ExxonMobil Corp. and Chevron Corp. proved during the second quarter that it’s possible to turn a profit even at stagnant commodity prices. In the U.S. onshore, there’s no better place today to work than in the Permian Basin, where their rig counts are rising along with production.
Articles from Midland
Midstream companies are working hard to keep up with the red-hot Permian Basin. A pair of open seasons for crude oil pipelines servicing the Permian’s Midland sub-basin were announced this week, which together could add a combined 410,000 b/d of capacity out of the play.
SM Energy Co. said its three-year growth plan was ramping up quickly, with new wells performing stronger than expected, while completing an $800 million sale of noncore assets in the Eagle Ford Shale helped to reduce net debt by more than 20%.
San Antonio-based NuStar Energy LP has agreed to acquire Permian Basin crude oil gatherer and transporter Navigator Energy Services LLC for $1.475 billion. Already active in the Eagle Ford Shale, NuStar now would have a long-sought presence in the Permian, management said Wednesday.
The frenzied land grab in the Permian Basin may be cooling down because there don’t appear to be too many substantial leaseholds left to purchase, Parsley Energy Inc. CEO Bryan Sheffield said Friday.
West Texas aficionado Parsley Energy Inc. struck for a second time in the Permian Basin in as many months, agreeing Tuesday to pay $2.8 billion for another 71,000 net acres, giving it command of 277,000 net acres total, mostly in the Midland sub-basin.
Across the West Texas plains, analysts at Wunderlich Securities Inc. say they “can see a boom coming.” After recently visiting producers in Houston and Midland, TX, and hanging out at the Texas-New Mexico border, Wunderlich analysts Irene Haas and Jason Wangler feel confident enough to call another Permian boom.
Solaris Midstream Holdings LLC has merged the operations of Water Midstream Partners LLC (WMP) into Solaris Water Midstream LLC, expanding its footprint in the Midland Basin.
Callon Petroleum Co., already on a tear to expand its Permian Basin inventory, has agreed to pay $615 million to gain entry into the Southern Delaware formation, a 30% boost in acreage to complement the Midland oil and natural gas operations.
Pioneer Natural Resources Co. and officials in Midland, TX agreed Tuesday to a groundbreaking private-public partnership that would provide citizens with a steady source of freshwater and give the producer a ready supply of reclaimed water for its extensive oil and gas operations in the Permian Basin.