permian

Lower 48 Oil, Natural Gas Production to Rise in November as DUC Drawdown Continues

Lower 48 Oil, Natural Gas Production to Rise in November as DUC Drawdown Continues

U.S. onshore oil and natural gas production is set to rise from October to November, propelled by supply growth in the Permian Basin and Haynesville Shale, according to updated projections Monday from the U.S. Energy Information Administration (EIA). Natural gas production from seven key U.S. producing regions — the Anadarko, Appalachia and Permian basins, along…

October 18, 2021
Earthstone Beefs up Permian Midland Basin Footprint with $73.2M Acquisition

Earthstone Beefs up Permian Midland Basin Footprint with $73.2M Acquisition

Permian Basin-focused independent Earthstone Energy Inc. said Monday it would boost its footprint in the area with a $73.2 million acquisition. The company is buying the assets in the Midland sub-basin from two undisclosed sellers for a mix of stock and $49.2 million in cash. The deal is expected to close in the middle of…

October 4, 2021
ExxonMobil Grabs Golden Ring as Profits Soar, Ethane Demand Climbs

ExxonMobil Grabs Golden Ring as Profits Soar, Ethane Demand Climbs

With natural gas and liquids prices soaring, along with ethane demand, ExxonMobil hit on all cylinders during 2Q2021.  The supermajor unveiled its quarterly report on Friday, offering investors some encouraging news following a volatile run over the past few quarters. The gains were keyed to higher commodity prices and a stellar performance by the Chemicals…

July 30, 2021
LM Energy Gauging Support to Expand Permian Delaware Crude Gathering System

LM Energy Gauging Support to Expand Permian Delaware Crude Gathering System

Dallas-based midstreamer LM Energy Holdings LLC through its subsidiary LM Touchdown Crude III LLC is testing support to obtain commitments to expand its crude oil gathering system in the Permian Basin of New Mexico. The binding open season to expand the system in the Delaware sub-basin was launched on Monday and concludes May 12. “Despite…

April 13, 2021
Texas Oil, Gas Steadily Recovers as Industry Jobs Return, Crude Supply Steadies

Texas Oil, Gas Steadily Recovers as Industry Jobs Return, Crude Supply Steadies

The Texas oil and natural gas industry is poised to find its “cyclical trough” early this year, according to one of the state’s leading industry groups.  The state’s share of total U.S. oil production had grown to roughly 42% in 2019, and by the end of 2020 its share was up to 44%, according to…

February 2, 2021
Natural Gas Production in Lower 48 to Continue Falling from January to February, EIA Says

Natural Gas Production in Lower 48 to Continue Falling from January to February, EIA Says

Cumulative natural gas production from seven key U.S. onshore regions is set to fall by 472 MMcf/d from January to February, extending a downtrend that goes back to early 2020, according to updated projections published Tuesday by the Energy Information Administration (EIA). In its latest Drilling Productivity Report, EIA said it expects the Anadarko, Appalachian…

January 19, 2021
Phillips 66 Completes NGL Upgrades at Sweeny Hub Serving Permian, Eagle Ford Operators

Phillips 66 Completes NGL Upgrades at Sweeny Hub Serving Permian, Eagle Ford Operators

Phillips 66 has completed a $1.4 billion infrastructure upgrade near its Houston Ship Channel facilities to serve the Permian Shale and Eagle Ford Shale. Houston-based Phillips 66 management said operations have begun on two natural gas liquids (NGL) fractionation plants at its Sweeny Hub in Old Ocean, TX, south of Houston. With a combined capacity…

November 24, 2020
Pioneer Natural Sees Federal Oil, Natural Gas Drilling Ban as Biggest Industry Exposure if Biden Hangs On

Pioneer Natural Sees Federal Oil, Natural Gas Drilling Ban as Biggest Industry Exposure if Biden Hangs On

Permian Basin heavyweight Pioneer Natural Resources Co.’s executive team sees a possible drilling ban on federal property as the biggest exposure facing the oil and gas industry if Joseph R. Biden Jr. hangs on to win the presidency, management said Thursday. Assuming that Republicans maintain a majority in the Senate, there “should be no effect…

November 5, 2020
Matador Not Looking for Merger, but Any ‘Serious Offer’ Gets ‘Serious Consideration’

Matador Not Looking for Merger, but Any ‘Serious Offer’ Gets ‘Serious Consideration’

Dallas-based independent Matador Resources Co., in sync with its midstream affiliate, pulled out all stops in the third quarter by reducing costs at a record rate while it boosted its oil and natural gas production. The portfolio stretches across oil- and natural gas-rich basins of Louisiana and Texas, but operations primarily are directed to the…

October 28, 2020
Permian, West Coast Natural Gas Big Benefactors of Oil Turbulence; LNG Poised to Lend Further Support

Permian, West Coast Natural Gas Big Benefactors of Oil Turbulence; LNG Poised to Lend Further Support

The oil market turmoil earlier this year provided a “rock solid bull trade for natural gas” that lifted basis to levels that should hold through 2021, particularly for West Coast locations and the upstream markets that serve them, according to market experts. Speaking Wednesday during a webinar hosted by Bloomberg and Natural Gas Intelligence, NGI’s…

August 7, 2020
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