Dallas-based Grey Rock Investment Partners – with interests in more than 2,500 wells in core areas of Delaware and Midland basins and four other plays – and Executive Network Partnering Corp. said recently they agreed to a $1.3 billion business combination that will result in the formation of publicly traded Granite Ridge Resources.  Grey Rock […]

Already Barnett Shale’s largest natural gas producer, Denver-based BKV Corp., subsidiary of Thai mining and power company Banpu, agreed to acquire remaining upstream and midstream assets in Barnett of ExxonMobil for $750 million plus contingent payments.  ExxonMobil said May 19 the deal is expected to close in 2022Q2 and provide BKV about 160,000 net acres […]

Minimal new drilling activity was reported by Baker Hughes for the week that ended May 27.  There were 342 active rigs in Permian Basin (down 1 in past week, up 109 in past year), 358 in Texas (up 1 in past week, up 140 in past year), 98 in New Mexico (unchanged in past week, […]

Oslo-based research firm Rystad Energy said May 19 total production in Delaware Basin is expected to reach a record 5.7 million boed in 2022.  “Spurred on by high oil prices and appealing well economies,” Rystad said, “total production is set to grow by around 990,000 boed – almost half of which (433,000 boed) is new […]

Houston-based Crestwood Equity Partners said last week it is acquiring assets in Delaware Basin and divesting assets to exit Barnett Shale.  Crestwood agreed to acquire from Sendero Midstream Partners for $600 million cash assets in Eddy County, including 350 million cfd of processing capacity, 140 miles of natural gas gathering lines, and more than 53,000 […]

Apache recently added a third drilling rig in Delaware Basin, and the Houston-based company said after that rig completes six wells it will move to Alpine High in Reeves County to drill two 3-well pads. Apache officials told Midland Reporter Telegram they “did not need natural gas at $9 per Mcf to make Alpine High […]

Dallas-based Canes Midstream said Wednesday it closed a transaction to acquire Cogent Midstream, also based in Dallas.  Cogent assets in a 10-county area of Midland Basin include 520 million cfd of processing capacity, about 800 miles of pipelines, 42 compressor stations, crude oil gathering system, and acreage dedications from Midland Basin producers.  Infrastructure is primarily […]

After a pause in activity that added only 1 rig in the last 4 weeks, Permian Basin added 8 rigs last week for a new total of 343 active oil and gas drilling rigs as of May 20, according to Baker Hughes.  Also there were 357 rigs in Texas (up 12 in past week, up […]

U.S. Energy Information Administration expects continued growth in crude oil production in Permian Basin and seven major producing regions.  In the latest drilling productivity report May 16, EIA said oil production in Permian is expected to grow by 88,000 b/d since last month to 5.219 million b/d in June.  Production in the seven U.S. regions […]