Energy Transfer LP is adding 3,000 miles of crude gathering and transportation traversing the Permian Basin to Oklahoma in a $1.45 billion deal for Lotus Midstream Operations LLC. The transaction with an affiliate of EnCap Flatrock Midstream (EFM), set to be completed by mid-year, would include a $900 million cash payment and 44.5 million new…
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Permian Injection Wells in West Texas Inspected After Second Quake in Month
A powerful earthquake in the Permian Basin of West Texas – the second in a month – shook the region last Friday, and regulators were inspecting injection well sites for clues. The 5.4 magnitude seismic event struck an area about 12 miles north of Midland in Martin County. The region is in the Gardendale Seismic…

Permian-Focused Laredo Petroleum Rebranding as Vital Energy Amid ESG Emphasis
Tulsa, OK-based independent Laredo Petroleum Inc. is set to rebrand as Vital Energy Inc. on Jan. 9, management said. The name change is consistent with the company’s goal “to ensure everyone has access to the reliable, affordable energy resources needed to power their lives,” according to the firm. The rebrand “reflects our mission and collective…

Targa Sees ‘No Slowdown’ in 2023, Pulls Trigger on Two Permian Midstream Projects
After posting record volumes across its gathering and processing (G&P) systems during the third quarter, Targa Resources Corp. has sanctioned two midstream projects in the Permian Basin. A second natural gas processing plant at the Wildcat facility in the Delaware sub-basin of the Permian would boost processing capacity by 275 MMcf/d. To be called Wildcat…

Diamondback Bolting on ‘More Than a Decade’ of Permian Inventory, Targeting $500M in Asset Sales
Diamondback Energy Inc. has entered a deal to acquire all leasehold interest and related assets of privately held FireBird Energy LLC for $775 million in cash and 5.86 million Diamondback shares. The West Texas asset package spans about 75,000 gross (68,000 net) acres in the Permian Basin’s Midland sub-basin. “This bolt-on acquisition adds significant, high-quality…

Callon Raising Natural Gas Price Exposure at HSC, Reducing Waha
Recent Permian Basin natural gas pipeline marketing deals will reduce Callon Petroleum Corp.’s reliance on Waha Hub pricing, management of the Texas-focused independent said earlier this month. “These transactions will increase our pricing exposure to Gulf Coast gas pricing and provide additional flow assurance benefits,” CEO Joe Gatto told analysts during the second quarter earnings…

Earthstone Builds West Texas Portfolio in $860M Deal for Permian Private Bighorn
Permian Basin pure-play Earthstone Energy Inc. is on an acquisition tear, announcing Monday it is scooping up West Texas-focused private Bighorn Permian Resources LLC for around $860 million. Earthstone, headquartered in The Woodlands north of Houston, agreed to pay $770 million cash and trade 6.8 million shares valued at $90 million for the Permian Midland…

Earthstone Beefs up Permian Midland Basin Footprint with $73.2M Acquisition
Permian Basin-focused independent Earthstone Energy Inc. said Monday it would boost its footprint in the area with a $73.2 million acquisition. The company is buying the assets in the Midland sub-basin from two undisclosed sellers for a mix of stock and $49.2 million in cash. The deal is expected to close in the middle of…

Permian Pure Play Diamondback Adds Heft to Portfolio with QEP, Guidon Tie-Ups
Diamondback Energy Inc. is expanding its leasehold in the Permian Basin with two separate cash and stock deals valued at a combined roughly $3 billion that are seen boosting cash flow and shareholder returns. The Midland, TX-based independent agreed to acquire QEP Resources in an all-stock transaction valued at around $2.2 billion, including QEP’s net…

EIA Hits Refresh on Permian Midland Structure, Thickness Maps
Updated structure and thickness maps for one of the busiest developments in the Permian Basin, the Wolfcamp within the Midland sub-basin, have been updated by the Energy Information Administration (EIA). The Wolfcamp formation, which straddles the Midland and Delaware formations, “has attracted many oil companies because of its stacked potential,” i.e. multiple hydrocarbon-producing zones that…