Midland’s Permian Resources last week increased its 2026 oil production target to 199,000 b/d based on mid-point of guidance (10 percent more than 2025) and adjusted its cash capital expenditures to a range of $1.9 billion to $2.0 billion.  Co-CEO James Walter said increased production will come from “less capital than we spent in 2025.” […]

Houston-based Phillips 66 said last week in its second quarter filing that it achieved record NGL fractionation volumes and LPG export volumes.  The report Aug. 5 said the company achieved full production at Dos Picos II, a gas plant (220 million cfd) in Permian Basin, during the quarter.  And in Q2 Phillips 66 announced construction […]

Permian Basin led major producing regions, and Texas led states in adding drilling rigs in the past week, according to the weekly report of Aug. 8 from Baker Hughes.  Permian has 263 rigs after adding 3 in past week and 7 in past year, and Texas has 275 after adding 2 in past week and […]

Houston-based Crescent Energy said last week it produced 335,000 boed in second quarter (42 percent oil, 64 percent liquids), including 140,000 b/d of oil.  Crescent enhanced 2026 guidance for total production and oil production and reduced forecast for operating costs.  Capital expenses in Q2 were $284 million.  The company improved capital efficiency and returns through […]

Midland’s Permian Resources said last week results from “an exceptional quarter” (2026Q2) included total average production of 376,400 boed (198,071 barrels of oil, 86,191 barrels of NGLs, 552.885 million cfd of natural gas).  Co-CEO Will Hickey said Aug. 5, “Our team executed a targeted response to higher oil prices, increasing capital expenditures to focus on […]

Houston-based Gravity Power and Rental, provider of power generation and equipment rental infrastructure, announced Tuesday its acquisition by Firefly Capital Management.  Gravity operates a fleet of more than 2,000 mobile power generation units with a complementary portfolio of rental equipment, including fluid management, light towers, pumps and heaters.  Gravity’s 275 employees serve thousands of sites […]

Diamondback Energy said Monday in its second quarter filing that it increased guidance for oil production this year to more than 522,000 barrels (from more than 520,000 barrels).  And oil equivalent guidance was increased to more than 1 million boed (from 972,000 boed).  Diamondback drilled 215 wells (97 in Q2) and completed 315 wells in […]

U.S. Energy Information Administration said Monday Electric Reliability Council of Texas reached a record hourly peak of 91.1 gigawatts July 22.  ERCOT is the regional transmission organization serving most of Texas.  As demand for electricity grows, the peak at 6 p.m., Wednesday, July 22, in Texas was 6 percent greater than the previous record of […]

Enverus Intelligence Research said Wednesday M&A activity in second quarter fell to $9.1 billion – making it the third-lowest quarter since 2020.  Enverus’ report on mergers and acquisitions highlights “a quarter in which commodity volatility temporarily throttled deal flow even as competition for core Permian inventory reached record intensity.”  The total marks declines of 76 […]

Midland’s Diamondback Energy said Monday its production in second quarter of 1.018 million boed marks the first time output reached at least one million boed.  Diamondback’s output increased about 4 percent since the beginning of the U.S.-Israeli war in Iran as the company worked on drilled but uncompleted (DUC) wells.  Oil production in 2Q increased […]