Permian Basin

OPEC-plus, the consortium of major oil producers led by Saudi Arabia, agreed to a substantial production cut late last week that could bolster prices and fuel more demand for Permian Basin crude. This, by extension, could drive continued lofty levels of associated natural gas from the prolific basin. Associated gas, produced alongside oil, contributed to…

The U.S. natural gas rig count slid one unit to 116 for the week ended Friday (Dec. 1), while gains in the oil patch lifted the overall domestic count to 625, according to the latest figures from Baker Hughes Co. (BKR). Changes in the United States for the period included the addition of five oil-directed…

Northern Oil and Gas Inc. (NOG) has entered two deals to acquire interests in upstream assets in the Permian Basin’s Delaware formation and Utica Shale for a combined $170 million in cash. Minneapolis-based NOG specializes in acquiring non-operated minority working and mineral interests in Lower 48 basins. In the Permian Delaware, NOG entered a deal…

Simultaneous fracturing, aka simul-frac technology, is so last year, according to Denver-based Ovintiv Inc.  Ovintiv’s Permian Basin team has taken the well completions technique “one step further,” according to CEO Brendan McCracken. “We are stockpiling wet sand onsite from our local mines and completing three wells with a single frac spread at the same time,…

EnLink Midstream LLC continues to see signs of an increasing need for natural gas, with the Permian Basin poised for significant growth ahead following a record quarter. Dallas-based EnLink reported that average natural gas gathering volumes in the Permian were about 6% higher sequentially and 15% higher than the prior-year quarter. Average natural gas processing…

Production of associated natural gas – fuel produced in concert with oil – surged in the prolific Permian Basin over the past five years, supporting strong total supplies and, for much of this year, helping to keep U.S. prices in check. Associated gas produced from the top three oil plays in the Permian region –…

In the face of operational issues across its gathering and processing systems in the third quarter, Targa Resources Corp. is progressing projects in the Permian Basin to meet the infrastructure needs of producers anticipating strengthening export demand.  Operations commenced at Houston-based Targa’s Greenwood plant in the Permian’s Midland sub-basin ahead of schedule in October and…

The executive team for completions expert ProPetro Holding Corp., whose business is centered in the Permian Basin, remains bullish on natural gas and oil activity rising over the next several years on improved commodity prices and the continued “industrialization” of the energy sector. The Midland, TX-based oilfield services (OFS) firm provides hydraulic fracturing (fracking) services,…

Natural gas gathering, processing and transportation remain a focal point for Oneok Inc.’s growth plans despite recently closing a major acquisition focused on crude oil and refined products. Oneok saw 12% year/year growth in natural gas processing volumes during the third quarter, CEO Pierce Norton said during a conference call to discuss the Tulsa-based midstreamer’s…