Dallas-based Canes Midstream said Wednesday it closed a transaction to acquire Cogent Midstream, also based in Dallas.  Cogent assets in a 10-county area of Midland Basin include 520 million cfd of processing capacity, about 800 miles of pipelines, 42 compressor stations, crude oil gathering system, and acreage dedications from Midland Basin producers.  Infrastructure is primarily […]

After a pause in activity that added only 1 rig in the last 4 weeks, Permian Basin added 8 rigs last week for a new total of 343 active oil and gas drilling rigs as of May 20, according to Baker Hughes.  Also there were 357 rigs in Texas (up 12 in past week, up […]

U.S. Energy Information Administration expects continued growth in crude oil production in Permian Basin and seven major producing regions.  In the latest drilling productivity report May 16, EIA said oil production in Permian is expected to grow by 88,000 b/d since last month to 5.219 million b/d in June.  Production in the seven U.S. regions […]

WhiteWater, EnLink Midstream, Devon Energy and MPLX said May 19 they reached final investment decision to construct Matterhorn Express pipeline connecting Waha in west Texas to Katy on the Gulf Coast.  The 490-mile pipeline (42 inches) is designed to transport up to 2.5 bcfd of natural gas beginning in 2024Q3.  Supply will be sourced from […]

Midland’s Colgate Energy Partners and Denver-based Centennial Resource Development said last week they agreed to merge to create the largest pure-play Delaware Basin company valued at $7 billion.  The combine will operate under a new name to be announced prior to closing with headquarters in Midland.  The new company will hold 180,000 net leasehold acres, […]

Growth in rig count and production is slowing amid rising costs in oil and gas industry.  Baker Hughes said as of May 13 there were 335 rigs in Permian Basin (unchanged in past week, up 104 in past year), 345 in Texas (up 1 in past week, up 129 in past year), 98 in New […]

Oklahoma City-based Devon Energy is opening a first-of-its-kind mobile sand mine on 15,000 acres of land it acquired in Loving County in 2018.  Sand from the mine will be integrated into operations beginning in Q2 to save Devon up to $200,000 per well and meet 25 percent of its Delaware Basin sand needs this year.  […]

Denver-based Continental Resources said recently it acquired bolt-on acreage believed to be about 15,000 acres in Ward and Winkler counties in Delaware Basin for $200 million cash.  Continental allocated $100 million to $125 million for capex for the acquired acres as part of a 2022 budget increase.  The acquisition is adjacent to acreage where Continental […]

Midland-based Diamondback Energy said May 2 it acquired assets from an undisclosed seller for $230 million.  The 6,200 net acres in Ward County in Delaware Basin had 2022Q1 production of 2,300 boed with an estimated 58 horizontal locations (43 net) and laterals averaging more than 10,300 feet.  Enverus said the seller was Permian pure play […]

Houston-based Aris Water Solutions said last week it has a long-term, full-cycle water management agreement with Chevron in the Permian Basin.  Aris will provide produced water handling and recycling services in parts of Chevron’s core position in Eddy and Lea counties in New Mexico and Culberson and Reeves counties in Texas.  The agreement will facilitate […]