Permian

Piñon Midstream Secures EPA Approval for Carbon Capture at Dark Horse Facility

Piñon Midstream has received approval from the EPA for its monitoring, reporting, and verification plan for the permanent sequestration of carbon dioxide at its Dark Horse Treating Facility in Lea County, New Mexico.

Goldman Sachs: Permian Production, OPEC Capacity Likely to Cap Brent at $75-90/bbl

Goldman Sachs expects robust oil production growth in the Permian Basin, the largest U.S. oilfield, and high OPEC spare capacity to likely support the ceiling of their $75-90 per barrel Brent price forecast in the short run, the bank said in a research note on Tuesday.

States Sue U.S. to Block $7 Billion Rule Requiring Oil Firms to Guarantee Well Dismantling Payments

Texas, Louisiana and Mississippi on Monday sued the U.S. government to block the Biden administration's proposed rule that would require the offshore oil and gas industry to provide nearly $7 billion in financial assurances to cover costs of dismantling old infrastructure.

Energy Transfer Submits HSR Act Filing for WTG Acquisition; Adjusts Purchase Price to $3.1 Billion

WTG owns and operates the largest private Permian Basin gas gathering and processing business with assets located in the core of the Midland Basin.

ONEOK Completes Acquisition of 450-Mile Texas-Louisiana NGL Pipeline System

ONEOK Inc. has completed its acquisition of a system of natural gas liquids pipelines from Easton Energy for approximately $280 million.

Editor’s Notebook: Permian’s New Kid on the Block?

As the 580-mile Matterhorn Express prepares to go into service next quarter, a new long-haul gas pipeline is looking to step forward as the next major Gulf Coast midstream project.

Matador Acquires EnCap-backed Ameredev Unit for $1.91 Billion, Expanding Permian Oil Assets

U.S. oil and gas producer Matador Resources said on Wednesday it would add oil and natural gas producing assets and undeveloped acreage in the Delaware basin in a $1.91 billion cash deal for a unit of Ameredev II Parent.

TC Energy Shareholders Approve Spin-Off of North American Oil Pipeline Business

TC Energy shareholders voted in favor of spinning off the Canadian company's liquids pipeline business on Tuesday, creating a new energy infrastructure firm known as South Bow Corp. whose assets include the Keystone oil pipeline.

Kinetik Completes Sale of Equity Stake in Gulf Coast Express Pipeline

Kinetik Holdings Inc. has announced the completion of its previously announced sale and direct transfer of its 16% equity interest in the Gulf Coast Express pipeline to an affiliate of ArcLight Capital Partners LLC for $510 million.

Verde Clean Fuels Taps Chemex Global for Natural Gas-to-Gasoline Facility Design

Verde Clean Fuels Inc. has enlisted Chemex Global LLC to lead the front-end engineering and design phase for a proposed natural gas-to-gasoline facility in the Permian Basin.

Energy Transfer Adds 6,000 Miles of Pipeline with $3.25 Billion WTG Midstream Acquisition

WTG's assets include a 6,000-mile pipeline network that serves the Midland Basin, eight processing plants with a total capacity of 1.3 billion cubic feet per day, and two new plants that are under construction.

Piñon Midstream Boosts Sour Gas Capacity by 50% in Delaware Basin

Piñon Midstream has announced a significant increase in its sour gas treating capacity and an expansion of its infrastructure in the Delaware Basin.

Phillips 66 to Acquire Pinnacle Midland for $550 Million

Pinnacle's assets include the Dos Picos natural gas complex with a processing capacity of 220 million cubic feet per day (MMcf/d), and 80 miles of pipelines.

EIA: U.S. Oil Output in Top Shale Regions to Hit Six-Month High in June

Production in the top basins will reach 9.85 million barrels per day (bpd), its highest since December, the EIA said.

LM Energy Expands New Mexico Gas Gathering System, Boosts Capacity to 500 MMcf/d

The new high-pressure pipeline will provide over 300 MMcf/d of critical delivery capacity out of New Mexico's North Carlsbad area. Upon completion, LM’s systems will consist of 150 miles of gas gathering pipelines with a total capacity of approximately 500 MMcf/d.

U.S. Gas Surplus Forecasted to Vanish by End of Winter 2024/25

U.S. gas inventories are nearing record highs for this time of year, propelled by exceptionally mild temperatures during the winter of 2023/24, attributed to the El Nino weather phenomenon.

Enbridge Launches Binding Open Season for 850-Mile Gray Oak Oil Pipeline

Gray Oak Pipeline LLC, a joint venture among the pipeline system's owners, has announced a binding open season to solicit shipper interest for an expansion of the Gray Oak Pipeline of up to 120,000 barrels per day.

Occidental Petroleum Aims to Close CrownRock Deal by August

Occidental Petroleum hopes to close its acquisition of shale oil producer CrownRock before its second-quarter earnings call, CEO Vicki Hollub said on Wednesday, a date that typically falls in August.

Occidental Explores Sale of Permian Assets Worth Over $1 Billion, Sources Say

Occidental Petroleum is exploring a sale of a part of its operations in the Permian Basin that could fetch more than $1 billion for the energy producer, according to people familiar with the matter.

ExxonMobil Completes Pioneer Acquisition, Doubling Permian Footprint

The acquisition, finalized on May 3, sees ExxonMobil more than doubling its footprint in the Permian Basin, combining Pioneer's substantial acreage and industry expertise with ExxonMobil's technological prowess and financial strength.

Energy Transfer Subsidiary Sunoco and NuStar Energy Merger Receives Green Light from Unitholders

The acquisition grants Sunoco access to NuStar's extensive transportation and storage infrastructure, encompassing approximately 9,500 miles of pipeline and 63 terminals.

Oil Prices Rise on Prospect of U.S. Replenishing Strategic Reserve

Oil prices rose on Thursday on the prospect the U.S. may start buying crude for its petroleum reserve, after prices sank to a seven-week low on hopes for an Israel-Gaza ceasefire, doubts about U.S. interest rate cuts and swelling oil inventories.

Targa Resources Beats First-Quarter Core Profit Estimates on Higher Transportation Volumes

Targa Resources beat Wall Street estimates for first-quarter core profit, as the pipeline operator benefitted from higher volumes of natural gas liquids (NGL) transported through its system.

Texas Oil Operators Increase Flaring Amid Weak Gas Prices

Operators drilling for oil in Texas are scrambling to dispose of their excess natural gas amid a supply glut and weak prices, prompting an uptick in flaring requests.

Report: Global Upstream Sector Eyes $150 Billion in Deals for Rest of 2024

The global upstream industry could see dealmaking worth another $150 billion throughout the remainder of the year, with focus shifting to shale plays in U.S. other than the Permian Basin, analysts said.

Kinder Morgan Declares Force Majeure on West Texas Gas Pipeline After Fire

Pipeline operator Kinder Morgan said on Friday a fire that erupted on a West Texas natural gas pipeline it operates was extinguished after burning for most of the day.

Natural Gas Price Plunge Hits Big Oil Earnings Hard

U.S. and European oil companies reported weaker first quarter results on Friday due to a sharp drop in natural gas prices compared with a year ago.

U.S. Shale Oil Sector Sees Revival Through Advanced Technology Adoption, Financial Obstacles Remain

Technology advances are making it possible for U.S. shale oil and gas companies to reverse years of productivity declines, but the related requirement to frontload costs by drilling many more wells is deterring some companies from doing so.

U.S. Oil and Gas M&A Hits Quarterly Record After Strong 2023

U.S. oil and gas deals hit a record $51 billion in the first quarter, a continuation of last year's fierce merger pace centered in the top U.S. shale field, data provider Enverus said on Tuesday.

Permian Natural Gas Prices Plummet to 15-Month Low Amid Lingering Negative Territory

Natural gas in the Permian and across the U.S. has been oversupplied following a warmer-than-expected winter, offtake constraints, and operational issues at a major LNG plant in Texas.