Rig counts in Permian Basin and U.S. were unchanged for the past week in the Dec. 20 report from Baker Hughes.  There were 304 rigs in Permian Basin (307 year ago) and 589 in U.S. (620 year ago).  Texas added a rig (up 1 to 285, down 21 from 306 year ago), and New Mexico […]

Affiliates of Austin-based Brigham Exploration said last week they acquired non-operated assets in west Texas and southeast New Mexico from Great Western Drilling.  The combination of the acquired assets and Brigham’s existing portfolio creates one of the largest private non-operated footprints in Permian Basin. The assets include more than 7,000 net acres in the Delaware […]

Houston-based Phillips 66 said last week it agreed to divest DCP GCX Pipeline, which owns 25 percent non-operating equity interest in Gulf Coast Express pipeline, to an affiliate of ArcLight Capital Partners for $865 million.  The 500-mile Gulf Coast Express transports about 2 billion cubic feet per day of natural gas from Permian Basin to […]

Cottonmouth Ventures, subsidiary of Midland-based Diamondback Energy, is making an equity investment in Verde Clean Fuels with a stock purchase agreement valued at $50 million.  It’s the second investment by Cottonmouth in Verde in the last two years for a total of $70 million – making Cottonmouth the second largest shareholder of Verde. Verde’s announcement […]

Global oil production will increase by 1.6 million barrels per day in 2025, but U.S. Energy Information Administration said 90 percent of that growth will come from non-OPEC+ countries.  That is due to ongoing production restraints by OPEC+.  At its meeting Dec. 5, OPEC+ said it will delay production increases until at least April 2025. […]

Electric Reliability Council of Texas estimates that the Permian Basin will experience 26,000 megawatts of new electricity demand by 2038.  Half of that increase will be generated by the oil and gas industry, according to Lori Cobos, commissioner of the Public Utility Commission of Texas, who was in Midland recently to speak to members of […]

U.S. Energy Information Administration said recently that U.S. crude oil production will continue to increase in 2025 while U.S. refiners process less crude oil than they did last year.  That will lead to a decline in net imports of crude oil of more than 20 percent to 1.9 million barrels per day in 2025 – […]

Brentwood, Tenn.-based Delek Logistics Partners said last week it has agreed to purchase the water midstream division of Gravity Oilfield Services for $285 million ($200 million cash).  The Gravity unit provides gathering, transportation, recycling, storage and disposal of produced water in Midland Basin in west Texas and Williston Basin in North Dakota.  The acquisition adds […]

Tulsa-based ONEOK said recently it completed expansion of NGL pipeline and fractionation projects in Texas.  Completion of the full looping of the West Texas NGL pipeline system from Permian Basin expands its capacity to 515,000 barrels per day.  Additional pump stations – expected to be completed by mid-2025 – will further increase system capacity to […]

New Mexico was one of only two states to report gains in rig count in the past week, according to the weekly report of Dec. 13 by Baker Hughes.  New Mexico has 104 active drilling rigs – up 2 in the past week and up 4 in the past year.  Also, there were 304 rigs […]