Houston-based Kinetik Holdings said this week it will acquire Permian Resources’ natural gas and crude oil gathering systems in Reeves County for $180 million.  Kinetik said Tuesday, “This transaction provides a multi-stream opportunity for natural gas gathering, compression and processing as well as crude gathering services for Kinetik.” The assets include about 60,000 gross operated […]

Clay Gaspar will succeed Rick Muncrief as president and CEO of Devon Energy in 2025.  Devon said Monday that Muncrief, 66, will retire as of March 1, 2025, to be replaced by Gaspar, who currently serves as COO of the Oklahoma City-based company.

Baker Hughes reported additional rigs in Permian Basin and U.S. for the first time in several weeks.  In its weekly report of Dec. 6, the Houston-based services firm said there were 304 rigs in Permian Basin (first gain since Sept. 20) after 10 weeks of flat or reduced counts and 589 rigs in U.S. (first […]

San Ramon-based oil and gas major Chevron said last week it will reduce spending for Permian Basin in 2025.  The company’s announcement said, “The Permian Basin spend ($4.5 to $5 billion for 2025) is lower than the 2024 budget … as production growth is reduced in favor of free cash flow.”  Mike Wirth, chairman and […]

Dallas-based Matador Resources said last week it agreed to sell its wholly owned subsidiary Pronto Midstream to San Mateo Midstream, a joint venture of Matador with private equity firm Five Point Energy.  The deal values Pronto at $600 million; Matador will receive an upfront cash payment of about $220 million.  Joseph Wm. Foran, chairman and […]

The recent deposit of $2.74 billion from oil and gas production tax revenue into the state’s Economic Stabilization Fund was the third largest deposit ever made into the fund.  The deposits comprise the major portion of funds into the state’s “rainy day” fund each fiscal year.  The only larger deposits were $3.64 billion in FY2023 […]

Texas’ energy exports and production of crude oil, natural gas and NGLs again achieved record levels in October, according to Texas Oil & Gas Association.  Marketed natural gas production achieved record high of 33.8 billion cubic feet per day in October, according to TXOGA estimates, along with 5.7 million barrels per day of oil.  For […]

Houston-based EON Resources said this week it reached agreement with Enstream Capital Management for $22.5 million in well completion funding.  EON anticipates using the funds to develop 45 wells using low-cost workovers on the company’s 13,700 leasehold acres in Eddy County in southeast New Mexico in Permian Basin.  And the company also plans to use […]

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 […]