Permian Basin

Centennial, Colgate’s $7B Merger to Create Permian Powerhouse

Centennial, Colgate’s $7B Merger to Create Permian Powerhouse

Centennial Resource Development Inc. and Colgate Energy Partners III LLC agreed to a roughly $7 billion merger of equals that would create what may be the largest pure-play exploration and production (E&P) company in the Permian Basin’s Delaware sub-basin. Publicly traded Centennial and privately held Colgate together hold roughly 180,000 net leasehold acres, 40,000 net…

May 19, 2022
Centennial Eyeing 10-15% Permian Oil, Gas Production Growth in 2022

Centennial Eyeing 10-15% Permian Oil, Gas Production Growth in 2022

Denver-based Centennial Resource Development Inc., whose operations are focused on the Permian Basin, is sticking to its guidance of upping production by 10-15% this year. In an earnings call, CEO Sean Smith said the company was holding to its current two-rig program. “Should we want to add a third rig in the future because prices…

May 18, 2022
Paul Ryan-Led SPAC in $1.3B Deal to Create Lower 48 E&P

Paul Ryan-Led SPAC in $1.3B Deal to Create Lower 48 E&P

A special purpose acquisition company (SPAC) chaired by former House Speaker Paul Ryan is teaming up with Dallas-based private equity (PE) firm Grey Rock Investment Partners to form a publicly traded Lower 48 exploration and production (E&P) company. Under the proposed transaction, Grey Rock would join forces with Ryan’s Executive Network Partnering Corp. (ENPC) to…

May 17, 2022
Kinder Morgan Testing Support to Expand Permian Natural Gas Pipeline

Kinder Morgan Testing Support to Expand Permian Natural Gas Pipeline

A Kinder Morgan Inc. (KMI) subsidiary has launched an open season to gauge shipper interest in expanding a pipeline system that transports natural gas from the Permian Basin to South Texas markets. Gulf Coast Express Pipeline LLC (GCX) said the expansion could boost capacity on the Permian conduit by nearly 570 MMcf/d, pending a final…

May 17, 2022
Natural Gas Production Growth to Continue in May, Driven by Haynesville, Appalachia, Permian

Natural Gas Production Growth to Continue in May, Driven by Haynesville, Appalachia, Permian

The Energy Information Administration (EIA) is modeling sizable natural gas production increases from several major plays next month, including the Appalachian Basin and the Haynesville Shale. Total natural gas production from seven key onshore regions is set to climb 750 MMcf/d from May to June, reaching 91.750 Bcf/d, the agency said in its latest Drilling…

May 16, 2022
PDC Eyeing Double-Digit Oil, Natural Gas Output Growth

PDC Eyeing Double-Digit Oil, Natural Gas Output Growth

Denver-based PDC Energy Inc. earlier this month closed on its $1.3 billion acquisition of crosstown independent Great Western Petroleum LLC and is forecasting production growth of as much as 23% by the end of June “We’re ready to start this integration,” CEO Bart Brookman told analysts during the earnings call for the first quarter. PDC…

May 16, 2022
Ovintiv Pursuing Natural Gas Price ‘Diversification,’ Citing Strong Market Fundamentals

Ovintiv Pursuing Natural Gas Price ‘Diversification,’ Citing Strong Market Fundamentals

Ovintiv Inc. is exploring options to increase the exposure of its multi-basin upstream portfolio to a dynamic global natural gas market, CEO Brendan McCracken said.  The Denver-based independent works in numerous onshore plays throughout North America, including in the Montney Shale, Anadarko Basin, Permian Basin, Bakken Shale and Uinta Basin. On a call to discuss…

May 16, 2022
Coterra Energy Searching for Opportunities in ‘Crowded LNG Market’

Coterra Energy Searching for Opportunities in ‘Crowded LNG Market’

Coterra Energy Inc.’s CEO Thomas Jorden called for the government and investors to provide the proper signals in response to an energy crisis “unlike anything the world has seen in almost 50 years.” In order for the U.S exploration and production (E&P) sector to “respond with increased U.S. supply, we need well-thought-out regulation and policies…

May 12, 2022
U.S. Midstreamers Using Expansions as ‘Quick Market Solutions’ for Rising Production

U.S. Midstreamers Using Expansions as ‘Quick Market Solutions’ for Rising Production

U.S. midstream operators are focusing on incremental additions to their natural gas infrastructure in the Haynesville Shale, Permian and Appalachia basins as quicker and lower-risk solutions to rising production growth. DCP Midstream LP is in “advanced discussions” with its partners on the Gulf Coast Express Pipeline (GCX) to bring “quick and efficient” capacity to the…

May 12, 2022
ConocoPhillips Taking Advantage of Permian Position, Ramping Up More Wells

ConocoPhillips Taking Advantage of Permian Position, Ramping Up More Wells

ConocoPhillips joined other exploration and production (E&P) companies in reporting rising earnings, thanks to geopolitical impacts to oil and gas prices, but management said it should move on “full value chain” opportunities in liquefied natural gas (LNG) to further enhance its gas business. The Houston-based independent, the world’s largest, has substantial global holdings in gas.…

May 11, 2022