Upstream mergers and acquisitions accelerated in second quarter, according to Enverus Intelligence Research, after a relatively quiet 1Q.  Enverus said second quarter activity expanded with 20 transactions valued at $24 billion.  That included six deals of more than $1 billion each, including five with assets in Permian Basin.  “The need for public buyers to secure […]

Oklahoma City-based Devon Energy said recently that production averaged 420,000 boed (50 percent oil) in 2023Q2 in Delaware Basin.  Devon operated 16 rigs and four completion crews in Delaware in 2Q resulting in 76 gross wells placed online, including the 11-well Mule development in Eddy County, N.M.  Early production from six wells targeting Wolfcamp B […]

Houston-based EOG Resources said recently that efficiencies and cost-reduction strategies developed in its foundational assets in Delaware Basin and Eagle Ford are delivering operational improvements in the company’s emerging plays.  EOG reported Aug. 3 improvements of up to 25 percent in daily drilled footage in Dorado dry gas play in south Texas, Ohio Utica and […]

Baker Hughes’ count of active drilling rigs in U.S. fell for the seventh straight week in the weekly report for Aug. 25.  There were 632 rigs in U.S. – down 10 in the past week and down 133 (17.4 percent) in the past year from 765.  Also, there were 320 rigs in Permian Basin (down […]

Record-breaking oil production in New Mexico is expected to provide state government with a multibillion-dollar surplus during the next fiscal year.  Economists from four state agencies, including budget and accountability office in the legislature, said at a meeting of the legislative finance committee at New Mexico Highlands University in Las Vegas Wednesday that the state’s […]

U.S. Energy Information Administration said last week U.S. natural gas pipeline exports to Mexico for June 2023 reached a record average of 6.8 Bcfd to surpass the previous high by 0.1 Bcfd from June 2021.  U.S. natural gas exports to Mexico exceeded 7.0 Bcfd nine days in June.  The increase was driven primarily by higher-than-normal […]

Denver-based Sitio Royalties said recently during its second quarter earnings presentation that it acquired 13,705 net royalty acres in five transactions in Permian Basin during 2Q for a total of $247.9 million (73 percent cash).  Chris Conoscenti, CEO, said Aug. 9, “These transactions were with sellers that we know well and have had relationships with… […]

Midland-based Bechtel Energy and Houston-based Five Point Energy said last week they reached agreement for Five Point to use Bechtel’s proprietary LEEDS technology (low energy ejector desalination system) to provide produced water desalination services to customers in Permian Basin.  Deep Blue Holdings, portfolio company of Five Point, will operate Bechtel’s pilot unit at a saltwater […]

Midland-based Permian Resources said this week after its $4.5 billion acquisition of Earthstone Energy that it will relocate at least one of Earthstone’s two rigs now in Midland Basin to Delaware Basin.  In 2024 the combined company expects to allocate about 90 percent of capital to high-rate-of-return projects in Delaware Basin focused on Eddy and […]

Midland-based Endeavor Energy Resources and Select Water Solutions said last week they completed one of the largest recycled water jobs in Midland Basin.  The four-fleet Endeavor project in Martin County had recycling and delivery rates of up to 300,000 b/d of water.  More than 8.2 million barrels of produced water were recycled at Select’s Big […]