Permian Basin

Natural gas prices will rise this summer as power sector demand increases and production growth slows, according to updated projections from the Energy Information Administration (EIA). After averaging $2.15/MMBtu in May, Henry Hub spot prices will climb to an average of slightly above $2.60 for 3Q2023, EIA said in its latest Short-Term Energy Outlook (STEO),…

New natural gas and oil drilling permits almost doubled in May in one portion of the Permian Basin in Texas, but overall, activity was down sharply in the state. The Railroad Commission of Texas (RRC) issued 65 natural gas and oil drilling permits for the San Angelo district, aka District 7C, a nearly 97% increase…

Enterprise Product Partners LP has completed its expansion of the Acadian Haynesville Extension natural gas pipeline, granting more options for LNG exporters on the Gulf Coast. This expansion adds about 400 MMcf/d of Haynesville Shale natural gas takeaway capacity. “The expansion of the Acadian Haynesville Extension provides Haynesville producers with incremental natural gas takeaway capacity…

The upstream natural gas and oil industry in Texas is at risk of slowing in part as natural gas prices have plunged by more than 160% year/year, according to the Texas Alliance of Energy Producers (TAEP). NGI’s spot natural gas price at the Henry Hub was $2.090/MMBtu at the start of April, down more than…

The father-son management team that developed and flipped a Permian Basin asset package to Ring Energy Inc. last year for $465 million has established a new venture with a similar playbook. Executive Chairman Steve Weatherl and his son, CEO Caleb Weatherl, on Monday announced the founding of Garrison Energy Holdings.  Based in Midland, TX, and…

Bolstered by recent long-term agreements, Western Midstream Partners LP (WES) said it is expanding the natural gas processing capacity of its West Texas complex with a 250 MMcf/d cryogenic processing plant. WES, based in The Woodlands, TX, disclosed it is sanctioning a plant envisioned for the North Loving area, adding a fifth facility to its…

In a stealth move Monday, Chevron Corp. snapped up Denver-based independent PDC Energy Inc., a transaction that builds the Permian Basin inventory and adds enough heft in Colorado to become a “Top Five” global asset. Chevron CEO Mike Wirth led a conference call early Monday to discuss the all-stock deal, valued at $6.3 billion, or…

Employment in the Texas upstream oil and gas industry continued to rise in April but at a slower clip than the previous month, according to the latest tally from the Texas Independent Producers and Royalty Owners Association (TIPRO). Direct employment in the exploration and production (E&P) sector totaled 199,400 for the month, up 700 jobs…

Natural gas and oil permitting dipped sharply in April from a month earlier, with double-digit losses nearly across the board, according to Evercore ISI. The energy analysts at Evercore, led by James West, every month compile permit data from state and federal officials to determine the direction of U.S. drilling. Once an onshore permit is…