Articles tagged Permian Basin

Baseload natural gas prices declined on the first day of September bidweek trading on Monday, led lower by prices in West Texas sinking below zero.

A deal by Enterprise Products Partners LP to snap up a Permian Basin sour gas midstream operator will accelerate the Houston giant’s strategy in the nation’s largest producing region by “at least three or four years,” a top executive said Wednesday.

Private equity-backed Brazos Midstream is planning to add 500 MMcf/d of cryogenic natural gas processing capacity and 175 miles of gas gathering pipelines in the Permian Basin’s Midland sub-basin by the end of next year, management said.

Employment in Texas’ upstream oil and gas industry rose by 1,600 jobs in July versus June, according to the Texas Independent Producers and Royalty Owners Association (TIPRO).

Diamondback Energy Inc. is aiming to capture more value from the immense volumes of associated natural gas it produces as a byproduct of oil extraction in the Permian Basin, according to management.

Permian Basin pure-play Kinetik Holdings Inc. revised its 2024 guidance after seizing opportunities in New Mexico and the Delaware sub-basin in the second quarter, and increasing processing volumes despite challenges from anemic natural gas prices at the Waha hub.

Devon Energy Corp. expects its Permian Basin natural gas production to increase along with its exposure to premium Gulf Coast pricing once the Matterhorn Express and Blackcomb pipelines enter service, according to management.

Natural gas futures on Friday forged ahead through midday trading, putting the prompt month on target for its fourth gain in as many sessions, though it pulled back and hovered near even by early afternoon. Weakness in West Texas pressured spot prices lower.

Multi-basin exploration and production firm EOG Resources Inc. is maintaining its natural gas activity as it looks toward better demand dynamics next year, management said in its 2Q2024 earnings call.

The U.S. total combined oil and natural gas rig count of 586 for the week ending (Aug. 2) was down three rigs week/week, with gas-directed units accounting for the entire decline, according to the latest Enverus and Baker Hughes Co. data.