After recent acquisitions and efficiencies increased its production, Midland-based Permian Resources raised its fullyear oil production guidance by 6,500 barrels per day to 158,500 b/d and its total production by 16,000 boed to 341,000 boed.  Permian Resources said, “The majority of the increase in fullyear production guidance is driven by continued strong well performance and […]

U.S. production of associated natural gas increased 7.9 percent in 2023 compared with 2022 by averaging 17.1 billion cubic feet per day, according to data from Enverus as reported Wednesday by U.S. Energy Information Administration. Associated natural gas production – natural gas produced by wells that predominantly produce oil – comes mainly from five major […]

Reuters reported Tuesday that oil major ExxonMobil agreed to sell conventional assets in Permian Basin to privately-owned Hilcorp Energy for about $1 billion.  ExxonMobil confirmed the sale but declined to name the buyer or value of the assets reportedly comprised of conventional vertical wells not horizontal wells used to pump from shale.  Exxon’s spokesman said, […]

Houston-based Targa Resources will build two additional cryogenic natural gas processing plants in Delaware and Midland basins.  Each will have capacity of 275 million cubic feet per day.  Falcon II plant in Delaware Basin is expected to begin operations in 2026Q2, and East Drive plant in Midland Basin is scheduled to go online in 2026Q3.  […]

Houston-based Coterra Energy said this week it acquired assets in Permian Basin from Franklin Mountain Energy and Avant Natural Resources in two deals totaling $3.95 billion ($2.95 billion cash, $1 billion stock).  Tom Jordan, chairman, CEO and president, said Wednesday, “These highly accretive acquisitions create an expanded core area in New Mexico that plays to […]

Matterhorn Express reached another new high last week when total flows reached 1.5 billion cubic feet per day Nov. 6, according to East Daley Analytics.  The new pipeline has current capacity of 2.42 Bcfd with five interstate interconnects.  Other segments remain under construction.  Matterhorn began delivering natural gas from Permian Basin to Gulf Coast in […]

Rig counts in Permian Basin, Texas and New Mexico were unchanged in the past week.  In its weekly report of Nov. 8, Baker Hughes said there were 303 rigs in Permian Basin for the second straight week (310 year ago), 281 in Texas for the second straight week (302 year ago) and 100 in New […]

Midland-based Diamondback Energy said last week it increased its 2024 net production guidance to 587,000 to 590,000 boed from its previous guidance of 462,000 to 470,000 boed after its acquisition of Endeavor, which was completed in September.  That includes guidance of 335,000 to 337,000 b/d of oil (up from 273,000 to 276,000). During third quarter […]

Railroad Commission of Texas requested an additional $100 million in emergency funding from the state to address the issue of leaking and erupting wells in Texas’ oil fields.  Houston Chronicle and Texas Tribune reported after the commission submitted its annual budget request in August, executive director Danny Sorrell sent a letter in October to Lt. […]

Houston-based Covia Energy and Black Mountain Sand said last week they will merge in an all-stock transaction.  The combined company will operate under the name Iron Oak Energy Solutions as a leading proppant supplier in North America with annual production of 30 million tons of sand.  Assets include sand mines in Permian Basin and Eagle […]