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…
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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.…
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…
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…
Matador Snagging More Permian Acreage in $1.6B-Plus Deal to Buy Advance Energy
Matador Resources Co. has bolted on its largest deal yet in the Permian Basin in an agreement to acquire Advance Energy Partners Holdings LLC, with assets in New Mexico and West Texas. The independent is providing an initial cash payment of $1.6 billion, with an additional $7.5 million total paid monthly in 2023 if the…
Volatility Laces 2023 Natural Gas Price Outlook Amid Robust Production, Demand Uncertainty
U.S. natural gas prices are off to a rocky start in 2023, and analysts are braced for a choppy ride ahead amid expectations for strong production levels, infrastructure constraints and forecasts for relatively mild weather during the heart of winter. Limits on American exporters’ collective ability to meet global needs add another layer of uncertainty…
Milestone Unveils New Mexico’s First Carbon-Negative Energy Waste Facility in Permian
Milestone Environmental Services LLC has expanded its energy waste sequestration and cleanup efforts in the northern Delaware formation of the Permian Basin, with the opening of its first New Mexico-based liquid oilfield waste facility. “American oil and gas is critical to powering the nation and the world, and Milestone is committed to cleaning up energy…
Oneok Eyeing Permian Natural Gas Exports to Mexico, Seeks FERC Approval
Oneok Inc. is seeking a federal permit that would facilitate exports of Permian Basin natural gas to Mexico, the firm said Tuesday (Dec. 20). Oneok’s Saguaro Connector Pipeline subsidiary filed a Presidential Permit application with the Federal Energy Regulatory Commission “to construct and operate facilities for the exportation of natural gas at a new international…
Latest Permian Quake Prompts Injection Well Revisions to Texas Seismic Response Plan
An oil and natural gas operator-led response plan in West Texas, which targets seismicity from produced water injection wells in the Permian Basin, has been revised following a 5.4 magnitude earthquake last month. The Railroad Commission of Texas (RRC) on Tuesday implemented several revisions to the seismicity reduction response plan in the Northern Culberson-Reeves Seismic…
Oil, Natural Gas Permitting Tick Up in Rockies as Permian, Marcellus Dip
Oil and natural gas permitting in the Lower 48 slowed down sequentially in October, although the monthly permit count was up on both a year/year basis and when compared to pre-Covid October 2019 numbers, Evercore ISI data show. Operators filed a total of 3,308 permits last month, down 16% from September but up 25% versus…