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…
Tag / Permian Basin
SubscribePermian Basin
Articles from Permian Basin
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…
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…
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…
Rise in Permian Activity Lifts U.S. Rig Count to 346, Says Baker Hughes
Led by the Permian Basin, an uptick in drilling activity during the week ended Friday (Dec. 18) saw the U.S. rig count rise eight units to 346, according to the latest figures published by oilfield services provider Baker Hughes Co. (BKR). Changes in the United States for the week included the addition of five oil-directed…
Texas Upstream Energy Job Losses Steeper than Estimated as Pandemic Jolts Industry
Routed by Covid-19, the Texas upstream oil and gas sector has lost more jobs this year than originally reported, according to a top industry group. Using internal data and information provided by the Federal Reserve Bank of Dallas, aka Dallas Fed, workforce reductions in the state over the past year are steeper than first estimates,…
Chevron’s Integration with Noble Midstream Looks to Expand Activity in Colorado’s DJ
Colorado’s Denver-Julesburg (DJ) Basin is expected to take the bulk of midstream activity in 2021 by a new affiliate created between Noble Midstream Partners LP and Chevron Corp. Houston-based Noble Midstream said Tuesday it had successfully integrated into a new Chevron affiliate. The integration followed Chevron’s completed merger in October with Noble Energy Inc. “Noble…
Lower 48 Natural Gas Venting, Flaring Reached Record High in 2019, EIA Says
Natural gas venting and flaring in the United States reached an all-time high of 1.48 Bcf/d in 2019, with North Dakota and Texas accounting for 85% of the total, the Energy Information Administration (EIA) said Tuesday. Vented/flared gas accounted for 1.3% of gross gas withdrawals nationwide, also a record, EIA researchers said. “As crude oil…
Ring Drilling First Permian Horizontal in 10 Months, but Executive Upheaval Drawing Concerns
Permian Basin producer Ring Energy Inc. said Thursday it has begun drilling its first horizontal well in 10 months on the Northwest Shelf leasehold in West Texas, a positive sign in what is proving to be a year of upheaval for the company. The Badger 709 B No. 6XH oil San Andres well in Yoakum…
Permian Highway Start-Up Sending Natural Gas to Gulf Coast
Kinder Morgan Inc.’s hotly contested Permian Highway Pipeline (PHP) is fully operational, moving associated gas volumes through a 430-mile pipeline from Waha in West Texas to Katy, outside of Houston, with connections to the Gulf Coast and Mexico markets. PHP was mechanically complete on Nov. 1, and the 2.1 Bcf/d conduit is expected to be…