Permian Basin

Denver-based Ovintiv Inc. has set up its year to avoid natural gas price swings through a hedging program that covers about 50% of volumes. The independent, which operates across the Anadarko, Permian and Uinta basins, as well as the Montney Shale in Western Canada, has a base Nymex price assumption of $2.50/Mcf for 2024. “More…

Another attempt to phase out natural gas and oil drilling in Colorado is ramping up, but it’s unlikely to advance, Civitas Resources Inc. CEO Christopher Doyle said Wednesday.Doyle helmed a conference call with analysts to discuss fourth quarter results and the outlook for 2024. Most of the discussion centered on the Denver-Julesburg (DJ) Basin in…

Austin, TX-based Atlas Energy Solutions Inc. has clinched an agreement valued at $450 million to acquire Hi-Crush Inc., merging two proppant sand operators to create the largest operator in the Permian Basin. In the agreement, scheduled for completion by the end of March, Atlas would pay $150 million cash, trade $175 million in common shares…

Permian Basin-focused ProPetro Holding Corp. is giving its exploration customers more of what they want – electric and dual-fuel fleets – as it continues to industrialize its business, CEO Sam Sledge said. The Midland, TX-based completions expert works across the Lower 48, with most of the exploration and production (E&P) work centered in the Permian.…

Dallas-based independent Matador Resources Co., which works in the Permian Basin, Haynesville and Eagle Ford shales, reported record natural gas production for 2023, and it is not planning to reduce output this year, even with low prices. The independent “exceeded production expectations” for gas and oil. Output increased 38% year/year during 4Q2023, driven by the…

Weak pricing for associated natural gas in the oil-rich Permian Basin is not a needle mover by itself in determining the pace of activity for Diamondback Energy Inc., CFO Kaes Van’t Hof said Wednesday. “We could run the gas price to zero in the Permian and still make great returns on oil wells,” Van’t Hof…

Undeterred by depressed commodity prices, management is betting on Targa Resources Corp.’s given track record of outperforming in the Permian basin, installing more than 400 MMcf/d of compression in the first half of 2024, expected to drive increasing volumes through its downstream assets.  Management of Houston-based Targa is anticipating high single-digit natural gas volume growth…

The U.S. natural gas rig count held steady at 121 for the week ended Friday (Feb. 16), while a decline in oil activity lowered the combined domestic drilling tally two units to 621, according to updated figures from Baker Hughes Co. (BKR). Land drilling went unchanged week/week in the United States, while the Gulf of…

Energy Transfer LP has sold about 25% of capacity for its proposed 1.5-2.0 Bcf/d Warrior Pipeline, which it expects the market will need to meet natural gas transportation needs along the Gulf Coast within the next few years, executives said. During a fourth quarter earnings call, Co-CEO Marshall McCrea said the Dallas-based midstream giant had…