Midland

Phillips 66 Pursues $550M Acquisition to Expand Natural Gas Operations in Permian Midland

Phillips 66 Pursues $550M Acquisition to Expand Natural Gas Operations in Permian Midland

Phillips 66 agreed to acquire Pinnacle Midland Parent LLC in an all-cash deal that would expand its natural gas gathering and processing operations in West Texas. The Houston-based company agreed to pay $550 million to acquire Pinnacle from private equity firm Energy Spectrum Capital in a deal expected to close around mid-year. The acquisition would…

May 22, 2024
APA Selling Bundle of Natural Gas-Weighted Properties in Upper Eagle Ford, Permian

APA Selling Bundle of Natural Gas-Weighted Properties in Upper Eagle Ford, Permian

Houston-based APA Corp. has clinched agreements to sell some natural gas-weighted assets across Texas for more than $700 million. Subsidiary Apache Corp., which oversees exploration and production activity, is divesting properties in the Upper Eagle Ford Shale, which is generally in East Texas. It also is selling properties in West Texas within the Permian Basin’s…

May 22, 2024
Targa Looking Past Natural Gas Price Volatility, Planning Infrastructure for Rising Permian Production

Targa Looking Past Natural Gas Price Volatility, Planning Infrastructure for Rising Permian Production

Targa Resources Corp. is moving forward with two major projects based on its outlook for increasing Permian Basin natural gas production and resulting natural gas liquids (NGL) supply growth. High utilization rates at the 250 MMcf/d Pembrook processing facility in the Permian’s Midland sub-basin “necessitates moving forward with Pembrook II,” CEO Matt Meloy said during …

May 6, 2024
Is FTC Scrutiny of ExxonMobil, Pioneer Natural a Warning Sign? Sheffield Responds

Is FTC Scrutiny of ExxonMobil, Pioneer Natural a Warning Sign? Sheffield Responds

ExxonMobil on Friday clinched its $65 billion tie-up with Permian Basin heavyweight Pioneer Natural Resources Co., but the merger has not come without drama. The transaction, announced last October, moves ExxonMobil to the top of the heap in the Permian, with control of 1.4 million-plus net acres in the Delaware and Midland sub-basins. Estimated output…

May 6, 2024
Permian Heavyweights Diamondback, Endeavor Joining Forces in $26B Merger

Permian Heavyweights Diamondback, Endeavor Joining Forces in $26B Merger

Diamondback Energy Inc. is merging with privately held Endeavor Energy Resources LP to create a Permian Basin juggernaut in a $26 billion cash and stock transaction, the companies said Monday. Upon joining forces, the two Midland, TX-based independents would boast about 830,000 net acres and 816,000 boe/d of combined net production. The merger, expected to…

February 12, 2024
MPLX Exploring Organic Growth Opportunities in Permian, Marcellus and Utica

MPLX Exploring Organic Growth Opportunities in Permian, Marcellus and Utica

MPLX LP management said its 2024 growth outlook is anchored in the Permian Basin and Marcellus Shale, which provide steady sources of opportunities, particularly around natural gas and natural gas liquids (NGL) assets. It also sees potential in the Utica Shale. “We plan to continue growing these operations through organic projects, investment in our Permian…

February 5, 2024
Oxy Joining Permian M&A Fray with $12B CrownRock Acquisition

Oxy Joining Permian M&A Fray with $12B CrownRock Acquisition

Occidental Petroleum Corp. (Oxy) has agreed to acquire privately held Permian Basin oil and natural gas producer CrownRock L.P. in a deal valued at roughly $12 billion. Oxy plans to finance the acquisition by incurring $9.1 billion in new debt, issuing about $1.7 billion of common equity and assuming CrownRock’s $1.2 billion of existing debt,…

December 11, 2023
ProPetro Eyeing More Permian E&P Demand for E-Fleets, Natural Gas-Powered Equipment

ProPetro Eyeing More Permian E&P Demand for E-Fleets, Natural Gas-Powered Equipment

The executive team for completions expert ProPetro Holding Corp., whose business is centered in the Permian Basin, remains bullish on natural gas and oil activity rising over the next several years on improved commodity prices and the continued “industrialization” of the energy sector. The Midland, TX-based oilfield services (OFS) firm provides hydraulic fracturing (fracking) services,…

November 6, 2023
Diamondback’s Viper Energy Building ‘Unparalleled Growth Runway’ with Natural Gas, Oil Royalty Acquisition

Diamondback’s Viper Energy Building ‘Unparalleled Growth Runway’ with Natural Gas, Oil Royalty Acquisition

Viper Energy Partners LP has entered a deal to substantially expand its Lower 48 mineral and royalty interest footprint through an acquisition from two private equity firms. The Diamondback Energy Inc. subsidiary agreed to acquire about 7,300 net royalty acres from Warwick Capital Partners and GRP Energy Capital for roughly 9.02 million Viper common units…

September 5, 2023
Permian Resources, Earthstone Tie-Up Creating Giant E&P Footprint in New Mexico Delaware

Permian Resources, Earthstone Tie-Up Creating Giant E&P Footprint in New Mexico Delaware

Permian Resources Corp. and Earthstone Energy, Inc. on Monday agreed to combine in a $4.5 billion transaction to create a Delaware sub-basin exploration and production (E&P) independent with 400,000-plus net acres and pro forma natural gas and oil output of 300,000 boe/d. Permian Resources was formed last year in a $7 billion merger between Centennial…

August 21, 2023
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