Calgary-based Enverus Intelligence Research said last week recent wells targeting Barnett interval in Midland Basin show higher oil recoveries and lower breakeven prices than other secondary zones.  Emily Head, senior associate at Enverus Intelligence Research, said, “Sometimes the best place to find new oil is in already producing areas, which neatly describes what’s happening in […]

Oklahoma City-based Devon Energy said last week it will increase spending in Delaware Basin in 2024.  Rick Muncrief, president and CEO, said capital spending for Devon in 2024 will be $3.3 billion to $3.6 billion – a 10 percent decline from estimated $3.8 billion in 2023.  But 70 percent will be dedicated to Delaware Basin […]

Houston-based Kinder Morgan said Monday it agreed to acquire pipeline system STX Midstream, south Texas asset of NextEra Energy Partners, for $1.815 billion.  STX is comprised of seven pipelines (70 percent transmission, 30 percent midstream) totaling 462 miles that connect Eagle Ford to markets along the Gulf Coast and in Mexico (4.9 Bcfd of transport […]

Denver-based SM Energy said last week it plans to increase capital spending by about 30 percent in 2023Q4 and drill about 30 net wells, including 17 in Midland Basin.  SM Energy spent $228 million in Q3 (including 11 net wells drilled in Midland Basin) and expects to spend $290 million to $305 million in Q4.  […]

Houston-based Occidental Petroleum said this week increased productivity in Delaware Basin in the first half of 2023 continued in the third quarter.  Production in Permian Basin for Q3 was 588,000 boed (high end of guidance).  Oxy’s production in Delaware Basin was up 11 percent in first six months of this year over 2022.  Enverus said […]

Midland-based Diamondback Energy this week raised 2023 production guidance after outperformance in the third quarter.  Production in 3Q was 452,800 boed (up about 3,000 boed from 2Q) and 266,100 b/d of oil – both above high end of guidance.  Travis D. Stice, chairman and CEO, said Monday, “We are increasing our full year oil and […]

Milestone Environmental Services’ carbon sequestration hubs in Delaware and Midland basins will support reduction in emissions associated with natural gas processing, electricity generation and other industries.  Milestone’s announcement Oct. 19 of leasing an additional 22,000 acres in Loving and Midland counties from Texas Pacific Land Corp. added, “It also will contribute to attracting new industries […]

Permian Basin, Texas and U.S. each reported a decline in count of active oil and gas drilling rigs to reverse three weeks of gains.  Baker Hughes said as of Nov. 3 there were 310 rigs in Permian Basin (down 3 in past week, down 36 in past year), 304 in Texas (down 7 in past […]

Dallas-based Matador Resources said recently it turned to sales its first two “horseshoe” wells in its Wolf asset area in Loving County in Delaware Basin.  Matador said these two wells had 24-hour initial production test results of 2,477 boed (51 percent oil) and 2,166 boed (53 percent oil) in October.  Joseph Wm. Forsan, chairman and […]

Houston-based Milestone Carbon, subsidiary of Milestone Environmental Services, said recently it will lease more than 22,000 acres of land and pore space from Texas Pacific Land Corp. in Loving and Midland counties for permanent geologic sequestration of CO2.  The acreage will support carbon capture and storage at industrial facilities in west Texas, including natural gas […]