Dallas-based Wolf Midstream Partners LLC is testing support for a proposed crude oil pipeline to expand takeaway capacity from the Permian Basin in West Texas.
Articles from Midland
Texas-based independent Earthstone Energy Inc. is gobbling up all of the oil and natural gas assets held in the Permian Basin by privately held Sabalo Holdings LLC, including 20,800 net acres in the Midland sub-basin of West Texas, in a cash-and-stock deal estimated at $950 million.
Oil and natural gas pipeline constraints in the Permian Basin may be the headline story, but operators are playing “whack-a-mole” in the giant play, where once one issue is resolved, another immediately pops up, executives said Wednesday.
Dallas-based Cogent Midstream LLC said Wednesday it plans to expand its natural gas processing capacity in West Texas with an additional 200 MMcf/d refrigerated cryogenic processing plant at the Big Lake Plant in Reagan County.
Medallion Pipeline Co. LLC has long-term commitments in hand to expand six segments of a Permian Basin oil pipeline system that runs through the Midland sub-basin, and is gauging interest in additional capacity because of “compelling interest,” CEO Randy Lentz said.
Cimarex Energy Co. said it plans to increase crude oil production up to 25% year/year (y/y) while Permian pure-player Parsley Energy Inc. has increased its spending plans and year-end production guidance to reflect shorter cycle times not seen since a wave of asset integrations.
With its exploration attention trained in Texas, SM Energy Co. late Tuesday said it would sell nearly all of its Powder River Basin (PRB) properties for $500 million.
Three pure-play operators in the Permian Basin — Diamondback Energy Inc., RSP Permian Inc. and Callon Petroleum Co. — reported increased production and unveiled plans to deploy additional rigs in the play, by year’s end or during the first quarter of 2018.
An affiliate of infrastructure investor Global Infrastructure Partners (GIP) agreed Monday to pay $1.825 billion-plus to buy Medallion Gathering & Processing LLC (MGP), which owns the largest privately held crude oil transportation system in the Permian Basin’s Midland sub-basin.
Four pure-play exploration operators in the Permian Basin reported increasing production in the second quarter, especially for oil, while successfully batting down lease operating expenses (LOE).