Enbridge and Plains All American Pipeline said last week they are now sole owners of Cactus II crude pipeline after purchasing the 15 percent interest of Western Midstream Partners for an aggregate price of $265 million.  Calgary-based Enbridge acquired 10 percent, and Houston-based Plains acquired 5 percent of Cactus II, a 26-inch pipeline in service […]

Dallas-based Cardinal Midstream Partners said last week it agreed to acquire the natural gas gathering and processing system of Medallion Midstream Services in Loving and Reeves counties.  It consists of about 80 miles of high- and low-pressure natural gas gathering pipelines and a processing plant (140 million cubic feet per day).  Closing is expected in […]

Houston-based Targa Resources said Nov. 3 it will construct the Daytona NGL pipeline to expand its common carrier Grand Prix NGL pipeline system.  Daytona will transport NGLs from Permian Basin to Targa’s Grand Prix NGL pipeline (550,000 b/d) in north Texas for delivery to Targa’s fractionation and storage complex in Mont Belvieu.  It is expected […]

Enverus last week released a basin-by-basin look at North American drilling inventory with analysis of well locations remaining at various prices.  The Calgary-based research firm estimates there are 125,000 remaining undeveloped locations holding 60 billion barrels of oil that break even below $40 WTI across North America.  Enverus said Delaware and Midland basins comprise 85 […]

Permian Basin held steady with 346 active drilling rigs for the third straight week as of Oct. 28, according to Baker Hughes’ weekly count, while Texas posted the biggest decline among major producing states (down 3 rigs in past week to 368).  Also, there were 106 rigs in New Mexico (up 1 in past week) […]

Dallas-based Pioneer Natural Resources said last week it plans to concentrate its development program starting in 2023 on locations with higher potential.  That comes after a year in which officials said results have not been satisfactory.  Scott D. Sheffield, CEO, said Oct. 27, “We have increased the return thresholds for wells to be included in […]

Midland-based ProPetro Holding Corp., oilfield services company that provides completions services to upstream oil and gas companies, said this week it acquired another Midland company, Silvertip Completion Services Operating, a provider of wireline perforating and pumpdown services. Value of the transaction, which includes cash ($30 million), stock and assumed debt, is $150 million. ProPetro said […]

Texas and U.S. added oil and gas drilling rigs last week, according to Baker Hughes’ weekly count as of Oct. 21, while Permian Basin was unchanged with 346 rigs (268 year ago).  There were 371 rigs in Texas (365 week ago, 249 year ago), 105 in New Mexico (109 week ago, 87 year ago) and […]

The Woodlands-based Ring Energy said Oct. 13 it reduced 2022Q4 capital guidance by 15 percent and maintained production guidance.  The Permian-focused company now estimates 2022Q4 capital expenditures of $42 million to $46 million – down from its previous estimate of $50 million to $54 million.  Ring plans to complete and place on production the remaining […]

Tulsa-based Laredo Petroleum said Oct. 18 it expects 2022Q4 production to be 72,500 to 75,500 boed and oil production to be 32,000 to 34,000 b/d – down from third quarter production.  Capital expenditures in 2022Q4 will be $135 million to $145 million – in line with 2022Q3.  The Permian-focused operator said 2022Q3 production was 79,500 […]