A report this week from Enverus Intelligence Research says the decline in oil prices could encourage companies to reconsider spending plans for 2025 and reduce the number of drilling rigs.  The report said, “Holding the Permian Basin’s crude oil production at the current level of 6.4 million barrels per day requires companies to pare the […]

Baker Hughes’ rig counts in Permian Basin, Texas and New Mexico remained unchanged in the report of Nov. 27 for a week abbreviated by Thanksgiving holiday.  There were 303 rigs in Permian Basin (314 year ago), 281 in Texas (306 year ago), 102 in New Mexico (106 year ago) and 582 in U.S. (down 1 […]

Tulsa-based ONEOK said last week it will acquire the remainder of EnLink Midstream for $4.3 billion in common stock.  EnLink previously announced Oct. 15 the successful completion of its acquisition of Global Infrastructure Partners’ interest (43 percent) in EnLink for a total cash consideration of about $3.3 billion.  The purchases expand ONEOK’s presence in Permian […]

U.S. Federal Energy Regulatory Commission granted permission for Natural Gas Pipeline Co. of America, subsidiary of Houston-based Kinder Morgan, to build its Texas-Louisiana project in Texas.  NGPL said after the FERC meeting Nov. 21 that the project will allow it to receive additional gas from existing system receipt points in the Permian, Eagle Ford and […]

Permian Basin reported 303 drilling rigs for the fourth straight week, and Texas defied the national trend by adding 2 rigs in the past week.  Baker Hughes said in its weekly report of Nov. 22 that there were 281 rigs in Texas (279 last week, 303 year ago), 102 in New Mexico (unchanged in past […]

Houston-based LandBridge announced last week the closing of its previously announced acquisition of about 5,800 largely contiguous surface acres in Lea County, N.M.  It expands LandBridge’s holdings into a new area of the Delaware Basin that supports existing water infrastructure.  LandBridge said, “The acreage is well-positioned to drive further revenue growth through additional water infrastructure, […]

Carbon capture and removal project developers Return Carbon and Austin-based Verified Carbon last week announced plans for Project Concho, direct air capture hub to be built in Tom Green County. Project Concho will be the first DAC hub to run entirely on wind power; it will leverage advanced DAC technology and onsite geological carbon storage […]

Dallas-based private equity firm Tailwater Capital said recently it acquired off-market, non-operated, working interest assets in Permian Basin from Accelerate Resources Operating.  The acquisition includes more than 5,000 net leasehold acres in the core of Delaware and Midland basins.  Current production is more than 5,000 boed.  Tailwater said assets also include “meaningful future inventory under […]

Oil industry major ExxonMobil continues to lead in rig counts in U.S. and Permian Basin, according to a report this week by Enverus.  Exxon Mobil had 39 working rigs in U.S. as of Nov. 15 followed by Occidental and ConocoPhillips each with 29, Mewbourne Oil with 26, EOG Resources and Continental Resources each with 23, […]

Dallas-based LandBridge said this week it acquired about 46,000 contiguous surface acres in southern Delaware Basin for $245 million in cash from a subsidiary of VTX Energy Partners.  Wolf Bone Ranch, located adjacent to LandBridge’s existing acreage in Reeves County, is “well positioned at a strategic intersection of oil and natural gas exploration and transportation” […]