Phillips 66, Kinder Morgan and HF Sinclair said last week they executed a joint venture agreement and made final investment decision to advance the Western Gateway pipeline system.  It will create a new refined products transportation system of 1,300 miles linking St. Louis and expanded Gulf Coast supply points with markets in Arizona and California […]

Baker Hughes’ counts of active drilling rigs continue to increase in U.S., Texas and Permian Basin.  The weekly report of Aug. 14 shows 593 wells in U.S. (up 5 in the past week, up 54 or 10.02 percent in past year), 277 in Texas (up 2 in past week, up 35 or 14.46 percent in […]

Hosuton-based EagleRock Land last week said it acquired Intrepid Ranch from Hydrosource Logistics for $78.2 million.  Intrepid Ranch is comprised of about 50,000 surface acres adjacent to EagleRock’s existing position in Lea County, N.M.  The acquisition includes about 22,000 fee acres, representing an increase of about 60 percent to EagleRock’s existing fee acreage in New […]

U.S. Energy Information Administration last week forecast record production of marketed natural gas this year.  Most of the expansion is concentrated in Permian Basin of Texas and New Mexico and Haynesville in Texas and Louisiana.  EIA said Aug. 12 it expects marketed natural gas production to average 122.5 billion cubic feet per day in 2026 […]

Devon Energy said in its second quarter filing last week it expects to average from 1,660,000 and 1,690,000 boed in third quarter this year.  Oil production is forecast at 550,000 to 560,000 barrels per day.  And capital spending in Q3 is forecast from $1.4 billion to $1.5 billion.  Clay Gaspar, president and CEO, said Aug. […]

Dallas-based Peregrine Energy Partners said last week it recently completed three acquisitions, including a producing mineral position in northwest shelf of Permian Basin in Eddy County.  The deals added 3,680 net mineral and royalty acres in New Mexico, Colorado, Pennsylvania and West Virginia.  Financial terms were not announced. Peregrine said Aug. 4 the acquired assets […]

The Woodlands-based Ring Energy said last week in second quarter it produced 12,683 barrels of oil per day and 19,990 boed, both within guidance.  Ring reported lease operating expenses of $10.12 per barrel of oil equivalent – near the low end of guidance and below the average for Q1.  Operations included three 2-mile horizontal wells, […]

Houston-based Devon Energy said last week better-than-expected well performance, primarily in Delaware Basin, led to production in the second quarter at the top end of guidance.  Devon said Q2 output averaged 1,359,000 boed, including 503,000 b/d of oil.  Clay Gaspar, president and CEO, said capital expenditures in Q2 were about 2 percent below forecast.  He […]

Midland’s Permian Resources last week increased its 2026 oil production target to 199,000 b/d based on mid-point of guidance (10 percent more than 2025) and adjusted its cash capital expenditures to a range of $1.9 billion to $2.0 billion.  Co-CEO James Walter said increased production will come from “less capital than we spent in 2025.” […]

Houston-based Phillips 66 said last week in its second quarter filing that it achieved record NGL fractionation volumes and LPG export volumes.  The report Aug. 5 said the company achieved full production at Dos Picos II, a gas plant (220 million cfd) in Permian Basin, during the quarter.  And in Q2 Phillips 66 announced construction […]