Austin-based Greenlake Energy announced last week the formation of Greenlake Energy II, its newest exploration and production platform, backed by more than $200 million in equity commitments from NGP Energy Capital Management and Greenlake’s management.  Greenlake II is led by president and CEO Matt Gallagher, who previously served as CEO of Parsley Energy until its […]

Houston-based Coterra Energy said last week it is reducing plans for oil-directed rigs in Permian Basin in second half of 2025 while boosting spending for gas assets in Marcellus.  After exiting first quarter with 13 rigs in Permian Basin, Coterra will trim that count to 7 rather than 10 as originally planned and decrease spending […]

Oklahoma City-based Riley Exploration Permian said last week it acquired Silverback Exploration, a largely undeveloped asset in New Mexico, for $142 million (cash) to add 5,000 boed of production and more than 300 gross undeveloped locations.  Bobby D. Riley, chairman and CEO, also said the company is reducing 2025 investing midpoint guidance by 50 percent […]

New Mexico Water Quality Control Commission voted Tuesday to prohibit the discharge of produced water from oil and gas operations into the state’s waterways and groundwater, according to a report in the Santa Fe New Mexican.  The provision was included among regulations the commission approved for projects that reuse wastewater from hydraulic fracturing to extract […]

Oklahoma City-based Devon Energy last week raised its forecast for 2025 oil production while reducing capital spending by $100 million “because of efficiency gains that are part of a broader cost-cutting program.”  Oil production forecast was increased by 1 percent after a better-than-expected first quarter.  In the first three months, Devon produced 388,000 barrels per […]

Baker Hughes’ weekly report of May 9 included an increase in the count of active drilling rigs in Texas for the first time since February.  There were 273 rigs in Texas compared to 271 the previous week and 289 a year ago.  Also as of May 9, there were 285 rigs in Permian Basin (down […]

Midland-based Permian Resources last week revised 2025 guidance after making a bolt-on acquisition in northern Delaware Basin.  Permian Resources acquired 13,320 net acres and 8,700 net royalty acres from APA Corp. for $608 million.  The deal adds about 100 new gross operated, two-mile locations that immediately compete for capital.  Most of the inventory (65 percent […]

Oklahoma City-based Devon Energy and Ridgemont Equity Partners last week divested their 12.5 percent interest in Matterhorn Express, 510-mile natural gas pipeline that ships Permian Basin gas from Waha hub to Wharton and Katy.  The acquisition, expected to close in second quarter, was made by a consortium of I Squared, MPLX and Enbridge for about […]

ExxonMobil and Occidental Petroleum remain the top two rig operators in U.S. and Permian Basin in the latest rig count from Enverus.  And the May 6 report says the count of frac crews has grown slightly.  As of May 2, the latest U.S. average rig counts were 36.0 for ExxonMobil and 29.6 for Oxy followed […]

Houston-based EOG Resources said last week it is reducing its forecast for 2025 capital spending by $200 million and its production growth guidance.  Ezra Yacob, chairman and CEO, said May 1 total capital expenditures for 2025 are now expected to range from $5.8 million to $6.2 million – down $200 million from its previous plan.  […]