Permian Basin

Permian Basin and Midcontinent operator Cimarex Energy Co. reported record quarterly production for 4Q2014, as it cut its capital expenditures by half for 2015 and unveiled a plan to reduce its operated rig count to six during 2Q2015.

Increasing fracture stages, adding more sand to proppant operations and drilling longer laterals are helping Devon Energy Corp. exceed its type curve expectations in key U.S. onshore basins and at a lower cost, a big key to remaining flexible in turbulent times, CEO John Richels said Wednesday.

Taking into account depressed commodity prices, Energen Corp. will focus its drilling efforts this year on its Midland Basin Wolfcamp acreage while holding back on the higher-cost Delaware Basin Wolfcamp, CEO James McManus told analysts following the company on Friday. Planned capital spending is lower than last year and is to be bolstered by proceeds from an asset sale.

Phillips 66 Partners LP (PSXP) has agreed to acquire equity interests in three pipeline systems from its general partner, Phillips 66 (PSX), in a transaction valued at more than $1 billion.

Houston super independent Apache Corp. has knocked $2 billion out of its capital spending plans for North America this year and slashed its rig count to wait on higher commodity prices and lower service costs.

The Bakken, Eagle Ford and “new” Permian Basin make up what Continental Resources Inc. executives like to call “Cowboyistan.” It’s the seventh-largest petroleum liquids producing area in the world and has made the United States a player in the global oil game, lending more insight into where the global oil market is going, Continental COO Jack Stark said in Houston Wednesday.

U.S. upstream activity has reacted sharply to lower crude oil prices by reducing drilling activity, with January’s new onshore well count down 20% from December. However, new production capacity (NPC) followed the trend but not the magnitude, off 9% for oil and down 6% for natural gas, an assessment by consultant Drillinginfo has found.

Production of both natural gas and oil in the nation’s seven most prolific shale and tight oil plays will increase more than 1% between February and March, according to the Energy Information Administration (EIA).

Near-term domestic natural gas prices may struggle to gain momentum this year until there’s more evidence of stalling supply later this year, according to Jefferies LLC.