Permian Basin

Oil and natural gas permitting in the Lower 48 fell by double-digits in November from a month earlier, driven by losses in the Permian Basin, according to Evercore ISI. The analyst firm, which each month tracks state and federal permitting, said a total of 2,565 permits were issued in November, down by 11% month/month (m/m). …

Howard Energy Partners (HEP) completed about $800 million worth of growth projects and achieved record natural gas throughput on its assets during 2023, the company said Wednesday. San Antonio, TX-based HEP owns energy infrastructure assets in Texas, New Mexico, Oklahoma, Pennsylvania and Mexico. The newly completed projects include “new major pipelines and processing facilities in…

The aggregate value of mergers and acquisitions (M&A) in the Permian Basin has surpassed $100 billion this year with the recently announced $12 billion takeover by Occidental Petroleum Corp. (Oxy) of CrownRock LP, eclipsing the previous record of $65 billion set in 2019, according to new analysis by Wood Mackenzie.  The Oxy-CrownRock deal followed ExxonMobil’s…

Surging production and new takeaway capacity paved a path for record-high natural gas supplies flowing from the prolific Permian Basin. A 550 MMcf/d expansion of Kinder Morgan Inc.’s (KMI) Permian Highway Pipeline (PHP) entered service at the start of this month and amplified Whistler Pipeline LLC’s recently completed 500 MMcf/d expansion in the Permian.   “Permian…

Natural gas production in the Rockies, like the country overall, is at vigorous levels this fall even as demand from western markets eases. The result: stout supplies in storage and soft prices. Mountain region inventories were 23.5% higher than the five-year average as of Nov. 24, the most recent storage update from the Energy Information…

OPEC-plus, the consortium of major oil producers led by Saudi Arabia, agreed to a substantial production cut late last week that could bolster prices and fuel more demand for Permian Basin crude. This, by extension, could drive continued lofty levels of associated natural gas from the prolific basin. Associated gas, produced alongside oil, contributed to…

The U.S. natural gas rig count slid one unit to 116 for the week ended Friday (Dec. 1), while gains in the oil patch lifted the overall domestic count to 625, according to the latest figures from Baker Hughes Co. (BKR). Changes in the United States for the period included the addition of five oil-directed…

The combination of relatively soft weather-driven demand and record production put the U.S. natural gas market on a path to price-pressuring oversupply well into 2024, a growing chorus of analysts cautioned in November. “We are bearish on U.S. natural gas,” Goldman Sachs Group’s Samantha Dart said bluntly. First things first: U.S. production reached record levels…

Northern Oil and Gas Inc. (NOG) has entered two deals to acquire interests in upstream assets in the Permian Basin’s Delaware formation and Utica Shale for a combined $170 million in cash. Minneapolis-based NOG specializes in acquiring non-operated minority working and mineral interests in Lower 48 basins. In the Permian Delaware, NOG entered a deal…