Houston-based Enterprise Products Partners said this week an affiliate agreed to acquire Navitas Midstream Partners for $3.25 billion cash.  The Woodlands-based Navitas, portfolio company of funds managed by Warburg Pincus, provides natural gas gathering, treating and processing in the core of Midland Basin.  Navitas assets include about 1,750 miles of pipelines and more than 1 […]

S&P Global Platts Analytics said last week production of natural gas in Permian Basin likely will reach sustained levels of more than 14 Bcfd in 2022Q1.  Platts said Jan. 4 that twice in December Permian gas production was estimated at more than 14 Bcfd – just short of its record of 14.1 Bcfd in June […]

Autry C. Stephens, founder and general partner of Endeavor Energy Resources, will receive the 2021 Top Hand Award from Permian Basin Petroleum Association Thursday, Jan. 20.  The annual awards dinner will begin at 7 p.m. at Petroleum Club of Midland.  The Top Hand award is the highest honor distributed by the PBPA each year. It […]

There were few changes in Baker Hughes’ count of active oil and gas drilling rigs in the final week of 2021.  As of Dec. 31, there were 293 rigs in Permian Basin (294 week ago, 175 year ago), 277 in Texas (279 week ago, 161 year ago), 94 in New Mexico (93 week ago, 65 […]

San Antonio-based Abraxas Petroleum said Monday it is transforming into a pure-play Delaware Basin company by paying off all revolving credit with proceeds from the $87.2 million sale of Williston Basin assets of 3,500 acres and converting a term loan held by Angelo Gordon Energy Funding into preferred stock.  The Williston assets were sold to […]

Fort Worth-based FireBird Energy said last week it acquired operated assets in Midland Basin from Chevron USA and Chevron Midcontinent.  The transaction for about 21,000 net acres (99 percent operated) in Crane, Ector, Midland and Upton counties closed Dec. 30.  FireBird now will have about 72,000 gross acres with about 11,500 boed. Travis F. Thompson, […]

Texas Petro Index grew in October for the seventh consecutive month with the largest increase of the current expansion cycle.  TPI was 158.9 in September and 164.3 in October (base 100 January 1995).  That’s an increase of 25.2 percent since pandemic low of 131.2 in January 2021.  Petroleum economist Karr Ingham of Texas Alliance of […]

New Mexico counties Lea (58 rigs) and Eddy (31) lead Permian Basin in rig count as of Dec. 23, according to Baker Hughes.  They are followed by Midland with 29 rigs, Martin and Reeves with 22 each, and Howard with 21.  Permian Basin added 6 rigs in the past week to reach 294 (173 year […]

San Antonio-based Elysian Carbon Management said Dec. 6 it secured an initial capital investment of $350 million from EnCap Flatrock Midstream, whose managing partner David J. Kurtz said Elysian is “at the forefront of developing projects necessary to support carbon reduction goals across America.”  Projects currently are being considered in Texas, Louisiana, Colorado and Wyoming.  […]

Exploration and production companies in Texas added about 2,400 jobs last month as the industry continues its recovery from the pandemic.  Texas Workforce Commission said the state has 185,300 drilling and extraction workers – about 16 percent fewer than the 220,300 before the pandemic began in January 2020.  Texas has recovered about 35,000 (58 percent) […]