Baker Hughes’ count of active oil and gas drilling rigs declined (by 12) for sixth straight week in U.S. to 642 – lowest count in 18 months since February 2022.  And the number of oil-directed rigs declined by 5 in the past week to 520 – lowest in 17 months since March 2022.  Also, as […]

Dallas-based Energy Transfer said last week it reached agreement to acquire Houston-based Crestwood Equity Partners in an all-equity transaction valued at about $7.1 billion, including assumption of $3.3 billion of debt.  Crestwood’s system includes gathering and processing assets in Delaware, Williston and Powder River basins, including 1,270,000 dedicated acres across all basins, about 2.0 billion […]

Midland-based Permian Resources said Monday it will acquire The Woodlands-based Earthstone Energy in all-stock transaction valued at $4.5 billion, including Earthstone’s debt.  The transaction strengthens Permian Resources’ position as a leading independent exploration and production company in Delaware Basin now with 403,000 net acres.  Will Hickey, co-CEO of Permian Resources, said, “Earthstone’s northern Delaware position […]

Kimberly A. Dang, Texas A&M graduate who is the first woman to lead Houston pipeline giant Kinder Morgan, says she doesn’t think about that achievement.  “I don’t think about that,” she told Houston Chronicle.  “I grew up with brothers, playing football in the front yard.  It’s more about how do you – the person that […]

Houston-based Crestwood Equity Partners recently said its natural gas processing volumes in Delaware Basin increased 10 percent in 2Q over the previous quarter and reached a quarterly record of 444 million cfd (81 percent of capacity).  The number of new well connects to Crestwood’s gathering systems exceeded expectations in first half 2023 at 143 (73 […]

Denver-based SM Energy said recently it plans to boost drilling and completion activity in 3Q and 4Q as it develops recently acquired acreage in Midland Basin.  SM Energy raised total oil and gas production in 2Q to 14.1 million boe (42 percent oil) to top its target of 13.9 million boe.  The company drilled 17 […]

Tulsa-based ONEOK said last week it is increasing total capital expenditures for 2023 based on the impact of strong producer activity and in part on activities to fully loop the 2,600-mile West Texas NGL pipeline.  That project will more than double ONEOK’s NGL capacity from southeast New Mexico to Mont Belvieu to 700,000 b/d (completion […]

After record production in July, U.S. Energy Information Administration forecasts a decline in crude oil production in 7 major regions in September for the second straight month.  EIA said Monday in its latest drilling productivity report that production in September is expected to be 9.415 million b/d – a decline of 20,000 b/d from 9.435 […]

Oklahoma City-based natural gas producer Chesapeake said Monday it is selling its remaining assets in Eagle Ford to Houston-based SilverBow Resources for $700 million to complete its exit from the south Texas basin.  Chesapeake’s asset sales in the basin generated total proceeds of more than $3.5 billion. Chesapeake said last year the Eagle Ford acreage […]

U.S. Energy Information Administration reported last week that financial results for 40 publicly traded U.S. oil exploration and production companies show capital expenditures in 2023Q1 increased from 2022Q4 even though cash from operations declined. In 1Q lower crude oil prices reduced cash from operations for these companies; it declined 18 percent ($5.8 billion) compared with […]