Houston-based Phillips 66 said last week it will acquire the remaining 50 percent interest in WRB Refining from subsidiaries of Cenovus Energy for $1.4 billion.  WRB Refining is a 50/50 joint venture of Phillips 66 and Cenovus that includes a refinery in Borger serving markets across west Texas, New Mexico and the U.S. southwest.  The […]

In its latest Short Term Energy Outlook, U.S. Energy Information Administration said it expects “the Brent crude oil price will decline significantly in the coming months.”  EIA forecasts the price will fall from $68 per barrel in August to an average of $59/b in 4Q and about $50/b in early 2026 and $51/b for fullyear […]

Addison-based Direct Midstream selected SitePro as sole automation provider for Direct Midstream, an expanding water midstream operator in Permian Basin.  Lubbock-based SitePro, a software, hardware and service company with patented automation and fluid management solutions, is contracted to deploy automation technology across 15 existing saltwater disposal facilities with plans for expansion. Bryson Benson, CEO of […]

Houston-based Peak 10 Energy said last week it acquired oil and gas assets in Midland Basin from Black Topaz Oil & Gas and Blue Topaz Oil & Gas.  The Verado Energy acquisition, which closed Aug. 29, marks Peak 10’s eighth successful transaction since the company launched in August 2023. The assets are in the Strawn […]

U.S. crude oil production reached another record of 13.58 million b/d in June after an increase of 133,000 b/d since June 2024, according to the latest Petroleum Supply Monthly from U.S. Energy Information Administration.  Crude production in top producing state Texas added 11,000 b/d to reach 5.72 million b/d – highest since April.  And the […]

In its second quarter earnings call last month, officers at Riley Exploration Permian said the Oklahoma City-based company set multiple Yoakum County records in San Andres.  The new standards include longest lateral drilled at 10,375 feet, fastest spud to total depth, and fastest spud to rig release for both 1- and 2-mile wells. “This campaign […]

Texas was the only major producing state to add drilling rigs last week, according to the weekly report of Sept. 5 from Baker Hughes.  Texas added 2 rigs to reach 243, but its count is down 31 or 11 percent from 274 a year ago.  It was the state’s second straight week of gains following […]

Houston-based Targa Resources announced plans last week for its proposed Forza pipeline project, a new interstate natural gas pipeline to support production in Delaware Basin in southeast New Mexico.  Forza will consist of 36 miles of pipe (36 inches) for transportation from receipt points in Lea County, N.M., to Waha hub in Winker County. The […]

Deep Blue Midland Basin, Diamondback Energy and Five Point Infrastructure said last week they agreed for Deep Blue to acquire Environmental Disposal Systems from Diamondback.  The transaction doubles Deep Blue’s scale and advances “its leadership in sustainable produced water management.”  The acquisition is valued at $750 million.  Diamondback renewed its 15-year dedication to Deep Blue […]

In the 2Q earnings call for Texas Pacific Lands, CEO Tyler Glover said the belief that Permian geology is nearing exhaustion and past its peak is “a misguided conclusion.”  He added, “First, a slowdown in activity due to lower oil prices should not be conflated as the slowdown due to limited drilling inventory.  Upstream companies […]