Permian Basin

Phillips 66 Seeking to Expand Gray Oak Southbound Crude Service from Permian

Phillips 66 Seeking to Expand Gray Oak Southbound Crude Service from Permian

Phillips 66 Partners is launching an open season Tuesday to gauge interest in additional crude oil transportation capacity from the Permian Basin to South Texas. The new takeaway capacity along the Gray Oak Pipeline would terminate in Victoria, 85 miles northeast of Corpus Christi. In-service is targeted in the first half of 2022. The 850-mile…

August 31, 2020
Barron Petroleum Claims Major Oil, Gas Discovery in Permian

Barron Petroleum Claims Major Oil, Gas Discovery in Permian

Privately held Barron Petroleum LLC said it made a substantial oil and natural gas discovery at a 13,000-acre field in West Texas. The Graham, TX-based exploration and production company, which has been working with geoscientist William Purves on the project since 2018, said a discovery well found an estimated 74.2 million boe in reserves.  The…

August 26, 2020
Natural Gas Rigs Down, but Overall U.S. Count Sees First Post-Covid Increase

Natural Gas Rigs Down, but Overall U.S. Count Sees First Post-Covid Increase

The U.S. natural gas rig count fell one unit to 69 during the week ending Friday (Aug. 21), a small decline overshadowed by a decisive uptick in oil-directed activity, the latest data from Baker Hughes Co. (BKR) show. For the first time since the widespread adoption of measures to limit the spread of Covid-19 began…

August 21, 2020
U.S. Midstream Results in 2Q Showed Volume Resiliency, Commitment to Capex Curbs

U.S. Midstream Results in 2Q Showed Volume Resiliency, Commitment to Capex Curbs

U.S. midstream management teams doubled down on cost cuts and reduced capital expenditures (capex) during second quarter earnings season. However, many also struck generally optimistic tones about improving volumes and a gradual recovery from the energy slump imposed by the coronavirus pandemic. Overall, “the messaging was really good, particularly around considerably less capex going forward,…

August 20, 2020
Winter Premium in Play as Nymex Natural Gas Futures Rally; California Cash Slides

Winter Premium in Play as Nymex Natural Gas Futures Rally; California Cash Slides

Natural gas futures soared higher Tuesday as traders attempted to close the massive gap between the front of the curve and the winter contracts. Despite little change in the fundamental backdrop, the September Nymex futures contract jumped 7.8 cents day/day to settle at $2.417. October climbed 8.0 cents to $2.556. Spot gas prices were mixed…

August 18, 2020
Covenant, Stuart Combine Lower 48 Well Flowback, Pressure Control Businesses

Covenant, Stuart Combine Lower 48 Well Flowback, Pressure Control Businesses

Houston-based Covenant Testing Technologies LLC said Tuesday it is combining with Stuart Pressure Control to provide well flow and pressure control for operators across the Lower 48. The tie-up is designed to expand services for exploration and production companies in the Permian and Denver-Julesburg basins, as well as the Eagle Ford and Haynesville shales. “In…

August 18, 2020
Permian Highway Taking Slight Detour, but Scheduled Ramp Still Early ‘21, Says Kinder

Permian Highway Taking Slight Detour, but Scheduled Ramp Still Early ‘21, Says Kinder

Kinder Morgan Inc. confirmed Monday that the 2 Bcf/d Permian Highway Project (PHP), designed to move West Texas supply to the Texas coast, remains on schedule for completion in early 2021. In an opinion piece published last week in the Houston Chronicle, CEO Steven Kean said management had determined the “best option” for the 42-inch…

August 18, 2020
Chaparral Seeking Chapter 11 Protection, while Lilis Looking to Unload Permian Assets

Chaparral Seeking Chapter 11 Protection, while Lilis Looking to Unload Permian Assets

Anadarko Basin-focused Chaparral Energy Inc. said Monday a voluntary bankruptcy protection plan is in the offing to reduce debt and continue operating.  The Oklahoma City-based independent, which filed Chapter 11 petitions in U.S. Bankruptcy Court for the District of Delaware, has a restructuring support agreement (RSA) with funded debt holders to equitize $300 million of…

August 17, 2020
Oil, Natural Gas Supply from Major U.S. Plays to Continue Falling in September, EIA Says

Oil, Natural Gas Supply from Major U.S. Plays to Continue Falling in September, EIA Says

Oil and natural gas production from seven key U.S. onshore plays is set to decline in September, continuing a downtrend that began earlier this year, according to the latest Drilling Productivity Report (DPR) published Monday by the Energy Information Administration (EIA). EIA expects oil production from the Anadarko, Appalachian, Denver Julesburg-Niobrara and Permian basins, as…

August 17, 2020
Most Lower 48 Oil Curtailments Coming Back Online by September, Says Analysis

Most Lower 48 Oil Curtailments Coming Back Online by September, Says Analysis

Nearly all of the curtailed U.S. onshore oil volumes shut-in as Covid-19 hampered demand are set to return by the end of the third quarter amid stronger oil prices and a generally brighter market outlook, according to a new analysis by Rystad Energy. The Oslo-based consultancy analyzed the curtailment reactivation schedules of 25 publicly traded…

August 14, 2020