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 […]

Oklahoma City-based Riley Exploration Permian said Tuesday it agreed to acquire oil and gas assets in Permian Basin from Pecos Oil & Gas, affiliate of Cibolo Energy Partners, for $330 million.  The assets in Eddy County, N.M., include 11,700 contiguous net acres (99 percent held by production), current production of 7,200 boed (4,200 b/d oil), […]

Enverus recently reported that during 2022Q4 Oklahoma City-based Continental Resources completed its first two wells targeting Barnett Shale not in north Texas’ gassy Fort Worth Basin but on Permian Basin’s central basin platform.  Enverus said preliminary results have been oiler.  One of the wells, a Gardendale asset in Ector County, flowed 2,310 boed (74 percent […]

Houston-based Plains All American Pipeline said Feb. 8 it expects its assets in Permian Basin to benefit from continue production growth in 2023.  Plains said it is experiencing higher utilization for long-haul systems for Cactus I and Cactus II pipelines in Texas.  Increased volumes are also expected on the Wink-to-Webster line.  Willie Chiang, chairman and […]

Rig count in Lea County, N.M., declined for the third straight week as of Feb. 17 while the count in Eddy County, N.M., increased for the fourth straight week, according to Baker Hughes.  They are the two most active counties in Permian Basin.  Lea continues to lead with 58 rigs (down 3 in past week), […]

Dallas-based EnLink Midstream said last week it will relocate an underutilized natural gas processing plant from Barnett Shale in north Texas to Delaware Basin at a cost of about $30 million.  EnLink said Feb. 14 that Project Tiger II is “a low-cost, high-return project” expected to add 150 million cfd of natural gas processing capacity.  […]

Tulsa-based Vital Energy said last week it signed an agreement to buy assets of another Midland Basin driller, Driftwood Energy Operating, for $215.6 million in cash and stock ($127.6 million cash).  The deal includes 11,200 net acres (16,500 gross, 91 percent held by production) in Reagan and Upton counties with current production of about 5,400 […]