Dallas-based Rising Phoenix Royalties said last week it closed on a deal for mineral interest property in Dawson County. The acquisition for 230 net royalty acres is operated by SM Energy Co. Jace Graham, CEO, said Aug. 29, “This acquisition underscores Rising Phoenix Royalties’ dedication to diversifying our mineral portfolio and capturing more upside potential. […]

Dallas-based Texas Pacific Land Corp. said last week it closed two transactions for $169 million for oil and gas mineral interests and surface acreage in Permian Basin. TPL acquired mineral interests on 4,106 net royalty acres in Culberson County leased to and operated by Coterra Energy. The acquired surface acres span 4,120 acres in Martin […]

Approaching the Labor Day holiday weekend, the retail price for all formulations of regular gasoline in the U.S. averaged $3.31 per gallon Aug. 26 – 13 percent lower than the same time last year. The decrease in prices paid at the pump is driven by weak growth in global and U.S. petroleum product demand, continued […]

U.S. Energy Information Administration said last week it forecasts crude oil production in the U.S. will grow to 13.7 million barrels per day and marketed natural gas production will grow to 114.3 billion cfd in 2025.  EIA said Aug. 21, “Most of the forecast growth in oil and natural gas production comes from the Permian […]

Tulsa-based pipeline operator ONEOK said Wednesday it will acquire Medallion Midstream and controlling interest in EnLink Midstream from Global Infrastructure Partners for $5.9 billion.  By acquiring Medallion – the largest privately held crude gathering and transportation system in Midland Basin – along with 43 percent interest in EnLink, ONEK establishes a fully integrated platform at […]

Permian Basin and Texas each added drilling rigs for the second time in three weeks, according to the weekly report of Aug. 23 from Baker Hughes.  There were 306 rigs in Permian Basin (303 previous week, 320 year ago) and 274 in Texas (273 previous week, 307 year ago).  Also, there were 106 rigs in […]

Dallas-based Granite Ridge Resources said recently in an operational update it closed multiple transactions in second quarter that added 16.4 net future drilling locations for $22.4 million.  And in traditional non-op, Granite Ridge acquired 51 gross (4.7 net) future drilling locations in Delaware, Midland and three other basins for a total cost of $12.6 million. […]

Houston-based Occidental Petroleum said recently its forecast for 2024 fullyear production remains 1,290,000 to 1,340,000 boed.  In its second quarter report, Occidental said its 2Q production was 1,258,000 boed – up from 1,172,000 boed in 1Q.  Oxy’s 2Q production in Permian Basin (587,000 boed) and Gulf of Mexico both exceeded midpoint of guidance.  U.S. oil […]