Shale Daily

Minerals firm Sitio Royalties Corp. is boosting its position in the Permian Basin with a pair of acquisitions that is expected to increase net production by 23%. Sitio, the company formed when Desert Peak Minerals and Falcon Minerals Corp. completed their merger this year, said late last month that it acquired more than 19,700 net…

Permian Highway Pipeline LLC (PHP) sanctioned a 550 MMcf/d natural gas expansion project to boost capacity for the 2.1 Bcf/d West Texas to Gulf Coast system. Using additional compression, the final investment decision (FID) would boost deliveries from the Waha area of West Texas to mainline connections near Houston and Gulf Coast markets. Pending required…

BKV Corp. has closed on the $750 million purchase from ExxonMobil subsidiaries XTO Energy Inc. and Barnett Gathering LLC of a package of upstream and midstream natural gas assets in the Barnett Shale. The transaction, first announced in May, includes about 160,000 net acres in the Barnett, primarily in Tarrant, Johnson and Parker counties. They…

Earthstone Energy Inc. is continuing its Permian Basin acquisition spree with plans to purchase the assets of privately held Titus Oil & Gas Production LLC in the New Mexico portion of the Permian Basin in a $627 million cash-and-stock deal. Located in the northern portion of the Delaware sub-basin, the assets produced 31,800 boe/d (65%…

A decline in natural gas-directed drilling saw the U.S. rig count fall three units to 750 for the week ended Friday (July 1), according to the latest figures from oilfield services provider Baker Hughes Co. (BKR). One oil-directed rig was added domestically for the week, while natural gas-directed rigs declined by four. The combined 750…

A six-year streak of provincial budget deficits in Alberta ended in 2021 thanks to higher oil and natural gas prices that drove a five-fold increase by government royalties, according to an annual treasury review. In the Alberta provincial treasury annual review for the year ended March 31, 2022, Finance Minister Jason Nixon reported record royalties…

PDC Energy Inc. has gained approval by Colorado regulators for a 30-well oil and natural gas development program in Weld County. The Colorado Oil and Gas Conservation Commission (COGCC) approved the Broe Oil and Gas Development Plan (OGDP), PDC said Wednesday. The Denver-based producer acquired the Broe OGDP in Weld County during May, when it…

The United States bested all countries last year for natural gas and oil production, according to BP plc’s annual energy review. U.S. natural gas output in 2021 climbed 2.3% year/year to 934.2 billion cubic meters (Bcm), according to BP’s 71st annual Statistical Review of World Energy.  Russia, in second place, produced 701.7 Bcm, and Iran…

The oil-rich consortium of countries known as OPEC-plus on Thursday affirmed its intentions, first signaled earlier in June, to ramp up production in July and August. It is targeting output growth of 648,000 b/d both months.  If the cartel could meet its goals, the group’s average crude generation would climb to nearly 44 million b/d…