Permian Basin, Texas and U.S. each added drilling rigs again last week, according to the weekly report of Feb. 14 by Baker Hughes.  Permian Basin was up 1 rig to 304 (312 year ago), Texas was up 2 to 280 (299 year ago), and U.S. was up 2 to 588 (621 year ago).  New Mexico […]

Calgary-based Enverus Intelligence Research said last week operators entered 2025 with fewer DUC (drilled but uncompleted) wells than a year earlier to create “potential for impacts to capital efficiency throughout the year.”  Mark Chapman, principal analyst, said, “DUCs act as a form of inventory, and when market conditions are favorable – such as higher winter […]

Minneapolis-based Northern Oil and Gas said last week it agreed to acquire assets in Upton County in Permian Basin from one of its private operating partners for $40 million.  The assets include about 2,275 net acres in Midland Basin.  NOG said it has a multi-year joint development agreement for the property.  Closing is expected in […]

Midland-based Diamondback Energy said Friday it agreed to acquire Double Eagle IV in a cash-and-stock deal of about $4.08 billion.  Diamondback continues to strengthen its position in Permian Basin after last year’s $26 billion deal to buy privately held Endeavor Energy Partners to make it the third largest oil and gas producer in Permian. The […]

Houston-based EON Resources said this week it reached agreement with Pogo Royalty to eliminate $40 million in EON debt and add to the company’s interests in Grayburg-Jackson oilfield in Permian Basin.  EON called the deal “a balance sheet restructuring.” EON will pay a combination of cash and equity to Pogo which will reduce certain liabilities […]

U.S. Energy Information Administration this week raised its forecast for U.S. oil production this year.  The EIA said Tuesday in its short-term energy outlook that it expects production to average 13.59 million barrels per day in 2025 – up from its prior estimate of 13.55 million barrels per day.  Brent crude prices are expected to […]

Houston-based Chevron said last week its production in Permian Basin is expected to grow up to 10 percent this year despite less investment.  Chevron’s capital spending was $15.8 billion in 2023 and $16.4 billion in 2024, but it is forecast at $14 billion to $16 billion in 2025.  The company set oil and gas production […]

Boston-based ArcLight Capital Partners said last week it acquired a 25 percent equity interest in Gulf Coast Express pipeline from an affiliate of Phillips 66 for $865 million.  The pipeline now is owned by subsidiaries of Kinder Morgan and ArcLight, and Kinder Morgan will continue to operate the pipeline.  The 500-mile natural gas pipeline has […]

Baker Hughes reported few changes in drilling activity in Permian Basin, Texas and New Mexico last week.  As of Feb. 7, there were 303 rigs in Permian Basin (unchanged from previous week, down 10 in past year), 278 in Texas (up 1 in past week, down 23 in past year) and 106 in New Mexico […]

Houston-based ConocoPhillips last week reported increased production for 2024 with additional output forecast for 2025.  The operator expects production of 2.34 million to 2.38 million boed in full year 2025 on capital expenses of about $12.9 billion. Production for fourth quarter was 2.1 million boed – an increase of 281,000 boed from 2023Q4.  Lower 48 […]