Midland

Ovintiv Inc. signaled last month that the focus this year would be Permian Basin oil, and on Monday, the Denver independent advanced those ambitions by striking a nearly $4.3 billion cash-and stock deal to build West Texas inventory.  “Substantially all leasehold interest and related assets” were acquired from companies managed by private equity (PE) giant…

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…

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…

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…

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 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…

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…

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…

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…