(World Oil) – (Bloomberg) – Diamondback Energy Inc. is in talks to form a power joint venture that would solve some of the shale giant’s own needs in the Permian Basin while also selling electricity to artificial intelligence data centers in West Texas. Diamondback says it’s looking for an equity stake in a gas-fired power plant that would be built on
(World Oil) – Elk Range Royalties has announced its acquisition of Newton Financial Corporation, LP, Concord Oil Company, LP, and Mission Oil Company, (Newton/Concord) who collectively own a substantial mineral and royalty interest asset spanning the Permian and Eagle Ford basins. This strategic transaction expands Elk Range’s footprint across premier oil and gas producing regions in Texas. The acquisition includes approximately
(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
(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
(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,
(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
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,
(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
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
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
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
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