All seven regions in the latest Enverus day rate survey saw rates increase in January for the second time in three months “as confidence started to strengthen among U.S. land drilling contractors.”  The January gains were modest – ranging from 0.58 percent to 1.36 percent.  The U.S. composite rate increased in January by $218 to […]

Midland-based Midway Energy Partners announced recently closing of an equity commitment from investment funds managed by Houston-based private equity firm Post Oak Energy Capital.  Midway said it seeks to leverage its execution capabilities in an “acquire and exploit” strategy across the Permian Basin. Brady Adams, COO, said Feb. 7 “Our experienced team is well positioned […]

Houston-based Plains All American Pipeline said recently it expects to increase its Permian Basin gathering tariff volumes by about 275,000 barrels per day to 2.92 million b/d during 2024.  And Plains forecast total Permian crude production to increase by 200,000-to-300,000 b/d from yearend 2023 to yearend 2024. The pipeline and storage operator said Feb. 9 […]

U.S. Federal Energy Regulatory Commission Thursday approved two projects to enhance natural gas exports, including one in Texas.  FERC approved a permit for ONEOK to build and operate Saguaro connector natural gas pipeline border crossing from Hudspeth County into Mexico.  The proposed 2.8 Bcfd connector will use 155 miles of 48-inch pipe to transport Permian […]

Enverus said this week Permian Basin leads the U.S. with 96 frac crews – down from 109 the previous week and 134 a year ago.  As of Feb. 13, there were 40 crews in Gulf Coast and 22 in Rockies.  Permian also leads in DUC wells (drilled but uncompleted) with 2,066 followed by 905 in […]

U.S. Energy Information Administration said last week the nation’s crude oil production will expand this year by only 160,000 barrels per day after record output of 13.3 million b/d in December.  EIA said that level won’t be reached again until February 2025 after production fell to 12.6 million b/d in January as extreme weather affected […]

Findlay, Ohio-based MPLX said recently it advanced its Permian Basin growth strategy with the acquisition of the remaining 40 percent interest from a partner in a gathering and processing joint venture for about $270 million. In its logistics and storage segment, MPLX is expanding its natural gas and NGL long-haul and crude gathering pipelines supporting […]

Houston-based ConocoPhillips said last week production for 4Q in 2023 was 1.902 million boed.  That’s an increase of 144,000 boed from the same period in 2022 and up from 1.806 million boed in 3Q.  Lower 48 delivered 1.086 million boed, including 750,000 boed from Permian Basin and 211,000 boed from Eagle Ford. Production in 2024Q1 […]

Two Permian operators who announced a merger Monday also revealed fourth quarter and fullyear production for 2023.  Diamondback Energy said 4Q production was 273.1 million barrels of oil per day (462.6 million boed) with cash capital expenditures of $649 million.  In 2024 Diamondback – on a standalone basis – expects to generate oil production of […]

Irving-based Pioneer Natural Resources said last week it received shareholder approval for its pending merger with ExxonMobil.  Pioneer will file the results of the special shareholder meeting with the U.S. Securities and Exchange Commission. Pioneer and Exxon continue to work with the Federal Trade Commission in the FTC review of the merger.  Pioneer, largest independent […]