permian

Three rigs came back to the Barnett Shale, and the Haynesville held steady at 16. But it was still lights out in the Fayetteville Shale as one natural gas rig left action for the week ending July 22. There are rigs coming back, but their operators have oil on the brain.

More U.S. land-based drilling rigs returned to play in the Baker Hughes Inc. (BHI) rig count released Friday, but the pace of return slowed from the previous week. The Permian Basin turned in another strong showing.

More U.S. land-based drilling rigs returned to play in the Baker Hughes Inc. (BHI) rig count released Friday, but the pace of return slowed from the previous week, and only one natural gas unit came back. The Permian Basin turned in another strong showing, but producers were heading for the exit in the Barnett.

Few mega-deals have hit the oil and gas sector for awhile, but North American oil and gas transactions have accelerated, particularly in the Permian Basin and in Oklahoma, as commodity prices strengthen, the bid/ask spread tightens and capital markets access improves, Fitch Ratings said Thursday.

Diamondback Energy Inc., which has become an exploration master in the Permian Basin’s Midland sub-basin, is grabbing more Texas leasehold in a $560 million agreement that gives it entry into the basin’s twin prolific play, the Delaware.

Memorial Production Partners LP (MEMP) plans to sell some of its noncore assets in the Permian Basin and assets in Colorado and Wyoming to undisclosed buyers.

TPH Partners, the private equity arm of Tudor, Pickering, Holt & Co., has formed multi-service water management company EnWater Solutions LLC to serve oil and gas operators in the Permian Basin. The Midland, TX-based company combined the partnership’s existing water business in the Permian and assets from Pelagic Water Systems LLC. Services range from high-volume saltwater disposal facilities to permanent and temporary water pipelines. Micky Thacker, a former Flint Energy Services executive, was named CEO.

Tulsa-based WPX Energy Inc. plans to add another rig to its Permian Basin operations and complete 15 uncompleted wells in the Williston Basin as part of an overall plan to increase full-year oil production guidance by 5%.

The Permian Basin remains resilient in spite of the pullback in domestic onshore activity, with more active rigs than any other major U.S. play combined, a positive sign for the bulls when the upturn begins.