Kinetik Holdings said in its 4Q earnings report it is expanding its natural gas system across the stateline into Lea County, N.M., to begin service in 2024Q1.  Jamie Welch, CEO and president of the company with offices in Midland and Houston, said Feb. 27 Kinetik will construct 20 miles of large-diameter, high-pressure pipeline to connect […]

Dallas-based Pioneer Natural Resources, with deep inventory across Midland Basin, said in its fourth quarter earnings report that production this year will increase about 4 percent from 2022 exit rate and about 3.6 percent over full-year daily volume.  Pioneer said Feb. 22 its oil production for 2023 is forecast between 357,000 and 372,000 b/d, and […]

Oklahoma City-based Devon Energy said in its fourth quarter earnings report that Delaware Basin in Permian will be the top funded asset in its portfolio in 2023 with 60 percent of capital expenses.  Devon said Feb. 22 total capex for 2023 is $3.6 billion to $3.8 billion with production of 643,000 to 663,000 boed.  Rick […]

Houston-based Targa is relocating an existing natural gas processing plant from the Eagle Ford shale region of south Texas to Delaware Basin and progressing with construction of four other gas processing projects in Permian Basin.  The five new plants will add 1.2 bcfd of gas processing capacity to Targa’s Permian operations. The relocated plant was […]

Houston-based APA Corp. said in its fourth quarter earnings report that as natural gas prices decline it will shift its focus this year to oil development.  John J. Christmann IV, president and CEO, said Feb. 22, “This year our emphasis will be on higher margin oil development, and we will continue to drive improvements in […]

Baker Hughes’ count of oil and gas drilling rigs continued its decline in the weekly report of March 3.  Counts for Permian, Texas and U.S. each were down 4 rigs in the past week.  Permian reported 349 rigs (353 to start 2023, 310 year ago), Texas had 366 (376 to start 2023, 308 year ago) […]

Oklahoma City-based Chesapeake Energy said last week it agreed to sell the black oil portion of its remaining Eagle Ford operations to INEOS Energy, affiliate of U.K. chemical giant INEOS Group, for $1.4 billion ($1.175 billion cash at closing in Q2).  The transaction provides Ineos an entry into U.S. oil and gas onshore market with […]

U.S. and Texas rig counts continued to decline, but Permian Basin added a rig in the past week for only the third time this year in Baker Hughes’ weekly report of Feb. 24.  Permian’s count was up 1 in past week to 353 (353 to start 2023), Texas was flat at 370 (376 to start […]

Houston-based Callon Petroleum said last week more than 80 percent of its 2023 capital program of $1 billion will be spent in Permian Basin.  Joe Gatto, president and CEO, said Feb. 22, “Our 2023 business plan builds on the strong operational execution and financial outcomes we delivered last year.”  Gatto said 55-to-60 percent of the […]

Midland-based Diamondback said last week its 2023 oil production guidance is up to 256,000 to 262,000 b/d compared to 223,600 b/d in 2022 (226,100 b/d in 2022Q4).  Oil production guidance for 2023Q1 is 248,000 to 252,000 b/d.  Diamondback expects to drill 325 to 345 gross wells in 2023 and complete 330 to 350 gross wells […]