Midland-based Permian Resources last week revised 2025 guidance after making a bolt-on acquisition in northern Delaware Basin.  Permian Resources acquired 13,320 net acres and 8,700 net royalty acres from APA Corp. for $608 million.  The deal adds about 100 new gross operated, two-mile locations that immediately compete for capital.  Most of the inventory (65 percent […]

Oklahoma City-based Devon Energy and Ridgemont Equity Partners last week divested their 12.5 percent interest in Matterhorn Express, 510-mile natural gas pipeline that ships Permian Basin gas from Waha hub to Wharton and Katy.  The acquisition, expected to close in second quarter, was made by a consortium of I Squared, MPLX and Enbridge for about […]

ExxonMobil and Occidental Petroleum remain the top two rig operators in U.S. and Permian Basin in the latest rig count from Enverus.  And the May 6 report says the count of frac crews has grown slightly.  As of May 2, the latest U.S. average rig counts were 36.0 for ExxonMobil and 29.6 for Oxy followed […]

Houston-based EOG Resources said last week it is reducing its forecast for 2025 capital spending by $200 million and its production growth guidance.  Ezra Yacob, chairman and CEO, said May 1 total capital expenditures for 2025 are now expected to range from $5.8 million to $6.2 million – down $200 million from its previous plan.  […]

Dallas-based Rising Phoenix Capital, privately held investment firm, said Monday it purchased mineral interests in Ector and Midland counties operated by ConocoPhillips.  The asset includes both producing wells and near-term permitted drilling locations.  Jace Graham, CEO, said, “We target high-quality operators, proven geology, and mineral interests that deliver dependable monthly income.  This acquisition furthers our […]

Houston-based Enterprise Products Partners said last week its throughput volumes in first quarter were up compared to last year for each category except marine terminals.  Total fee-based natural gas processing volumes increased 12 percent or 760 million cfd to a record 7.2 billion cfd in the first quarter compared to 2024Q1.  Pipeline transportation volumes rose […]

U.S. energy secretary Chris Wright, speaking to a House energy subcommittee this week, vowed to fill the nation’s strategic petroleum reserve.  Wright testified Wednesday before the subcommittee on energy and water development of the Committee on Appropriations in the U.S. House of Representatives.  Wright said he issued a secretarial order “to refill the SPR, review […]

Counts of active drilling rigs in Texas and Permian Basin from Baker Hughes continue to fall.  Both are now at their lowest count in 41 months since December 2021.  As of May 2, there were 287 rigs in Permian Basin (down 2 from 289 last week, down 29 from 316 year ago) and 271 in […]

The Woodlands-based Ring Energy said recently it is reducing spending in 2025 second quarter by more than 50 percent to a midpoint of $18 million from a midpoint of $38 million in its original guidance for 2Q capital spending.  Ring said spending “was lowered in response to the recent decline in oil prices.” Despite the […]

Dallas-based Vaquero Midstream, natural gas gathering and processing midstream company operating in the Delaware Basin, said last week it will expand its existing gathering system in west Texas.  Vaquero will build a new 70-mile (24 inches) high-pressure pipeline loop and a 200 million cubic feet per day cryogenic processing plant.  It will increase Vaquero’s gathering […]