Houston-based Occidental Petroleum said Wednesday it is making “a superior proposal” of $76 per share to acquire Anadarko Petroleum compared to Chevron’s recent proposal of $65 per share. “Occidental’s proposal represents a premium of approximately 20 percent to the value of Anadarko’s pending transaction,” the company said. Oil & Gas Journal said the proposed transaction […]
Haynesville produces record levels of natural gas in April
The U.S. Department of Energy said a resurgence in activity has sent natural gas production in Haynesville in east Texas and Louisiana to record levels. Haynesville was producing a record high of 10.5 billion cubic feet of natural gas per day earlier this month to surpass the 2011 peak of 10.4 billion cubic feet per […]
Concho, Frontier agree to joint venture in northern Midland Basin
Midland-based Concho Resources and Tulsa-based Frontier Midstream Solutions said last week they formed a joint venture, Beta Crude Connector, to build and provide crude oil gathering, transportation and storage in northern Midland Basin. Frontier will be operator with initial flows scheduled mid-2019. The new system will be comprised of 100-mile gathering system, 250,000 barrels of […]
Cogent Midstream to construct pipeline from Big Lake plant to GCX
Dallas-based Cogent Midstream said this week it will construct a 25-mile pipeline to deliver residue gas from its Big Lake natural gas processing complex in Reagan County to Kinder Morgan’s Gulf Coast Express pipeline. The 20-inch pipeline is expected to cross proposed Permian Highway and Whistler pipelines and begin service in 2019Q4. Capacity will be […]
Weir opens new service center in David Mims Business Park
Weir Oil and Gas, an international company that serves the upstream market, opened a $30 million service center in David Mims Business Park last week. The service center of 92,000 square feet combines Weir’s three Permian Basin facilities into one location for 150 employees. The new plant offers pressure pumping and pressure control assembly, repair […]
Danos to construct central tank battery in Midland
Gray, La.-based Danos said April 10 it has been awarded a contract to construct a central tank battery in Midland for an unnamed Texas-based independent exploration and production company. Danos’ Amelia Integrated Services will fabricate pipine and structural components that will be shipped to the installation site for assembly and construction. The three-month project will […]
Texas Petro Index climbs to 213.2; rig counts, production, employment up
Karr Ingham’s Texas Petro Index increased for the second consecutive month to 213.2 in February from 212.5 in January. The index had declined the two previous months from 213.3 in October to 212.4 in November and 212.2 in December. The index by Ingham, petroleum economist from Amarillo, is based on a comprehensive set of economic […]
Texas rig count returns above 500; U.S. count above 1,000 for past year
Baker Hughes’ count of active oil and gas rigs returned above 500, according to the April 12 report, after three weeks below 500. Three rigs were added in Texas in the past week for a new total of 502. Permian Basin also added 2 rigs to reach 464, but New Mexico declined 2 to 105, […]
Permian oil production forecast: 4.136 million barrels per day in May
The latest Drilling Productivity Report from the U.S. Energy Information Administration forecasts crude oil production in Permian Basin to remain above 4 million barrels per day in May. The April 15 report says Permian production is expected to grow to 4.136 million b/d in May from 4.094 million b/d in April – 53 percent of […]
Chevron acquires Anadarko to create Permian’s biggest producer
Chevron’s pending acquisition of The Woodlands-based Anadarko for total transaction value of $50 billion increases Chevron’s Permian Basin output by about 50 percent, according to drillinginfo, and makes it the largest producer in the basin. Anadarko’s Delaware Basin acreage is in the heart of Chevron’s holdings in the basin, creating a 75-mile-wide corridor that allows […]
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