Permian Basin

Riding the wave of interest in the Permian Basin, which traverses the southeastern corner of the state, New Mexico’s State Land Office (SLO) reported garnering near $8 million from an oil and natural gas auction earlier this month.

West Texas LPG Pipeline LP, a joint venture between Oneok and Martin Midstream Partners LP, said it plans to invest about $200 million to expand its natural gas liquids (NGL) system into the Delaware Basin.

Driven by declines in the Permian Basin and Haynesville Shale, the U.S. rig count fell by 15 for the week ended Friday, nearly doubling the already steep eight-rig loss from the week before, according to data from Baker Hughes Inc. (BHI).

Natural gas production from the Permian Basin climbed in September by 0.2 Bcf/d to 8.8 Bcf/d, eclipsing gas output from the Haynesville and Eagle Ford shales, the Federal Reserve Board of Dallas said Thursday.

ExxonMobil Corp. has snapped up its first crude oil terminal in West Texas within the Permian Basin to anchor its growing position in the Delaware formation.

Pioneer Natural Resources Co., one of the leading Permian Basin oil and natural gas producers, reported a 6% sequential increase in third quarter production, even as it fought downtime from shut-ins and midstream issues related to Hurricane Harvey.

Brazos Midstream Holdings LLC subsidiaries have purchased Callon Petroleum Co.’s natural gas gathering system in the Permian Basin of West Texas and signed a long-term, fee-based agreement with the producer for gathering and processing services.

Apache Corp. has mapped out thousands more Alpine High drilling locations in West Texas since unveiling the Permian Basin play a year ago, and while wet gas remains the No. 1 target, dry natural gas and oil targets continue to emerge.

Permian Basin operator Ring Energy Inc., whose forte is the Central Basin Platform (CBP), produced 376,000 boe net during the third quarter, an 80% increase from a year ago and an 11% sequential gain, despite weather issues and delays.