Midland-based Permian Resources said recently it met or exceeded production targets in first quarter and remains on track to achieve full-year production and capital expenditure guidance.  Oil production in Q1 was 78,332 barrels per day (in line with guidance), and total production was 153,822 boed (ahead of guidance) for the independent oil and natural gas […]

San Ramon-based Chevron said Monday it is acquiring Denver-based PDC Energy in a stock-and-debt transaction valued at $7.6 billion.  Chevron said, “The acquisition of PDC provides Chevron with high-quality assets expected to deliver higher returns in lower carbon intensity basins in the U.S.  PDC brings strong free cash flow, low breakeven production and development opportunities […]

U.S. Department of Energy said Monday it will purchase up to three million barrels of sour crude oil for delivery in August to the Big Hill strategic petroleum reserve in southeast Texas.  The SPR management office in New Orleans said proposals will be accepted by email before May 31 at 10 a.m. CDT for “sour […]

Houston-based Crestwood Equity Partners said Tuesday its natural gas gathering and processing volumes increased significantly in Delaware Basin in first quarter because of the contribution of Sendero Midstream assets and volume growth on Willow Lake system in New Mexico.  During 2023Q1 natural gas gathering volumes averaged 495 million cfd (increase of 111 percent over 2022Q1), […]

Houston-based ConocoPhillips said recently it produced a company record 1,792,000 boed in first quarter and raised 2023 outlook by 10,000 boed to 1.78 million-to-1.80 million boed.  Prior guidance was 1.76 million-to-1.80 million boed.  First quarter production increased by four percent (45,000 boed) from 2022Q1.  Conoco’s announcement May 4 said, “This was primarily driven by new […]

Houston-based Occidental Petroleum said last week it increased its production forecast for 2023 after topping midpoint of guidance for first quarter by 40,000 boed with 1,220,000 boed.  Fullyear guidance was increased by about one percent to 1,195,000 boed.  Oxy raised its forecast because of greater efficiency in Permian Basin and Rocky Mountains as well as […]

Houston-based Enterprise Products Partners reported record pipeline transportation and fee-based natural gas processing volumes and near-record marine terminal volumes in Q1.  A.J. (Jim) Teague, co-CEO, said May 2, “Across our integrated system, we continue to see crude oil, natural gas and NGL production growth from the Permian Basin.  Lower natural gas prices, however, are beginning […]

Baker Hughes said Friday that the U.S. rig count declined by 17 in the previous week – its biggest decline since June 2020 – to 731.  That included a decline of 16 gas rigs.  Also as of May 12, there were 353 rigs in Permian (356 previous week, 335 year ago), 366 in Texas (368 […]

Oklahoma City-based Devon Energy reported record oil production in 2023Q1 of 320,000 barrels per day.  “This solid operational execution, combined with low reinvestment rates, has allowed Devon to generate free cash flow for 11 consecutive quarters across a variety of market conditions,” Rick Muncrief, president and CEO, said May 8.  Production exceeded midpoint of guidance […]

Tulsa-based Vital Energy said Friday it will acquire Permian Basin assets of Forge Energy II Delaware, portfolio company of EnCap, for $540 million cash to expand its Permian focus and establish a core operating position in Delaware Basin.  Vital will acquire 70 percent of the assets for $378 million, and an unidentified third party will […]