The Woodlands-based Earthstone Energy said recently that 14 of 19 wells brought online in 2022Q3 exceeded 1,000 barrels of oil per day, including the five-well Barnhart pad in Irion County, and Enverus said the company plans to allocate part of its 2023 capital budget to the area after it identified 40 additional locations.  Earthstone reached […]

Increased equity commitments will enable Fort Worth-based Double Eagle Energy Holdings to accelerate its acquisition and development strategy in Permian Basin.  Enverus reported recently that EnCap Investments, portfolio company Double Eagle and affiliated mineral company Tumbleweed Royalty IV increased equity funding to $2.3 billion. “We are ramping up our development pace,” co-CEOs Cody Campbell and […]

David Lawler, CEO of BPX Energy, BP’s onshore oil and gas business, told Houston Chronicle his company will spend $1.3 billion to build three additional facilities in Permian Basin similar to Grand Slam.  Located near Orla in Reeves County, Grand Slam is a network of tanks, pipelines and other equipment for gathering, processing and transporting […]

U.S. count of active drilling rigs continues down for the year while counts in Permian Basin, Texas and New Mexico increased in the weekly report of Jan. 27 from Baker Hughes. There were 357 rigs in Permian Basin (up 3 in past week), 380 in Texas (unchanged), 105 in New Mexico (up 3) and 771 […]

Initial roster of the Texas House Water Caucus includes nine members of the House of Representatives from west Texas. Sarah Schlessinger, CEO of Texas Water Foundation, said Jan. 13 the group will focus on creating a sustainable water system in Texas. She said aging infrastructure and limited investments have left Texas’ water infrastructure fragile. Last […]

Houston-based Kinder Morgan said Jan. 18 that land acquisition and procurement of materials and construction contractors continue as planned for expansion of Permian Highway natural gas pipeline. Target in-service date is Nov. 1 for the pipeline that will increase natural gas delivery from Permian Basin to Gulf Coast. The project will expand Permian Highway’s capacity […]

Midland-based Permian Resources Corp. said Jan. 17 it recently made several portfolio management transactions, including acquisition of 4,000 net leasehold acres, 3,300 net royalty acres and 1,100 boed (73 percent oil) of net production primarily in Lea County, N.M., from an undisclosed seller for $98 million. James Walter, co-CEO, said, “The combined transactions high-grade our […]

Irving-based ExxonMobil said this week its operated assets achieved zero routine flaring in Permian Basin in 2022Q4. Exxon also said it remains on track to meet its goal of zero routine flaring across all its global upstream operated assets by 2030 to support the World Bank’s zero routine flaring initiative. Exxon reduced methane emissions intensity […]

VTX Energy Partners, U.S. upstream unit of global energy company Vitol, Inc., said Jan. 19 it will acquire Midland’s Delaware Basin Resources and its associated surface and water businesses. The deal is VTX’s first acquisition since the partnership was established by Vitol and VTX last year. Assets to be acquired include 35,000 net leasehold acres […]