Natural gas basis price differentials at the Waha and Houston Ship Channel (HSC) hubs in Texas narrowed substantially in the first half of this year versus the second half of 2022, according to an Energy Information Administration (EIA) analysis citing NGI data. The return to service of both Freeport LNG and the El Paso Natural…
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Permian Resources, Earthstone Tie-Up Creating Giant E&P Footprint in New Mexico Delaware
Permian Resources Corp. and Earthstone Energy, Inc. on Monday agreed to combine in a $4.5 billion transaction to create a Delaware sub-basin exploration and production (E&P) independent with 400,000-plus net acres and pro forma natural gas and oil output of 300,000 boe/d. Permian Resources was formed last year in a $7 billion merger between Centennial…
Kinetik Posts Record Natural Gas Processing Volumes in Permian Despite Blistering Heat
Permian Basin pure-play Kinetik Holdings Inc., whose midstream operations transport natural gas to Gulf Coast markets and beyond, set a processing record in the second quarter, even as high temperatures stalled some exploration and production (E&P) customer operations. The Midland, TX-based operator was created last year in an all-stock transaction between EagleClaw Midstream and Altus…
Haynesville Seen Leading Lower 48 Natural Gas Production Decline in September
Natural gas production from seven key onshore Lower 48 regions will ease lower from August to September but remain above 98 Bcf/d, according to the latest modeling from the U.S. Energy Information Administration (EIA). Total natural gas output from the Anadarko, Appalachia and Permian basins, as well as from the Bakken, Eagle Ford, Haynesville and…
Oneok Buoyed By Strong Natural Gas Storage, Transport Volumes in Q2; Still Evaluating Saguaro Pipeline
Midstreamer Oneok Inc. hopes to reach a final investment decision (FID) on its proposed 2.8 Bcf/d Saguaro Connector natural gas pipeline later this year. The 155-mile pipeline would transport natural gas from the Waha hub in West Texas to the Mexico border. It would serve the Saguaro LNG export terminal proposed by Mexico Pacific Ltd.…
Responding to Robust Production, Targa Plans Two More Permian Natural Gas Processing Plants
Targa Resources Corp. said it is building two cryogenic natural gas processing plants in the Permian Basin to meet the infrastructure needs of producers that have maintained record levels of activity in anticipation of strengthening export demand. Houston-based Targa, in conjunction with its second quarter earnings release earlier this month, announced the construction of a…
Production to Hold Steady as Henry Natural Gas Back Above $3 in 2024, EIA Says
Henry Hub natural gas spot prices will climb back above the $3/MMBtu threshold on average next year, though associated output from the Permian Basin will keep production elevated, according to updated projections from the U.S. Energy Information Administration (EIA). Domestic production is expected to remain at “relatively high levels” throughout 2023 even as natural gas…
Diamondback Sees Permian Cost Relief as Natural Gas, Oil Activity Slows
Diamondback Energy Inc. is expecting oilfield services (OFS) costs to ease amid a current slowdown of activity in the Lower 48, according to CEO Travis Stice. Stice hosted a conference call to discuss second quarter earnings for the Midland, TX-based Permian Basin pure-play. Diamondback’s OFS providers “have always been responsive” to declines in the Permian…
New Midstreamer Voyager Seeking Development Opportunities in Texas, Beyond
Voyager Midstream Holdings LLC is setting its sights on acquisition and development opportunities in the Permian Basin and Eagle Ford Shale, executives of the newly formed independent company told NGI. Armed with an undisclosed initial capital commitment from Dallas-based Pearl Energy Investments, the midstream company is pursuing crude oil, natural gas and produced water infrastructure…
Ovintiv Upping 2023 Natural Gas Guidance on Strong Well Performance, Improving Costs
Ovintiv Inc. had a solid quarter in terms of production and is raising its guidance on natural gas output for the year. The Denver-based company sees natural gas production hitting 1.575-1.625 Bcf/d for the year, up from 1.525-1.575 Bcf/d in previous guidance. The company has assets in the Permian, Uinta and Anadarko Basins, and Canada’s…