U.S. Energy Information Administration forecast more than 5 million barrels per day in crude oil production in Permian Basin for the second straight month.  EIA expects production of 5.076 million b/d for February – up 80,000 b/d from 4.996 million b/d in January.  EIA had forecast 5.031 million b/d for January – its first monthly […]

Denver-based Desert Peak Minerals and Houston-based Falcon Minerals said last week they agreed to combine in an all-stock transaction that values the combined enterprise at $1.92 billion with significant footprint in Permian Basin and Eagle Ford.  Their announcement Jan. 12 said Desert Peak equity holders will own 73 percent of the combined company, which will […]

Texas Oil & Gas Association said this week the state’s oil and gas industry paid $15.8 billion in state and local taxes and state royalties in fiscal year 2021 – funds that directly support Texas schools, universities, roads, infrastructure and other essential services.  TXOGA released the data Tuesday in Austin.  Payments last year increased 14 […]

Permian Basin and Texas each declined in rig count for the second straight week, according to the year’s first report of active drilling rigs by Baker Hughes.  As of Jan. 7 there were 292 rigs in Permian (293 week ago, 179 year ago), 274 in Texas (277 week ago, 161 year ago), 95 in New […]

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, […]