project proposed for Brownsville. “Critical to our nation’s energy independence are the prospects presented by these long-term LNG export extensions,” Mark Menezes, U.S. deputy […]

The Woodlands-based Earthstone Energy said Dec. 17 it is acquiring Independent Resources Management and its Midland Basin assets. Purchase price is $185.9 million, including $135.2 million in cash (as of Nov. 30) and 12.7 million shares of Earthstone Class A common stock valued at $50.8 million (as of Dec. 16). Transaction is expected to close […]

Oslo-based energy research company Rystad Energy said Dec. 11 water disposal in Permian Basin is likely to hit an all-time high in 2020Q4 by exceeding 1.3 billion barrels. Rystad said, “Behind the expected expansion is a combination of factors, including a rapid recovery in activity, a steady clip of enhanced oil recovery projects, and base […]

Production of oil and natural gas in the nation’s seven major producing regions is again forecast to decline in January 2021 by U.S. Energy Information Administration. In its drilling productivity report of Dec. 14, EIA said production of oil will decline by 137,000 barrels per day in January from December to 7.438 million b/d. Permian […]

Texas and New Mexico were the only major producing states and Permian Basin was the only region to add oil and gas drilling rigs last week. Baker Hughes said as of Dec. 18 there were 174 rigs in Permian (168 previous week), 158 in Texas (155 previous week), 66 in New Mexico (60 previous week) […]

Honeywell UOP of Des Plaines, Ill., said Dec. 17 that it will upgrade two cryogenic gas processing plants for Fort Worth-based Brazos Midstream in Reeves County using new technology to increase recovery of more ethane and propane typically present in natural gas. UOP will upgrade two existing plants (200 million cubic feet per day) from […]

Houston-based Pinnacle Midstream said Dec. 15 it will build a new greenfield Dos Picos natural gas gathering system in Midland Basin supported by a 15-year gas gathering, processing and purchase agreement with DoublePoint Energy. Dos Picos is expected to begin service in 2021Q2 for operators in Glasscock, Martin and Midland counties. The initial system will […]

San Antonio-based Stakeholder Midstream said Dec. 15 it acquired gas gathering and processing assets in Yoakum County from Santa Fe Midstream. The assets include Santa Fe’s 30-30 gas treating and processing plant, low-pressure gas gathering pipelines, downstream residue and NGL lines, and long-term acreage dedication from an established San Andres oil and gas producer. The […]

Midland-based Diamondback Energy said Monday it is acquiring QEP Resources and Guidon Operating. The transactions will strengthen Diamondback’s position in Midland Basin and bring Diamondback’s total leasehold interests to more than 276,000 net surface acres with annual savings of at least $60 million from efficiencies. CEO Travis Stice said, “Diamondback does not need to participate […]