Permian Basin

Permian pure-play operator Laredo Petroleum Inc. indicated Tuesday that it was acting quickly to defend its balance sheet against sliding oil prices, announcing that it had already begun to reduce its rig count and slashing next year’s capital budget by nearly 50%.

STW Resources Holding Corp. said the Capitan Reef Aquifer could produce more than 100 million gallons of water per day for more than 100 years, according to recent tests of the aquifer in West Texas. The brackish water could supply area communities as well as oil and gas drilling operations.

U.S. natural gas proved reserves increased nearly 10% and reached a record 354 Tcf in 2013, according to the U.S. Energy Information Administration (EIA). Meanwhile, North Dakota’s crude oil and lease condensate proved reserves surpassed those of the federal Gulf of Mexico (GOM), ranking it second only to Texas among U.S. states.

Oneok Partners LP has completed its acquisition of natural gas liquids (NGL) pipelines and associated assets in the Permian Basin from unnamed affiliates of Chevron Corp. for about $800 million.

The Permian Basin affiliate of American Energy Partners LP (AELP) said Monday it is paying $440 million for 14,000 net acres in Reagan County, TX, which are producing 1,400 boe/d.

Encana Corp.’s strategic decision last year to balance its weighty natural gas portfolio with more liquids-rich assets propelled profits in the third quarter and enabled the independent to hit targets two years ahead of schedule, CEO Doug Suttles said Wednesday.

Production of natural gas and oil from the seven most prolific U.S. shale and tight oil regions will continue to increase through the end of the year, reaching 44.12 Bcf/d and 5.26 b/d in December, according to the Energy Information Administration (EIA).

Devon Energy Corp. expects to achieve 14% more production this year than it did in 2013, a 3% higher forecast from a few months ago, after surpassing expectations from Texas oilfields during the third quarter.

SandRidge Energy Inc. said Tuesday it will delay filing its 3Q2014 report until it has resolved a “routine review” by the U.S. Securities and Exchange Commission (SEC), which could result in restating almost two years of earnings results.