Permian – Oil & Gas 360

Phillips 66 to grow Permian midstream business with EPIC NGL acquisition

January 7, 2025

(Oil & Gas 360) – HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) announced today that it has entered into a definitive agreement to buy EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long haul natural gas liquids pipelines, fractionation facilities and distribution systems (“EPIC NGL”) for total cash consideration of $2.2 billion, subject to customary purchase price adjustments. Upon

$SPM frac pump achieves 13,000 pumping hours in Permian before first overhaul- oil and gas 360$

SPM frac pump achieves 13,000 pumping hours in Permian before first overhaul

December 10, 2024

(World Oil) – SPM™ Oil & Gas announced that their SPM™ WS 335 Frac Pump has achieved more than 13,000 pumping hours in the Permian before its first overhaul. As conventional frac pumps are commonly rebuilt at 3,000 hours and discarded at 6,000 hours, this milestone demonstrates the WS 335’s ability to last four times longer than traditional pressure pumping

LandBridge to acquire Permian acreage valued at $245 million from VTX Energy

November 20, 2024

(World Oil) – LandBridge today announced it has entered into a purchase and sale agreement to acquire approximately 46,000 largely contiguous surface acres in the Southern Delaware Basin known as the Wolf Bone Ranch for total consideration of $245 million in cash from VTX Energy Partners, a subsidiary of Vitol. Located adjacent to LandBridge’s existing surface acreage in Reeves County, Texas,

Permian producer Matador raises 2024 oil projections to 100,000 bopd

October 24, 2024

(World Oil) – Matador Resources Co. plans to produce more oil in 2024 than previously planned, a signal that wells in the western part of the Permian basin — the busiest U.S. oil field — continue to lead national oil growth. Dallas-based Matador now plans to produce an average of 98,500 to 101,500 bopd in 2024, a 5% increase from

$Diamondback Energy eyes natural gas to electrify Permian fracing operations- oil and gas 360$

Diamondback Energy eyes natural gas to electrify Permian fracing operations

September 18, 2024

World Oil (Bloomberg) – Diamondback Energy Inc., one of the Permian basin’s biggest oil companies, is considering using some of the natural gas it produces to generate electricity to run drilling and fracing operations. Permian producers have increasingly shifted operations from diesel generators to electricity supplied by the local power grid. But the Texas grid can be unreliable at times,

Relief on the way for Permian gas takeaway

September 12, 2024

(Oil & Gas 360) – Another 2.5 bcf/d of takeaway is coming for Permian gas via the Matterhorn Express Pipeline, which is expected to be put into service just in time for heating season. According to project lead EnLink Midstream of Houston, Matterhorn is expected to deliver enough natural gas for two million homes after its 580-mile route from the

Exclusive: Ring Energy at EnerCom Denver-The Energy Investment Conference 2024

August 29, 2024

Oil and Gas 360 Publisher’s Note: You can view the EnerCom Denver—The Energy Investment Conference and the Energy Transition and Emerging Technologies Series presenter replays for a limited time. Ring Energy, Inc. is a growth-oriented, independent oil and natural gas company headquartered in The Woodlands, Texas. It is focused on the acquisition, exploration and development of high-quality, oil and liquids

Permian, Bakken drilling rigs spur “record” U.S. oil production forecast on longer laterals

August 29, 2024

World Oil (Bloomberg) – Oil rigs in the Permian and Bakken basins of the U.S. are producing at the most efficient rates in about 13 years, leading Macquarie Group analysts to predict the country’s crude production will top most consensus views. Rigs in the Midland basin of Texas and New Mexico drilled an average of 47 miles of horizontal lateral

US shale companies produce more crude using fewer rigs

August 13, 2024

US shale companies produce more crude using fewer rigs

Oxy raises 2024 oil and gas production, following $10.8 billion CrownRock acquisition, Permian success

August 8, 2024

World Oil (Bloomberg) – Occidental Petroleum Corp. raised its production and capital spending plans for this year after closing its $10.8 billion acquisition of CrownRock LP earlier this month. The deal will increase Occidental’s production 5% to about 1.32 MMboed in 2024, with the extra coming from the Permian basin, the Houston-based company said in a statement Wednesday. Capital spending

U.S. oil & gas Jobs are disappearing despite record production

August 1, 2024

Oil Price U.S. oil production is breaking records, but employment numbers have dropped in five out of six months this year as operational efficiencies allow operators to continue to boost production with fewer rigs and workers, the Texas Oil & Gas Association (TXOGA) said last week in a cautionary note. Texas, home to the biggest shale basin, the Permian, has seen crude

Another world first in the Permian, natural gas to gasoline

July 26, 2024

Oil and Gas 360 Finding another way to avoid the waste and lost revenue from stranded gas in a pipeline-constrained portion of the Permian Basin could have global applications, according to two business partners in Texas interviewed in the June-July Oil and Gas Journal. Boosted by a $20 million investment by Midland-based partner and producer Diamondback Energy, Houston-based Verde Clean

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