Fort Worth-based Next Bridge Hydrocarbons said last week is now owns 100 percent of working interest in the Orogrande project in Hudspeth County in west Texas on about 134,000 contiguous acres. Next Bridge closed a previously announced merger agreement with two companies (22.62 percent working interest), Wolfbone Investments and McCabe Petroleum, owned by its largest […]
Midland Basin operator HighPeak slows development plans, but maintains output
Fort Worth-based HighPeak Energy said recently it is altering its 2023 drilling and completion plans and dropping from four to two rigs next month for the remainder of 2023. HighPeak had already reduced its completion activity from four crews to two “to complete the operational DUC wells generated by the previous six-rig program.” The revised […]
EIA forecasts continued growth in Permian oil production to 5.707 million b/d
Crude oil production in Permian Basin is forecast to grow to 5.707 million barrels per day in June, according to the latest drilling productivity report from U.S. Energy Information Administration. That’s an increase of 15,000 b/d from May production of 5.692 million b/d. In the seven major producing regions, EIA forecasts production to grow by […]
Texas, NM contribute most growth as U.S. production increases 5.6 percent
U.S. Energy Information Administration said last week Texas and New Mexico contributed the most growth as U.S. crude oil production increased 5.6 percent (0.6 million barrels per day) in 2022 compared to 2021. U.S. averaged 11.9 million b/d in 2022. EIA said attribute the growth to the Permian Basin. Crude oil production grew more in […]
Bloomberg after PDC sale: ‘U.S. energy patch ripe for takeover boom’
Chevron CEO Mike Wirth told Bloomberg this week that Monday’s announcement of the company’s acquisition of Denver-based PDC Energy “doesn’t preclude our ability to do further transactions, but we don’t have gaps to fill. We’re always looking, but we’ll stay very disciplined as we have been on a number of transactions we have done over […]
Northern Oil & Gas partners with Vital Energy to acquire Forge Energy
Minneapolis-based oil and gas producer Northern Oil & Gas said last week it is partnering with Vital Energy to acquire EnCap portfolio company Forge Energy II Delaware. Northern came forward after markets closed May 15 to announce it is acquiring for $162 million 30 percent interest in the Delaware Basin-focused company. Vital Energy said May […]
U.S. rig count continues decline to 720, now behind count of year ago (728)
Rig counts in Permian Basin, Texas and U.S. continue their decline, according to the weekly report of May 19 by Baker Hughes. And for the first time this year the U.S. count of 720 trails the count of a year ago (728) – and down 11 rigs from the previous week’s count of 731. Last […]
Zealous Energy acquires Danos roustabout services division
Breaux Bridge, La.-based Zealous Energy and Environmental Services said recently it acquired the roustabout services division of Danos. Kenneth LeBlanc, CEO of Zealous, said May 2, “The Zealous brand has been around for a decade in the Permian Basin, with over $100 million in completed construction projects, working for some of America’s highest quality energy […]
Permian Resources says total production in Q1 exceeded guidance
Midland-based Permian Resources said recently it met or exceeded production targets in first quarter and remains on track to achieve full-year production and capital expenditure guidance. Oil production in Q1 was 78,332 barrels per day (in line with guidance), and total production was 153,822 boed (ahead of guidance) for the independent oil and natural gas […]
Chevron acquires Permian, DJ Basin assets from PDC Energy
San Ramon-based Chevron said Monday it is acquiring Denver-based PDC Energy in a stock-and-debt transaction valued at $7.6 billion. Chevron said, “The acquisition of PDC provides Chevron with high-quality assets expected to deliver higher returns in lower carbon intensity basins in the U.S. PDC brings strong free cash flow, low breakeven production and development opportunities […]
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