Permian Basin has broken its streak of 15 straight weeks without adding oil and gas drilling rigs.  Baker Hughes said as of Aug. 9 there were 304 rigs in Permian Basin (303 previous week, 327 year ago), 276 in Texas (274 previous week, 312 year ago), 107 in New Mexico (108 previous week, 113 year […]

Midland-based Diamondback Energy last week increased fullyear guidance for 2024 production and decreased its forecast for capital expenditures.  Diamondback reported production of 276,100 barrels of oil per day (474,700 boed) during second quarter with 80 gross operated wells drilled (71 in Midland, 9 in Delaware) and 86 wells completed (79 in Midland, 7 in Delaware).  […]

Calgary-based Enverus Intelligence Research said recently that upstream M&A activity (mergers and acquisitions) marked its third straight quarter of heightened value with more than $30 billion transacted.  That brings year-to-date activity as of July 30 to nearly $90 billion and nearly $250 billion transacted in the last 12 months. Andrew Dittmar, principal analyst, said, “M&A […]

Employment numbers in the Texas industry declined in five of the first six months of 2024 even though U.S. oil production is breaking records.  According to Texas Workforce Commission and Texas Oil & Gas Association, upstream oil and gas employment fell again in June by 2,000 jobs compared to May.  Todd Staples, president of TXOGA, […]

Dallas-based Energy Transfer said recently it completed the previously announced acquisition of WTG Midstream Holdings for total consideration of $2.275 billion in cash and about 50.8 million newly issued Energy Transfer common units.  The acquired assets add about 6,000 miles of complementary gas gathering pipelines to extend Energy Transfer’s network in Midland Basin. Energy Transfer […]

Calgary-based Enbridge said last week it will expand its Gray Oak long-haul Texas pipeline that transports light crude from Crane in Permian Basin to Corpus Christi.  Capacity of the 850-mile pipeline will be expanded by 120,000 barrels per day to export volumes to global markets from marine docks on the U.S. Gulf Coast.  “There is […]

U.S. Energy Information Administration said last week the nation’s refining capacity increased in 2023 on expansions at existing facilities.  In its annual Refinery Capacity Report, EIA said July 30 U.S. operable atmospheric crude oil distillation capacity totaled 18.4 million barrels per calendar day at the start of 2024 – a 2 percent increase compared to […]

Post Oak Minerals V, affiliate of Houston-based Post Oak Energy Capital, said last week it has completed 10 acquisitions this year primarily in Permian Basin totaling more than $475 million.  The assets include more than 27,400 net royalty acres of mineral and royalty interests in Permian Basin and 24,000 net royalty acres in Midland Basin […]

Baker Hughes continues to report declining counts of active oil and gas drilling rigs in U.S., Texas and Permian Basin.  In its weekly report of Aug. 2, the Houston-based services firm said there were 586 rigs in U.S. (down 3 from previous week, down 73 from year ago), 274 in Texas (down 2 from previous […]

WhiteWater Midstream, MPLX and Enbridge said last week they have partnered with an affiliate of Targa Resources to reach final investment decision on Blackcomb natural gas pipeline.  The 2.5-billion-cfd pipeline will run 365 miles from Permian Basin to Agua Dulce hub in south Texas.  The joint venture secured sufficient firm transportation agreements, and shippers include […]