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Texas Upstream Employment Showing Steady Growth, with U.S. E&P, OFS Numbers Higher Too

Texas Upstream Employment Showing Steady Growth, with U.S. E&P, OFS Numbers Higher Too

Upstream oil and natural gas employment in Texas expanded in August, with monthly jobs gains since last September —  the low point — outnumbering declines, according to a top energy industry group. The latest Texas Workforce Commission (TWC) data suggests that upstream employment “expanded by 2,800 jobs in August,” the Texas Oil & Gas Association…

September 23, 2021
DT Midstream’s Carbon-Neutral Expansion in Haynesville Eyeing LNG Export Opportunities

DT Midstream’s Carbon-Neutral Expansion in Haynesville Eyeing LNG Export Opportunities

DT Midstream has an enviable market, delivering natural gas across the United States and into Canada, but a new project in the Haynesville Shale is looking to the discriminating cadre of overseas customers that want carbon-neutral fuel. CEO David Slater, who delivered a keynote address in Chicago earlier this month at the LDC Gas Forums-Midcontinent,…

September 23, 2021
Permian Oil, Natural Gas Essential through Global Energy Transition, Says ConocoPhillips CEO

Permian Oil, Natural Gas Essential through Global Energy Transition, Says ConocoPhillips CEO

The decision to plunk down $9.5 billion to purchase Royal Dutch Shell plc’s Permian Basin assets is going to give ConocoPhillips a bountiful and low-cost supply that will be necessary as the world evolves toward a low-carbon future, CEO Ryan Lance said.  The mega deal announced late Monday is for Shell’s West Texas portfolio within…

September 23, 2021
Lagoon Water Midstream Expands into Permian with Double Drop Acquisition

Lagoon Water Midstream Expands into Permian with Double Drop Acquisition

Lagoon Water Midstream on Tuesday said it has closed the acquisition of Midland, TX-based Double Drop Resources, a Permian Basin-focused water management company. The acquisition “significantly expands Lagoon’s operations and establishes it as a multi-basin water management company with a presence in the heart of the Permian,” according to Lagoon, which is backed by Macquarie…

September 22, 2021
ConocoPhillips Vows to Sweeten Returns, Reduce Carbon in Buying Shell’s Permian Leasehold

ConocoPhillips Vows to Sweeten Returns, Reduce Carbon in Buying Shell’s Permian Leasehold

Strike while the iron is hot, ConocoPhillips CEO Ryan Lance said Tuesday of the decision to pay $9.5 billion for Royal Dutch Shell plc’s Permian Basin portfolio. The world’s largest exploration and production (E&P) company late Monday agreed to buy Shell’s West Texas portfolio, spread across 225,000 net acres of private land in the Delaware…

September 21, 2021
Decline at Oklahoma’s Cushing Hub Leads Downward Slide in U.S. Oil Stocks, EIA Says

Decline at Oklahoma’s Cushing Hub Leads Downward Slide in U.S. Oil Stocks, EIA Says

U.S. stockpiles of crude are down substantially this year amid rising demand and curtailed production, with inventories at the Cushing Hub in Oklahoma driving the downward trend. Stocks at Cushing totaled 32.9 million bbl for the week ended Sept. 10, down 42% from the start of the year, the U.S. Energy Information Administration (EIA) said…

September 21, 2021
Laredo Bolts On Permian Midland Acreage in Cash, Stock Swap with Pioneer Natural

Laredo Bolts On Permian Midland Acreage in Cash, Stock Swap with Pioneer Natural

Tulsa-based Laredo Petroleum Inc. has clinched a deal to build out its West Texas leasehold in an estimated $230 million cash-and-stock deal with Pioneer Natural Resources Co. The transaction is for around 20,000 net acres in the Permian Basin’s Midland formation, giving Laredo around 22,200 net acres total in western Glasscock County. The acreage is…

September 21, 2021
ConocoPhillips Snapping Up Shell’s Permian Portfolio for $9.5B

ConocoPhillips Snapping Up Shell’s Permian Portfolio for $9.5B

Houston-based ConocoPhillips on Monday agreed to pay $9.5 billion to buy Royal Dutch Shell plc’s Permian Basin portfolio, which a Shell executive said reflected “our focus on value over volumes” as it accelerates its energy transition from fossil fuels. Shell’s Permian business includes ownership in 225,000 net acres with current production of around 175,000 boe/d.…

September 20, 2021
Pemex Fire, Hurricane Ida Dent OPEC Supply Forecast as Oil Demand Gathers Momentum

Pemex Fire, Hurricane Ida Dent OPEC Supply Forecast as Oil Demand Gathers Momentum

Two events in the Gulf of Mexico have dented the latest 2021 supply forecast by the Organization of the Petroleum Exporting Countries (OPEC). In the cartel’s latest Monthly Oil Market Report (MOMR), oil supply outside of the OPEC countries for 2021 was revised lower by 0.17 million b/d from the previous forecast because of a…

September 20, 2021
Shell Says ‘Significant’ Damage from Ida Pummels Oil, Gas Services in Deepwater GOM

Shell Says ‘Significant’ Damage from Ida Pummels Oil, Gas Services in Deepwater GOM

An offshore oil and natural gas complex in the deepwater Gulf of Mexico (GOM) is likely to be offline for repairs for months because of damage inflicted by Hurricane Ida, Royal Dutch Shell plc said Monday. A “comprehensive damage assessment” was conducted by Shell Offshore Inc. following Ida, which stormed through the GOM at the…

September 20, 2021
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