Permian Basin

Oxy, Partners Take Another Step to Advance Permian Carbon Capture Project

Oxy, Partners Take Another Step to Advance Permian Carbon Capture Project

Occidental Petroleum Corp.’s vision to yank carbon emissions from the atmosphere in its top development, the Permian Basin, took a giant step forward Tuesday with the first engineering phase given the green light. Australia’s Worley Ltd. was awarded the front-end engineering and design (FEED) for the first of four phases of the direct air capture…

February 26, 2021
Devon All In on Permian Delaware, with Most Capital, Rigs Set for New Mexico, Texas

Devon All In on Permian Delaware, with Most Capital, Rigs Set for New Mexico, Texas

The Permian Basin will be the go-to target for Devon Energy Corp. this year, with 80% of this year’s capital budget and nearly all of the rigs directed to the massive formation.  The Oklahoma City-based independent issued its legacy fourth quarter and full-year results last week. Results from WPX Energy Inc., which completed its merger…

February 23, 2021
Plains Eyeing Modest Permian Growth, Debt Reduction in 2021

Plains Eyeing Modest Permian Growth, Debt Reduction in 2021

Plains All American LP remains in maintenance mode for now, but it has plenty of operational flexibility to accommodate production growth from the Permian Basin that may arise following the rapid uptick in oil prices. West Texas Intermediate crude is nearing $60/bbl, but CEO Willie Chiang expects to see only “modest growth” out of the…

February 11, 2021
North American Oil, Gas Midstream Outlook Focus of Latest NGI’s Hub & Flow

North American Oil, Gas Midstream Outlook Focus of Latest NGI’s Hub & Flow

Click here to listen to the latest episode of NGI’s Hub & Flow podcast. Kinder Morgan Inc. kicked off earnings season for North American oil and gas midstream companies, reporting lower transportation volumes across its systems but continuing to improve its balance sheet. The Houston-based midstreamer plans to toe the line this year when it…

January 26, 2021
Lower 48 DUC Well Inventory Down to Pre-Pandemic Levels as Oil Prices Recover

Lower 48 DUC Well Inventory Down to Pre-Pandemic Levels as Oil Prices Recover

Lower 48 oil and gas producers have drawn down their inventory of drilled but uncompleted (DUC) wells to pre-pandemic levels, reflecting an improved commodity pricing and demand outlook, according to new analysis by Rystad Energy. After reaching a multiyear high of 6,548 wells last June, the DUC count in the country’s major oil regions fell…

January 26, 2021
Permian Posts Double-Digit Rig Increase, Spurring U.S. Count Higher

Permian Posts Double-Digit Rig Increase, Spurring U.S. Count Higher

A surge in oil-directed drilling led by the Permian Basin sent the U.S. rig count 13 units higher to 373 for the week ending Friday (Jan. 15), according to data published by Baker Hughes Co. (BKR). The latest BKR numbers, which are based on data provided in part by Enverus, showed an increase of 12…

January 15, 2021
ExxonMobil Decries ‘Demonstrably False’ Report Regarding Permian Valuation

ExxonMobil Decries ‘Demonstrably False’ Report Regarding Permian Valuation

ExxonMobil on Friday fired back in response to a report that it was under federal investigation for overvaluing its Permian Basin assets. According to a story published on Friday by The Wall Street Journal, the Securities and Exchange Commission is investigating ExxonMobil following a whistleblower complaint filed last fall. The complaint, said the newspaper, claims…

January 15, 2021
U.S. Midstreamers Eyeing Potential Gains in Permian, Beyond, but Need Oil Prices to Cooperate

U.S. Midstreamers Eyeing Potential Gains in Permian, Beyond, but Need Oil Prices to Cooperate

The U.S. economy’s reopening amid the Covid-19 pandemic jump-started the oil and natural gas midstream recovery in the second half of 2020. But, the recent rise in oil prices could spur renewed activity in a handful of basins, benefiting some operators in the year ahead. A Raymond James & Associates Inc. team, led by analysts…

January 12, 2021
U.S. Midstream Looks to Steady Recovery, but Pipeline Additions Fueling Fight for Molecules

U.S. Midstream Looks to Steady Recovery, but Pipeline Additions Fueling Fight for Molecules

After a gut-wrenching 2020 in which bankruptcies, write-downs and historic losses consumed the oil and natural gas industry, the U.S. midstream sector is poised for a stable path to recovery in the year ahead, according to experts. Several key themes this year could shape the return to normal, including the pace of economic reopenings/demand recovery…

January 8, 2021
Permian Pure Play Diamondback Adds Heft to Portfolio with QEP, Guidon Tie-Ups

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…

December 21, 2020
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