Permian Basin

Lower 48 Oil and Natural Gas Permitting Rises, but Not Everywhere

Lower 48 Oil and Natural Gas Permitting Rises, but Not Everywhere

Nearly 3,000 permits were issued in February to explore for U.S. oil and gas, a slight increase from January but down nearly 9% from a year ago, according to state and federal data. Evercore ISI, which tracks oil and gas permitting data, said 2,929 permits gained approval in February, up by 211 or 8% from…

March 21, 2023
EOG Resources Strikes Upbeat Tune on Natural Gas, Oil Volumes

EOG Resources Strikes Upbeat Tune on Natural Gas, Oil Volumes

EOG Resources Inc., a multi-basin exploration and production firm, said its strong fourth quarter and full-year 2022 results were powered by robust natural gas and oil demand, price spikes and steady production activity. For the year, EOG said, the natural gas prices it fetched jumped 49% from a year earlier, while crude prices increased 42%.…

February 27, 2023
Targa Forges Ahead with Permian Expansions, Citing Long-Term Natural Gas Demand

Targa Forges Ahead with Permian Expansions, Citing Long-Term Natural Gas Demand

Targa Resources Corp. is bullishly pushing forward with expansion projects in the prolific Permian Basin, citing expectations for robust global oil and natural gas demand long term The Houston-based company expects momentum to push through 2023, a year in which global oil demand is projected by the International Energy Agency to grow and foundations are…

February 24, 2023
Devon Focusing Capex on Permian Delaware, Says Natural Gas Takeaway Sufficient

Devon Focusing Capex on Permian Delaware, Says Natural Gas Takeaway Sufficient

Devon Energy Corp. is planning to focus a majority of its capital on the Permian Basin’s Delaware sub-basin this year, management said Wednesday. Oklahoma City-based Devon, a leading Lower 48 independent, operates primarily in the Permian Delaware, Anadarko, Williston and Powder River basins, along with the Eagle Ford Shale. Devon has set a 2023 capital…

February 15, 2023
EIA Sees Continued Onshore Natural Gas Production Growth in March, Paced by Haynesville

EIA Sees Continued Onshore Natural Gas Production Growth in March, Paced by Haynesville

With the Haynesville Shale continuing to serve as the biggest driver of projected onshore natural gas production growth, output from seven key Lower 48 plays is poised to grow by 426 MMcf/d from February to March, according to the Energy Information Administration (EIA). In its latest Drilling Productivity Report (DPR), published Monday, the agency modeled…

February 15, 2023
What Gains? Natural Gas Futures Traders Slam Brakes on Rally as Cash Stabilizes

What Gains? Natural Gas Futures Traders Slam Brakes on Rally as Cash Stabilizes

Natural gas futures faltered midweek, erasing the prior two days’ gains as traders looked ahead to growing storage surpluses later this month amid ongoing warmth across most of the country. The March Nymex gas futures contract settled Wednesday at $2.396/MMBtu, down 18.0 cents on the day. April futures slid 18.7 cents to $2.477. At A…

February 8, 2023
MPLX Bullish on Natural Gas Growth as Permian, Marcellus Bottlenecks Targeted

MPLX Bullish on Natural Gas Growth as Permian, Marcellus Bottlenecks Targeted

MPLX LP is bumping up its capital spending by $50 million in 2023 to work toward debottlenecking pipeline constraints and expanding gathering and processing (G&P) capacity in the Permian Basin, as well as the Bakken and Marcellus shales. MPLX has set aside $800 million of growth capital for the year, with another $150 million earmarked…

February 1, 2023
U.S. Oil, Natural Gas M&A Slows in 2022 as Megadeals Dominate

U.S. Oil, Natural Gas M&A Slows in 2022 as Megadeals Dominate

Mergers and acquisitions (M&A) within the U.S. upstream fell to their lowest annual volume in nearly two decades last year, according to new research by Enverus Intelligence Research (EIR). Exploration and production (E&P) firms recorded 160 transactions valued at $58 billion total, the Enverus subsidiary found. This is the lowest number of deals since 2005.…

January 26, 2023
Kinder Morgan’s Haynesville Natural Gas Gathering Volumes Jump 44%

Kinder Morgan’s Haynesville Natural Gas Gathering Volumes Jump 44%

Nearly a year after receiving federal approval, Kinder Morgan Inc. has sanctioned the 2 Bcf/d Evangeline Pass pipeline project that would feed Venture Global LNG Inc.’s Plaquemines LNG export facility. In a call with investors to discuss 4Q2022 earnings earlier this month, CEO Steven Kean said Kinder is moving forward with the $678 million Evangeline…

January 25, 2023
U.S. Oil Production Holds Steady Even As Near-Term Demand Slips Further

U.S. Oil Production Holds Steady Even As Near-Term Demand Slips Further

Domestic crude production matched the pandemic-era peak, while demand last week declined and extended a trend early in 2023. The U.S. Energy Information Administration (EIA) said Wednesday output for the period ended Jan. 20 clocked in at 12.2 million b/d – matching the high mark of the past two years and on par with the…

January 25, 2023
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