Oklahoma City-based natural gas producer Chesapeake said Monday it is selling its remaining assets in Eagle Ford to Houston-based SilverBow Resources for $700 million to complete its exit from the south Texas basin.  Chesapeake’s asset sales in the basin generated total proceeds of more than $3.5 billion. Chesapeake said last year the Eagle Ford acreage […]

U.S. Energy Information Administration reported last week that financial results for 40 publicly traded U.S. oil exploration and production companies show capital expenditures in 2023Q1 increased from 2022Q4 even though cash from operations declined. In 1Q lower crude oil prices reduced cash from operations for these companies; it declined 18 percent ($5.8 billion) compared with […]

Only one of the top nine counties in Permian Basin added a drilling rig in the past week, according to Baker Hughes in its weekly report of Aug. 11.  Lea County (64 rigs) and Eddy (47) in New Mexico lead Permian, but both their counts were unchanged in the past week.  Other basin leaders were […]

Dallas-based Energy Transfer said recently it brought into service its eighth cryogenic processing plant in Delaware Basin.  Bear, gas plant with capacity of 200 million cfd, was placed into service in June, according to Energy Transfer in an announcement Aug. 2 of its second quarter financial and operational results. Thomas Long, co-CEO, told reporters the […]

WPX Energy Permian, subsidiary of Devon Energy, and WaterBridge NDB said last week they formed a partnership to create the largest private water infrastructure system in Stateline area of Delaware Basin.  Devon received 30 percent interest in NDB Midstream and committed all its produced water within a large area of mutual interest, including initial dedication […]

U.S. Department of Energy said today it is awarding $1.2 billion in federal grants to projects in Texas and Louisiana to directly remove carbon dioxide from the air.  Each is scheduled to remove more than one million metric tons of carbon emissions per year.  DOE selected projects proposed by Occidental Petroleum subsidiary 1PointFive and partners […]

Fort Worth-based Kimbell Royalty Partners said last week it is acquiring mineral and royalty interests in Permian Basin and midcontinent from a private seller for $455 million.  Bob Ravnaas, chairman and CEO, said Aug. 2 the deal is the largest in Kimbell’s history and will significantly enhance its position in Permian Basin.  “The targeted portfolio […]

Tulsa-based Magellan Midstream Partners said last week it completed expansion of its refined products (gasoline and diesel fuel) pipeline (additional 30,000 barrels per day) to El Paso from Houston.  New pipe (16 inches) between Odessa and Crane (30 miles) will increase capacity of the pipeline to about 100,000 b/d.  Magellan said Aug. 3, “An early […]

Houston-based Occidental Petroleum said last week three of the four regions of its oil business topped forecasts for production in 2023Q2.  Production in Permian Basin averaged 582,000 boed – up slightly from 2023Q1 and 4,000 boed above high end of guidance.  Well productivity in Delaware Basin is running 11 percent ahead of 2022. Vicki Hollub, […]

Houston-based Plains All American Pipeline said last week its subsidiary Plains Oryx Permian Basin – a joint venture of Plains and Oryx Midstream Services Permian Basin – acquired Diamondback Energy’s 43 percent interest in OMOG JV for about $225 million ($145 million net to Plains’ interest).  Oil & Gas Journal said the OMOG crude oil […]