Midland-based Diamondback Energy said Friday it agreed to acquire Double Eagle IV in a cash-and-stock deal of about $4.08 billion.  Diamondback continues to strengthen its position in Permian Basin after last year’s $26 billion deal to buy privately held Endeavor Energy Partners to make it the third largest oil and gas producer in Permian. The […]

Houston-based EON Resources said this week it reached agreement with Pogo Royalty to eliminate $40 million in EON debt and add to the company’s interests in Grayburg-Jackson oilfield in Permian Basin.  EON called the deal “a balance sheet restructuring.” EON will pay a combination of cash and equity to Pogo which will reduce certain liabilities […]

U.S. Energy Information Administration this week raised its forecast for U.S. oil production this year.  The EIA said Tuesday in its short-term energy outlook that it expects production to average 13.59 million barrels per day in 2025 – up from its prior estimate of 13.55 million barrels per day.  Brent crude prices are expected to […]

Houston-based Chevron said last week its production in Permian Basin is expected to grow up to 10 percent this year despite less investment.  Chevron’s capital spending was $15.8 billion in 2023 and $16.4 billion in 2024, but it is forecast at $14 billion to $16 billion in 2025.  The company set oil and gas production […]

Boston-based ArcLight Capital Partners said last week it acquired a 25 percent equity interest in Gulf Coast Express pipeline from an affiliate of Phillips 66 for $865 million.  The pipeline now is owned by subsidiaries of Kinder Morgan and ArcLight, and Kinder Morgan will continue to operate the pipeline.  The 500-mile natural gas pipeline has […]

Baker Hughes reported few changes in drilling activity in Permian Basin, Texas and New Mexico last week.  As of Feb. 7, there were 303 rigs in Permian Basin (unchanged from previous week, down 10 in past year), 278 in Texas (up 1 in past week, down 23 in past year) and 106 in New Mexico […]

Houston-based ConocoPhillips last week reported increased production for 2024 with additional output forecast for 2025.  The operator expects production of 2.34 million to 2.38 million boed in full year 2025 on capital expenses of about $12.9 billion. Production for fourth quarter was 2.1 million boed – an increase of 281,000 boed from 2023Q4.  Lower 48 […]

Tulsa-based ONEOK said last week it agreed to form a joint venture with MPLX to construct a new large-scale LPG export terminal in Texas City and a new 24-inch pipeline from ONEOK’s storage facility in Mont Belvieu to the new terminal.  Texas City Logistics, the new export terminal, will be owned 50 percent by each […]

Houston-based ConocoPhillips said last week it agreed to sell $600 million in noncore assets in lower 48 in its efforts to shed debt after a $22.5 billion acquisition of Marathon Oil.  Ryan Lance, CEO, said the company is making progress on its pre-acquisition goal of $2 billion in asset sales.  “We’re on track to dispose […]

Austin-based Atlas Energy Solutions is making driverless deliveries of proppant across the Permian Basin with two RoboTrucks equipped with Kodiak Robotics’ self-driving system.  Kodiak said Jan. 24 Atlas completed its first 100 loads to mark “the first time ever that a customer has taken ownership of a RoboTruck and launched driverless commercial semi-trucking operations.”  The […]