Calgary-based Freehold Royalties said last week it entered agreements with two private sellers to acquire high-quality mineral title and royalty assets in Delaware and Midland basins for about $112 million.  The assets are located primarily in Martin County in Midland Basin “capturing some of the thickest stacked pay reservoir quality in North America.”  The acquisition […]

Martin County has surpassed Midland County as the leading producer of crude oil in Texas, according to the latest data from Railroad Commission of Texas.  The commission said Dec. 11 Martin produced 16,971,500 barrels of crude oil in September 2023 – ahead of the 16,338,863 of Midland.  Nine of the top 10 counties are in […]

Denver-based BKV Corp. and Dallas-based EnLink Midstream recently announced the initial injection of carbon dioxide waste from EnLink’s natural gas processing plant in Bridgeport at BKV’s Barnett Zero carbon capture and sequestration facility.  EnLink said Nov. 13 it marks “a major step toward reducing CO2 emissions associated with BKV’s natural gas production in north Texas’ […]

San Ramon, Calif.-based Chevron said recently it will spend about $5 billion in the Permian Basin in its 2024 upstream capital program.  The corporation announced capital spending of $15.5 billion to $16.5 billion and an affiliate capital expenditure budget of about $3 billion for 2024.  Upstream spending is expected to be about $14 billion – […]

U.S. Environmental Protection Agency recently finalized long-anticipated new regulations that will require oil and gas operators in Texas and elsewhere in the nation to reduce how much methane escapes from oilfield equipment.  The regulations were announced Dec. 2 at the 28th annual United Nations climate summit in Dubai.  The EPA exercised its authority under the […]

U.S. added active oil and gas drilling rigs for the fourth straight week, according to Baker Hughes.  It’s the first four-week gain in more than a year since November 2022.  As of Dec. 8 there were 313 rigs in Permian Basin (314 week ago, 350 year ago), 308 in Texas (306 week ago, 370 year […]

Houston-based Kinder Morgan recently increased capacity of its Permian Highway natural gas pipeline by 550 million cfd.  Kimberly Dang, CEO, said during an investor call last week KMI brought the expansion into service Dec. 1.  The expansion uses compression to increase capacity.  Total capacity is now 2.65 Bcfd for the pipeline from the Waha hub […]

Houston-based Occidental Petroleum said Monday it agreed to purchase Midland-based oil and gas producer CrownRock in a cash-and-stock transaction valued at about $12 billion.  Occidental said CrownRock’s more than 94,000 net acres of “premium stacked pay assets and supporting infrastructure are well positioned alongside Occidental’s legacy Midland Basin business.”  This acquisition complements and enhances Occidental’s […]