Houston-based ConocoPhillips said recently it produced a company record 1,792,000 boed in first quarter and raised 2023 outlook by 10,000 boed to 1.78 million-to-1.80 million boed.  Prior guidance was 1.76 million-to-1.80 million boed.  First quarter production increased by four percent (45,000 boed) from 2022Q1.  Conoco’s announcement May 4 said, “This was primarily driven by new […]

Houston-based Occidental Petroleum said last week it increased its production forecast for 2023 after topping midpoint of guidance for first quarter by 40,000 boed with 1,220,000 boed.  Fullyear guidance was increased by about one percent to 1,195,000 boed.  Oxy raised its forecast because of greater efficiency in Permian Basin and Rocky Mountains as well as […]

Houston-based Enterprise Products Partners reported record pipeline transportation and fee-based natural gas processing volumes and near-record marine terminal volumes in Q1.  A.J. (Jim) Teague, co-CEO, said May 2, “Across our integrated system, we continue to see crude oil, natural gas and NGL production growth from the Permian Basin.  Lower natural gas prices, however, are beginning […]

Baker Hughes said Friday that the U.S. rig count declined by 17 in the previous week – its biggest decline since June 2020 – to 731.  That included a decline of 16 gas rigs.  Also as of May 12, there were 353 rigs in Permian (356 previous week, 335 year ago), 366 in Texas (368 […]

Oklahoma City-based Devon Energy reported record oil production in 2023Q1 of 320,000 barrels per day.  “This solid operational execution, combined with low reinvestment rates, has allowed Devon to generate free cash flow for 11 consecutive quarters across a variety of market conditions,” Rick Muncrief, president and CEO, said May 8.  Production exceeded midpoint of guidance […]

Tulsa-based Vital Energy said Friday it will acquire Permian Basin assets of Forge Energy II Delaware, portfolio company of EnCap, for $540 million cash to expand its Permian focus and establish a core operating position in Delaware Basin.  Vital will acquire 70 percent of the assets for $378 million, and an unidentified third party will […]

ONEOK and Magellan Midstream Partners said Sunday they executed a merger agreement for ONEOK to acquire Magellan in a cash-and-stock transaction valued at $18.8 billion, including $5 billion of debt.  Magellan will be a wholly owned subsidiary of ONEOK.  The combined company, valued at $60 billion, will have 25,000 miles of liquids-oriented pipelines with operational […]

Houston-based Coterra Energy said last week it is raising its 2023 oil production guidance to 87,000-to-93,000 barrels per day from 86,000-to-92,000 b/d.  Coterra currently is operating six rigs and two completion crews in Permian Basin and announced plans May 4 to drop two rigs and one completion crew from its Marcellus activity.  The company also […]

U.S. Energy Information Administration this week lowered its forecast for Brent crude oil spot price for 2024 to $74 per barrel – down 8.3 percent from its April 11 forecast of $81.  Also Tuesday in its Short-Term Energy Outlook, EIA lowered the forecast price for 2023 to $79 from $85 last month.  Price fell at […]

Midland-based ProPetro Holding said last week its seventh Tier IV dual-fuel frac fleet is expected to begin operations in 2023Q2.  The company plans to retire about 140,000 hydraulic horsepower of Tier II conventional diesel frac equipment during 2023.  ProPetro now operates six Tier IV dual-fuel frac fleets.  And two of the four electric frac fleets […]