Permian

Diamondback Energy to Acquire Endeavor Energy in $26 Billion Deal

Shale producer Diamondback Energy said on Monday it would buy the largest privately held oil and gas producer in the Permian Basin, Endeavor Energy Partners, in a cash-and-stock deal valued at about $26 billion, including debt.

Plains All American Sees Record Permian Crude Output in 2024

Plains All American said on Friday it expects crude production in the Permian basin, the top U.S. oilfield, to grow between 200,000 and 300,000 barrels a day (bpd) to a record by the end of this year.

ConocoPhillips Beats Quarterly Profit Estimates with Higher Production

U.S. oil and gas producer ConocoPhillips beat Wall Street estimates for fourth-quarter profit on Thursday, helped by higher production in the Permian Basin and from a recent acquisition.

Permian Deal Frenzy Dampens 2024 U.S. Oil Growth Prospects

Oil production in the prodigious Permian shale basin in Texas and New Mexico this year will see the slowest annual growth since 2021, according to market participants, as a slew of acquisitions reduces activity among private drillers.

Chevron Exceeds Permian Production Estimates, Signals Growth Potential

After a year marked by oil and gas production setbacks, Chevron Corp. on Friday delivered a better-than-expected 10.7% annual gain from the Permian Basin, its top shale-producing region.

Permian Resources Continues Expansion in New Mexico with $175 Million Deals

The company has acquired about 11,500 net leasehold acres and 4,000 net royalty acres located in Eddy County from undisclosed third-parties.

Deep Freeze Hits U.S. Oil Industry from North Dakota to Texas

A severe winter storm shut a U.S. Gulf Coast refinery in Texas on Tuesday, triggered malfunctions at others, and halved North Dakota oil production as it dumped snow and rain across a broad swath of the nation.

EOG President: U.S. Oil and Gas Production Growth to Slow in 2024

U.S. oil and gas production will not continue to grow this year at the pace that it did in 2023, U.S. shale producer EOG Resources President Lloyd Helms said on Thursday.

APA to Acquire Rival Callon Petroleum in $4.5 Billion Deal

U.S. oil producer APA said on Thursday it was buying rival Callon Petroleum in an all-stock transaction valued at $4.5 billion including debt, following on the heels of a record year for dealmaking in the largest U.S. shale field.

Howard Energy Partners Completes $800 Million in 2023 Growth Projects, Achieves Record Volumes

(P&GJ) — Howard Energy Partners completed $800 million in 2023 growth projects, including new pipelines and facilities in key U.S. oil and gas basins, along with storage and logistics for renewable diesel on the Texas Gulf Coast.

Occidental Petroleum to Acquire Permian Oil, Gas Producer CrownRock for $12 Billion

Occidental Petroleum said on Monday it would buy Permian basin-focused energy producer CrownRock in a cash-and-stock deal valued at $12 billion including debt, expanding its presence in the largest U.S. oilfield.

Sources: Endeavor Energy Explores Sale for as Much as $30 Billion

Endeavor Energy Partners is exploring a sale that could value the largest privately-held oil and gas producer in the Permian basin of the United States at between $25 billion and $30 billion, according to people familiar with the matter.

Occidental in Talks to Buy Permian Producer CrownRock

Occidental Petroleum is one of the finalists in the auction for CrownRock, an energy producer in the west Texas area of the Permian basin, with a bid of more than $10 billion. ConocoPhillips, Diamondback Energy, Devon Energy, Marathon Oil and Continental Resources were also studying potential bids.

Energy Transfer's Pipeline Network Surpasses 125,000 Miles with Crestwood Acquisition

Energy Transfer now owns and operates more than 125,000 miles of pipelines and related assets in all the major U.S.-producing regions and markets across 41 states, further enhancing its leadership position in the midstream sector.

Enterprise Reveals Permian Growth Projects; Takes Seminole Pipeline Out of Crude Oil Service

(P&GJ) — Enterprise Products Partners L.P. has announced four new capital projects in the Permian Basin and also revealed that it has begun initial steps to return the Seminole Pipeline, which has a capacity of 210,000 bbl/d of crude oil, to natural gas liquid (NGL) transportation service in December 2023.

MPLX Completes Whistler Pipeline Expansion, Advances Permian Gas Processing Plant

In the Permian Basin, MPLX completed its Whistler pipeline expansion from 2 Bcf/d to 2.5 Bcf/d at the end of Q3. In the Delaware Basin, MPLX also progressed the construction of its sixth natural gas processing plant, Preakness ll, expected online in the first half of 2024, the company said.

As Oil Majors Cast Shale Nets, Texas Oilman Sheffield Made Pioneer the Prized Catch

Four years ago, Texas oilman Scott Sheffield saw the oil majors were moving aggressively into the top U.S. shale basin and plotted to make his then-$24 billion Pioneer Natural Resources the oilfield's biggest prize.

Exxon's $60 Billion Acquisition of Pioneer Boosts Permian Presence

Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.

Ozona Secures 6,000 Acres for Major CO2 Sequestration Expansion in Permian Basin

(P&GJ) — Ozona CCS LLC has reached a definitive agreement with a private landowner to lease 5,722.79 contiguous acres of pore space in Loving County, Texas, for the purpose of drilling multiple commercial carbon dioxide (CO2) sequestration wells in the Permian Basin.

Civitas Resources to Buy Permian Oil Assets for Roughly $2.1 Billion

(P&GJ) — Civitas Resources entered into an agreement with Vencer Energy, a Vitol investment, to acquire oil-producing assets in the Midland Basin of West Texas for approximately $2.1 billion.

Diamondback Energy, Five Point Form Water-Focused JV Deep Blue in Midland Basin

(P&GJ) — Diamondback Energy Inc. and Five Point Energy LLC have partnered to form a new joint venture entity, Deep Blue Midland Basin LLC. The joint venture’s water infrastructure network comprises over 800 miles of pipelines for gathering, transport, disposal and reuse.

Report: Permian Basin Boosts US Economy with $181.8 Billion GDP, Nearly 786,000 Jobs

The Permian Basin's economic impact continues to gain momentum, bringing promising news for Texas, New Mexico and the entire nation. According to the latest report by the Permian Strategic Partnership (PSP), the Permian Basin had a record year for tax revenue collected from the oil and gas industry.

Clearfork Midstream Expands Haynesville Gas System, Adds New Pipelines Across Louisiana and Texas

(P&GJ) — These expansions represent a system-wide capacity increase of approximately 65% since Clearfork’s acquisition of the assets in February 2022. In addition, the company has expanded its North Louisiana gathering footprint to the east and west, and is in construction on new gathering pipe further west into Panola County, Texas.

Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal

The $7.1 billion deal will see Energy Transfer add about 2 billion cubic feet per day (Bcf/d) of gas-gathering capacity, 1.4 Bcf/d of gas-processing capacity and 340,000 barrels per day (bpd) of crude-gathering capacity.

Permian Operators Look to Carry the Load

(P&GJ) — Midstream projects in the region continue more-or-less undeterred with more than 8 Bcf/d of pipeline capacity planned or under construction from the Permian and Haynesville basins as operators lock in on expanding LNG export markets on the Texas and Louisiana Gulf Coasts.

Haynesville Riding LNG Wave to Gulf Coast

(P&GJ) — With the primary driver of U.S. natural gas demand growth continuing to be LNG exports, the bottlenecked pipeline takeaway capacity in the gas-rich Marcellus Shale has left the Haynesville shale, along with the Permian Basin, as the two regions with the most consistent midstream growth.

U.S. Oil M&A Jumps as Private Equity Unloads Shale Assets

U.S. oil and gas deals rebounded in the second quarter as private equity firms shed shale portfolio investments and publicly traded oil firms grabbed smaller rivals.

Enterprise Products Begins Service at New Midland Basin Gas Processing Plant

(P&GJ) — The new plant, the company’s sixth in the Midland Basin, has a nameplate capacity of 300 million cubic feet per day and can extract more than 40,000 barrels of natural gas liquids per day.

Pinnacle Midstream to Double Midland Basin Processing Capacity

(P&GJ) — Houston-based Pinnacle Midstream II on Tuesday announced it has reached a final investment decision (FID) to expand its operations in the gas-rich Midland Basin with the construction of a 220 MMcf/d natural gas processing plant.

Sources: Energy Producer TRP Explores $1.5 Billion Permian Asset Sale

TRP, in which Greenbelt Capital Partners owns a controlling stake, holds around 15,000 net acres in the Midland portion of the Permian and produces about 25,000 barrels of oil equivalent per day, said the sources.