Permian Basin

Across the Lower 48, the seven major oil and natural gas basins have seen a clear decline overall in production, but new-well output per rig — natural gas and oil — is strengthening, the Energy Information Administration said Monday.

The U.S. and Canadian rig counts continued their slide in the latest Baker Hughes Inc. census amid the mantra of “lower for longer” oil prices now widely spouted by industry executives and analysts.

In Texas, fewer workers are producing more oil to be sold at lower prices as the Lone Star state remains on track to exceed its all-time production record set in 1972, according to the economist who maintains the industry barometer known as the Texas Petro Index (TPI).

Noble Energy Inc. on Tuesday increased its third quarter guidance by 10,000 boe/d at the midpoint, primarily to reflect increasingly efficient production from its wells in the Denver-Julesburg (DJ) Basin.

The U.S. oil and gas rig count saw a net decline of 13 as 16 rigs retreated from land drilling while three joined the hunt offshore, according to Baker Hughes Inc. in its report for the week ending Sept. 4. Texas took the biggest hit, losing 11 rigs to the ongoing price route.

Patterson-UTI Energy Inc. (PTEN), one of the biggest onshore contract drilling and pressure pumping companies in North America, reported that its rig count in August fell by almost half from a year ago and was down 5% month/month.

Western Gas Partners LP’s Delaware Basin Express LLC is holding a nonbinding open season through Sept. 30 for a new pipeline that would serve portions of Reeves, Loving and Ward counties in Texas with capacity from the Delaware Basin to the Waha Hub.

W&T Offshore Inc. is selling its Yellow Rose field interests in the Permian Basin to recently formed Ajax Resources LLC for $376.1 million. Proceeds will go toward paying down debt and supporting liquidity in anticipation of opportunistic acquisitions offshore, W&T said.

Denver’s Evolution Midstream LLC, launched in July to provide integrated solutions across the onshore, has secured $300 million from a Texas private equity firm and management.