Permian Basin

New Mexico’s fiscal health is undergoing an “unprecedented sea change” with global markets signaling the “beginning of the end” for the state’s financial reliance on fossil fuels, the Institute for Energy Economics and Financial Analysis (IEEFA) reported Tuesday. IEFFA’s Tom Sanzillo, director of finance, co-authored the report with energy policy analyst Suzanne Mattei.  “Leases, royalty…

ConocoPhillips on Monday announced it is taking over Concho Resources Inc. for $9.7 billion in stock, forming a giant in the Permian Basin that would rival the output of the biggest players in the nation’s most productive oilfield. Concho, a Permian pure-play, is the fifth-largest producer by volume in the massive field. The combination marks…

The U.S. rig count surged 13 units higher to finish at 282 for the week ending Friday (Oct. 16) on the strength of gains in oil-directed drilling, according to the latest data from oilfield services provider Baker Hughes Co. (BKR). Twelve oil-directed rigs and one natural gas-directed rig were added in the United States for…

U.S. oil and gas permitting on federal lands jumped 8% in September from August, with Texas operators posting the largest increase since March, according to a monthly tally by Evercore ISI. The firm every month compiles permit data from federal and state sources, which provides a bird’s eye view of where drilling by exploration and…

Production in the Permian Basin will likely decline through the year but then begin to increase through at least 2026, even if prices do not rise significantly, according to analysts. “We see the Permian as a relative winner among domestic basins given favorable production economics, independent of a call on higher commodity prices,” the Morgan…

Driven by demand from the electric power sector, the United States set new records in natural gas production, consumption and gross exports in 2019, the U.S. Energy Information Administration (EIA) reported Monday. In its Natural Gas Annual report, EIA said 2019 gas consumption increased 3%, led by a 7% increase in power sector demand that…

Houston-based Black Bear Transmission LLC said Thursday it has completed the sale of natural gas gathering assets in Oklahoma and Arkansas acquired earlier this year from Enbridge Inc.   The assets, owned by Ozark Gas Gathering LLC (OGG), were sold to an undisclosed buyer and terms were not released. OGG was acquired from Enbridge as part…

ConocoPhillips’ strategic pivot in 2016 to a value model rather than a growth model provided the Houston-based independent the financial capability to “make rational economic decisions” during the oil market downturn, including curtailing around 400,000 b/d of production. ConocoPhillips Executive Vice President and Chief Operating Officer Matt Fox said the company’s strong balance sheet, which…

A Houston-based midstreamer is looking to squeeze in another oil export project on the Texas coast between the massive Houston and Corpus Christi ports that would move Eagle Ford Shale and Permian Basin supply overseas. Max Midstream announced the ambitious plan designed around the Seahawk Pipeline and Terminal in Port Comfort in Calhoun County. The…