Permian Basin

As has been speculated for months, ExxonMobil on Wednesday agreed to buy Permian Basin pure-play Pioneer Natural Resources Co. in a mega all-stock transaction valued at $59.5 billion. The implied total enterprise value, including net debt, is estimated at $64.5 billion. “Pioneer is a clear leader in the Permian, with a unique asset base and…

Texas oil and natural gas regulators plan to streamline and modernize how the exploration and production (E&P) industry manages oilfield waste.  For the first time since 1984, the Railroad Commission of Texas (RRC) is updating Statewide Rule 8, which regulates oil and natural gas waste pits and disposal methods. The rule “will undergo a substantial…

Denver-based Civitas Resources Inc. is taking on more upstream acreage in the Permian Basin. In a $2.1 billion transaction, Civitas signed an agreement with Vitol Inc. subsidiary Vencer Energy LLC to add some 44,000 net acres in the Midland Basin in West Texas. The assets have current production of 62,000 boe/d, with about half of…

With the rights to more than 10,000 acres of land in West Texas, Milestone Carbon is eyeing a carbon sequestration hub to serve industrial emitters in the Permian Basin. The carbon capture and sequestration (CCS) hub would be built in the southwestern corner of the Midland sub-basin in Upton and Midland counties, according to the…

LM Energy Holdings LLC is aiming to sell parts of its crude oil gathering business in the New Mexico portion of the Permian Basin to help fuel a focus shift to natural gas. The Dallas-based midstreamer disclosed it has entered into agreements to sell assets and subsidiaries of its Touchdown crude oil gathering system in…

Natural gas futures floundered most of Tuesday, but for a third straight session, the October contract approached the end of a tepid run at the front of the curve with a small gain. Lighter production offset fading demand and export uncertainty. Following tiny gains in the two prior sessions – and losses overall last week…

Permits to develop natural gas and oil in the Lower 48 slumped in August, with the biggest operating area, the Permian Basin, off by double-digits from July and 12% year-to-date.  “Permian permitting continues to slow,” down by 407 or 37% month/month (m/m), with year-to-date permits declining by 820, according to Evercore ISI analysts led by…

Driven by declines from the Appalachian Basin and the Haynesville Shale, combined natural gas output from seven key Lower 48 regions will trend lower from September to October, according to updated modeling from the U.S. Energy Information Administration (EIA). Combined natural gas output from the seven regions — a group that also includes the Anadarko…

A venture to build the largest independent water infrastructure platform in the Permian Basin is advancing after Five Point Energy LLC secured a partnership with Diamondback Energy Inc., its second in a month’s time. Diamondback and the private equity firm’s Deep Blue Midland Basin LLC is a joint venture (JV) to build water infrastructure in…