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Since days when shale oil and gas technologies were discovered, the U.S. energy industry has been evolving more rapidly than ever before. Many changes are amazing especially when you put them on an industry map. At Rextag not only do we keep you aware of major projects such as pipelines or LNG terminals placed in service. Even less significant news are still important to us, be it new wells drilled or processing plants put to regular maintenance.

Daily improvements often come unnoticed but you can still follow these together with us. Our main input is to “clip it” to the related map: map of crude oil refineries or that of natural gas compressor stations. Where do you get and follow your important industry news? Maybe you are subscribed to your favorite social media feeds or industry journals. Whatever your choice is, you are looking for the story. What happened? Who made it happen? WHY does this matter? (Remember, it is all about ‘What’s in It For Me’ (WIIFM) principle).

How Rextag blog helps? Here we are concerned with looking at things both CLOSELY and FROM A DISTANCE.

"Looking closely" means reflecting where exactly the object is located.

"From a distance" means helping you see a broader picture.

New power plant added in North-East? See exactly what kind of transmission lines approach it and where do they go. Are there other power plants around? GIS data do not come as a mere dot on a map. We collect so many additional data attributes: operator and owner records, physical parameters and production data. Sometimes you will be lucky to grab some specific area maps we share on our blog. Often, there is data behind it as well. Who are top midstream operators in Permian this year? What mileage falls to the share or Kinder Morgan in the San-Juan basin? Do you know? Do you want to know?

All right, then let us see WHERE things happen. Read this blog, capture the energy infrastructure mapped and stay aware with Rextag data!

NOG Successfully Acquires Utica Shale and Delaware Basin Operations

Northern Oil and Gas (NOG) has successfully completed two acquisitions, investing $162.6 million in properties within the Utica Shale and the northern Delaware Basin. In November 2023, NOG ventured into the Utica Shale by acquiring interests from a private seller, including less than one producing well and slightly over one well in development, spanning several counties in Ohio. These areas, primarily operated by Ascent Resources, focus on extracting oil and gas from the Point Pleasant Formation and the Utica Shale, with the Ohio assets being a significant part of this strategy.

Who's Next after Diamondback? Potential Takeover Targets in the Permian Basin

The $26 billion purchase of Endeavor Energy Resources by Diamondback Energy, with its stock up 2.6%, is the newest big deal combining oil and gas production in the Permian Basin under a few big companies

Oil and Gas: Diamondback and Endeavor's $26 Billion Merger Redefines Permian Basin

Diamondback's buyout of Endeavor happened about four months after ExxonMobil and Chevron made huge deals, with Exxon buying Pioneer Natural Resources for $59 billion and Chevron getting Hess for $53 billion. Even though 2023 was a slow year for company buyouts and mergers, with the total deals at $3.2 trillion (the lowest since 2013 and 47% less than the $6 trillion peak in 2021), the energy sector was still active. Experts think this buzz in energy deals is because these companies made a lot of money in 2022.

Hess Corp. Increases Drilling Activity Before Chevron Takeover

Hess Corp. is in the final stages of a major sale to Chevron, with increased drilling and production in the Bakken region noted in the last quarter. Hess announced its fourth-quarter net production in the Bakken reached 194,000 barrels of oil equivalent per day (boe/d), a slight increase from the third quarter's 190,000 boe/d and a significant 23% rise from the 158,000 boe/d seen in the fourth quarter of the previous year. This growth is attributed to more drilling and the impact of the previous year's severe winter weather.

Bakken's Tipping Point: Grayson Mill's Potential Fall After Chevron-Hess

The Permian Basin, a big oil area, is not seeing as many deals as before because lots of companies have already joined together. Now, experts think these companies might start looking for new places to invest in the U.S. One area getting attention is the Bakken play. Chevron Corp. has just made a big step there by buying Hess Corp. for $60 billion. Another company, Grayson Mill Energy, which got some help from a Houston investment firm EnCap Investments LP, might also be up for sale soon, worth about $5 billion.

Occidental, CrownRock Merger Under Regulatory Review: 2024 Update

CrownRock's 94,000+ net acres acquisition complements Occidental's Midland Basin operations, valued at $12.0 billion. This expansion enhances Occidental's Midland Basin-scale and upgrades its Permian Basin portfolio with ready-to-develop, low-cost assets. The deal is set to add around 170 thousand barrels of oil equivalent per day in 2024, with high-margin, sustainable production.

Chevron to Sell Stake in Canada’s Duvernay Shale

Chevron is selling its Canadian shale production operations as part of a wider plan to concentrate its investments on more profitable projects in the United States.

Chesapeake Dominates with $7.4B Southwestern Buy

Chesapeake Energy has agreed to purchase its competitor, Southwestern Energy, in a $7.4 billion all-stock deal. The acquisition anticipates a boost in natural gas demand with new U.S. LNG export terminals coming online in 2025.

Talos Energy Confirms $1.29 Billion Takeover of QuarterNorth Energy

Houston-based Talos Energy Inc. has made a deal to buy QuarterNorth Energy Inc. for $1.29 billion. QuarterNorth is a company that explores and produces oil in the Gulf of Mexico and owns parts of several big offshore fields. This purchase will add more high-quality deepwater assets to Talos's business, which are expected to bring steady production and new opportunities for growth. The deal should immediately benefit Talos's shareholders and help the company reduce its debt faster.

Dallas-Based Sunoco Buys NuStar Energy for $7.3 Billion

Sunoco, a gas station company based in Dallas, will buy NuStar Energy, a major operator of liquid storage and pipelines, for $7.3 billion. The acquisition of NuStar Energy by Sunoco not only enlarges Sunoco's fuel distribution business but also moves it into the crude oil middle market, especially in the important Permian Basin area.

Tokyo Gas Expands Into US Market with $2.7 Billion Acquisition of Rockcliff Energy

Quantum Capital Group sold Rockcliff Energy II LLC, a Quantum Energy Partners' company, to TG Natural Resources LLC for $2.7 billion on December 29. TG Natural Resources is a part of Tokyo Gas, a Japanese company aiming to triple its overseas profits in North America and other regions.

Welcome 2024: A Look Back at 2023 Top Oil and Gas Sector Deals

2023 was quite a year for the oil and gas sector, with some big deals making the news. In the US, giants like ExxonMobil and Chevron grabbed headlines with their plans to acquire companies like Pioneer and Hess. Internationally, ADNOC wasn't left behind, expanding its reach as well. As we ring in the new year, let's recap the biggest oil and gas deals of 2023.

2023 Closes with a Wave of Deals: Canada to Permian Basin

-Crescent Point Energy finalized its $1.9 billion purchase of Hammerhead Energy to expand operations in Alberta's Montney Shale -Two Canadian companies merged to increase their presence in Alberta's Kaybob Duvernay area -Ring Energy completed acquisition in the Permian Basin

Vital Energy Expands Permian Basin Footprint with New Working Interest Acquisitions

Vital Energy, an independent energy firm, recently expanded its holdings in the Permian Basin by purchasing additional working interests in prime production assets for approximately $55 million. These newly acquired assets were originally part of a larger transaction involving Henry Energy, Moriah Henry Partners, and Henry Resources.

Rudolf reindeer VS. Transcontinental Pipeline - Which one moves the presents faster

Well, it’s a Christmas ❄️time again. We all know Rudolf, the hero of Christmas, guiding Santa's sleigh through the night. And then there’s this massive Transcontinental pipeline (Transco), stretching thousands of miles, sending gas all over the place. It's like comparing grandkid's toy car with a real monster truck. So, who's faster in the present-delivery? Rudolf’s magic or Transco's might? That's a tough one, but we'll leave that for you to decide while we kick back with some eggnog.

Christmas tree and Santa Against Permian Methane Emissions

Once upon a Christmas, Santa Claus, while checking his list, noticed something different. Far away in Texas, there was a place called the Permian Basin, not filled with snow, but with oil fields. These fields were letting out a gas called methane, which wasn't good for the air. Santa, always caring for our planet, decided this year he'd do something about it. So, he set off on a special journey, with his bag of toys and a plan to help the Earth. Let's join Santa on this unique adventure as he tries to make the Permian Basin a bit greener this Christmas.

Sale of Texas Panhandle Assets by Unit Corporation Now Complete

Unit Corporation (OTCQX: UNTC) has successfully completed the sale of some of its non-core oil and gas assets located in the Texas Panhandle. This sale, involving assets known as the "Divested Assets," resulted in the company receiving $50 million in cash at the time of closing. This amount may be adjusted later according to the terms of the sale agreement.

Pembina (PBA) to Acquire Enbridge's Joint Ventures for $2.3 Billion - C$3.1 Billion

Pembina Pipeline Corporation PBA, a well-known player in the Canadian midstream sector, recently announced its plan to acquire Enbridge Inc.'s remaining shares in the Alliance Pipeline, Aux Sable pipelines, and NRGreen joint ventures. The deal, valued at C$3.1 billion or US$2.3 billion, marks a key step for Pembina in asserting its leadership in North America's natural gas transportation sector. This strategic acquisition is expected to considerably boost Pembina's growth and profitability in the coming years.

SilverBow Successfully Completes $700MM Purchase of Chesapeake’s South Texas Holdings

SilverBow Resources Inc. finished buying Chesapeake Energy Corp.'s oil and gas areas in South Texas. They agreed to this $700 million deal back in August. The deal included SilverBow paying $650 million in cash when the deal was closed. They will also pay another $50 million in cash a year later, with some usual changes in the amount. Chesapeake might get an additional $50 million later, depending on the prices of oil and gas in the future. SilverBow paid for this big purchase with the money they had, by borrowing from their credit line, and by selling more of their second lien notes.

Tenaris Acquires Mattr's Pipe Coating Division for $166 Million

Tenaris has successfully finalized the purchase of Mattr's Pipe Coating Division, previously known as Shawcor, for a total of $182.6 million. This figure includes working capital and $16.9 million in cash. Announced back on August 14, 2023, the acquisition has now received the green light from regulatory bodies in both Mexico and Norway.

$113 Million Transaction Baytex Energy Sells Off Crude Oil Holdings in Western Canada

Baytex Energy Corp., a prominent oil and gas company, has struck a deal to sell part of its Viking assets located in Forgan and Plato, southwest Saskatchewan. The transaction sealed at CAD 153.8 million (approximately US$113.23 million).

Anticipated Growth: Endeavor Energy's Value Nearing $30 Billion

This summer, J.P. Morgan Securities highlighted Endeavor Energy Resources as the Midland Basin's standout in mergers and acquisitions, suggesting its value might approach $30 billion. Endeavor Energy Resources, a privately-owned entity in Midland focusing solely on its operations, has seen a significant uptick in production. It now boasts a production rate of 331,000 barrels of oil equivalent per day (boe/d), marking a 25% increase from the previous year.

WhiteHawk Energy Expands Portfolio with $54 Million Marcellus Shale Natural Gas Asset Purchase

WhiteHawk Energy has recently completed a significant acquisition in the Marcellus Shale, investing $54 million. This deal has effectively doubled their mineral and royalty ownership in the Marcellus Shale, particularly in Greene and Washington counties in Pennsylvania. This region is noted for its high-quality natural gas reserves. WhiteHawk’s Marcellus assets now encompass approximately 475,000 gross unit acres, featuring production from about 1,315 horizontal shale wells. In addition to this, they own interests in 72 wells-in-progress, 64 permitted wells, and nearly 900 undeveloped Marcellus locations. This acquisition is expected to double WhiteHawk's net revenue interest in each well within its Marcellus holdings​​.

Exploring the Gulf of Mexico: A Comprehensive Data and Map by Rextag

Discover the Gulf of Mexico with our comprehensive data and pipeline map. Explore coastal and island information along with oil and gas data

Talos Energy and Repsol Join Forces in Gulf Exploration JV

alos Energy and Repsol have formed a partnership, each owning 50-50, to reexamine seismic data in a shared area to identify where to drill in the coming years. Tim Duncan, the CEO of Talos, sees this as a strategic use of land they acquired from EnVen Energy Corp to enhance its value. Talos Energy is putting to use the land they bought from EnVen Energy Corp for $1.1 billion. CEO Tim Duncan talked about this on November 7, explaining that it's a smart move because the government has delayed a big decision on new ocean drilling areas. By teaming up with Repsol, Talos plans to work on the land they already have, about 100,000 acres, so they don't have to wait for new permits.

Kinder Morgan Invests $1.8 Billion in South Texas Gas Infrastructure

Kinder Morgan's strategic acquisition of STX Midstream from NextEra is a significant move to enhance its infrastructure capabilities in South Texas. The area is witnessing an upsurge in natural gas production and demand, particularly towards Mexico and the Gulf Coast markets. The 462-mile pipeline system, which is highly contracted with an average contract length of over eight years, is expected to generate about $181 million in EBITDA for 2023.

Mexico Pacific LNG: A New Export Era Anchored by Permian Gas

Natural gas from the U.S. Permian Basin is set to be the primary source for Mexico's Pacific's Saguaro Energía LNG facility. Located in Puerto Libertad, Sonora, the Saguaro Energía LNG export facility will feature three processing trains. The site is primed for potential expansion with plans for three additional trains of similar capacity. Its strategic Pacific Coast location offers a 55% shorter shipping route to Asia, providing significant savings and reduced carbon emissions​​.

Non-Core Canadian Assets of Murphy Oil Successfully Divested for $104M

Houston-based Murphy Oil Corp. has successfully concluded the divestiture of its non-core operated assets located across its Western Canadian terrain, including the assets in the Kaybob Duvernay region and the complete non-operated Placid Montney position through a subsidiary. The divestiture was initially made public in August and was concluded. The transaction yielded cash proceeds of around US$104 million (CA$141 million), slightly lower than the originally anticipated US$112 million.

Baker Hughes Confirms a Third Weekly Decline in US Oil and Gas Rigs

In a recent announcement, energy services firm Baker Hughes stated that U.S. energy companies have decreased the number of operating oil and gas rigs for the third successive week. This development marks the first such consistent reduction since early September. As of October 6, the count for oil and gas rigs, considered a precursor to future production levels, has seen a decline by four, positioning it at 619. This is the lowest figure recorded since February of the preceding year. The overall rig count has decreased by 143 or 19% when compared to last year's statistics.

AltaGas to Purchase Tidewater Midstream Assets in $480 Million Deal

AltaGas announced plans to acquire Tidewater's Phase 1 and II expansions of the Pipestone Natural Gas Processing Plant, a truck terminal, and related pipelines. Recently AltaGas Ltd. revealed that it had finalized a deal with Tidewater Midstream and Infrastructure Ltd. to purchase an array of midstream assets, storage solutions, and terminals for a sum of CA$650 million (approximately US$480 million).

From Beginnings to a $7.1 Billion Milestone: Deal-Making Histories of Energy Transfer and Crestwood - Complex Review by Rextag

Energy Transfer's unit prices have surged over 13% this year, bolstered by two significant acquisitions. The company spent nearly $1.5 billion on acquiring Lotus Midstream, a deal that will instantly boost its free and distributable cash flow. A recently inked $7.1 billion deal to acquire Crestwood Equity Partners is also set to immediately enhance the company's distributable cash flow per unit. Energy Transfer aims to unlock commercial opportunities and refinance Crestwood's debt, amplifying the deal's value proposition. These strategic acquisitions provide the company additional avenues for expanding its distribution, which already offers a strong yield of 9.2%. Energized by both organic growth and its midstream consolidation efforts, Energy Transfer aims to uplift its payout by 3% to 5% annually.

Under Construction Pipelines: Outlook 2023 by Rextag

According to Globaldata, 196,130km of planned and announced trunk oil and gas pipelines are anticipated to become operational globally between 2023 and 2030. This consists of 113,099km of planned pipelines that have identified development plans, and 83,031km of early-stage announced pipelines currently under conceptual study, expected to receive development approval. Based on Global Energy Monitor's 2023 data, Africa and the Middle East account for 49% of the global oil transmission pipeline construction, valued at US$25.3 billion. The report indicates these regions are currently constructing 4,400 km of pipelines with an investment of US$14.4 billion. There are plans for an additional 10,800 km at an approximate cost of US$59.8 billion.

TC Energy sells 40% Stake in Columbia Gas Pipeline Systems for $3.9 Billion to GIP

Calgary-based pipeline operator TC Energy is selling a 40% stake in its natural gas pipeline systems for $3.9 billion as part of its efforts to reduce debt. TC Energy Corporation (TRP) has agreed to sell a 40% stake in its Columbia Gas Transmission and Columbia Gulf Transmission systems to Global Infrastructure Partners (GIP). This move will help TC Energy reduce its debt and establish a valuable long-term partnership with GIP, a prominent infrastructure investor.

Warren Buffett’s Berkshire Hathaway Energy Acquires $3.3 Billion Stake in LNG Terminal

One of Warren Buffett's Berkshire Hathaway subsidiaries is set to raise its ownership in the Cove Point liquefied natural gas (LNG) export terminal located in Maryland. This comes after the company signed a substantial $3.3 billion agreement with Dominion Energy. Under the agreement, Dominion Energy has agreed to sell its 50 percent noncontrolling limited partner interest in Cove Point LNG to Berkshire Hathaway Energy. Berkshire Hathaway Energy is the current operator of the facility and already holds a 100 percent general partner interest and a 25 percent limited partner interest.

US Midstream Research 2022 Overview: TOP Providers, Their Assets and Stories

The midstream sector plays a vital role in the oil and gas supply chain, serving as a crucial link. As the energy transition continues, this industry, like the broader sector, encounters various risks. Yet, existing analyses have predominantly concentrated on the risks faced by the upstream and downstream sectors, leaving the fate of the midstream relatively unexplored. In a nutshell, midstream operators differentiate themselves by offering services instead of products, resulting in potentially distinct revenue models compared to extraction and refining businesses. However, they are not immune to the long-term risks associated with the energy transition away from oil and gas. Over time, companies involved in transporting and storing hydrocarbons face the possibility of encountering a combination of reduced volumes, heightened costs, and declining prices.

Global Natural Gas Supply and Demand in 2023 Q1: A Comprehensive Analysis for Energy Professionals

In the ever-evolving energy landscape, staying informed about the global natural gas market is crucial for energy professionals. As CXO-level energy company officials, petroleum engineers, and business development professionals, it is vital to have a thorough understanding of the structure, economics, and historical context of global natural gas supply and demand. This article aims to provide an in-depth overview of the global natural gas market in the first quarter of 2023, exploring its supply and demand dynamics, historical development, and industry trends. This comprehensive analysis incorporates factual data on oil and gas production, costs, prices, volumes, and job market figures, providing professionals with valuable insights for strategic decision-making.

Black Bear Roars with Success: Mississippi Gas Gathering Assets Sold

Skye MS LLC purchased a package deal from Black Bear, which included over 120 miles of natural gas pipelines and eight active metered locations. Black Bear Transmission LLC, based in Houston, successfully finalized the sale of gas gathering assets owned by BBT Mississippi LLC (BBT MS) to Skye MS LLC of Columbia, Mississippi. The specific amount of the transaction remains undisclosed. BBT MS is the proud owner and operator of a fee-based, natural gas transmission system that efficiently supplies gas to utility, industrial, and power generation customers. It facilitates the connection of wellhead production in Mississippi to regional long-haul pipelines.

ONEOK Buys Magellan for $18.8 Billion: Overview of the Huge M&A Deal in the Pipeline Industry

In May, ONEOK (OKE) made an announcement regarding its acquisition of Magellan Midstream Partners LP (MMP) for a total value of $18.8 billion, which includes cash and stocks. This move drew attention as it positions ONEOK, primarily known for its involvement in the provision, gathering, and processing of Natural Gas (NG), to become one of the largest pipeline companies in the United States. The acquisition also allows ONEOK to expand its services by including Oil (CL), another significant energy commodity.

Global Oil Supply and Demand Trends Overview: Insights from Rextag

Global oil supply and demand saw notable changes in April 2023. Liquids demand declined by 0.7 MMb/d to 99.9 MMb/d, with gains in China and Europe offset by reduced demand in Japan and the Middle East. OPEC 10 production remained stable at 29.5 MMb/d, while Saudi Arabia increased output by 0.3 MMb/d. Non-OPEC production declined slightly, Russian production dropped further, and US shale production remained steady. Combined production in Iran, Venezuela, and Libya remained unchanged. Commercial inventories increased, and OPEC+ implemented production cuts. Economic sentiment remains uncertain amid rising global inflation.

Callon Acquires $1.1 Billion Delaware Assets and Bows Out of Eagle Ford - Here's What You Need to Know

Callon is set to purchase Percussion Petroleum's Delaware assets for $475 million while selling its Eagle Ford assets to Ridgemar for $655 million. In a strategic step to optimize its operations, Callon Petroleum recently made headlines by sealing two deals on May 3, totaling a staggering $1.13 billion. The company is taking confident steps to bolster its presence in the Delaware Basin while bidding farewell to its stake in the Eagle Ford Shale.

Permian Resources Secures a Major Deal in the Thriving Delaware Basin

Permian Resources bolsters dominance in the Delaware Basin with strategic land acquisitions, expanding its portfolio by over 5,000 net leasehold acres and 3,000 royalty acres. In a stunning display of growth and strategic maneuvering, Permian Resources Corp., based in Midland, Texas, has made waves in the first quarter by securing a series of deals worth over $200 million in the highly sought-after Delaware Basin. This move solidifies their position as a player in the region.

Exploring the Energy Lifeline: A Tour of Williston Basin's Midstream Infrastructure

The Williston Basin, which spans parts of North Dakota, Montana, Saskatchewan, and Manitoba, is a major oil-producing region in North America. In order to transport crude oil and natural gas from the wells to refineries and other destinations, a vast pipeline infrastructure has been built in the area. The pipeline infrastructure in the Williston Basin consists of a network of pipelines that connect production sites to processing facilities, storage tanks, and major pipeline hubs

Matador Acquires Additional Land in Delaware from Advance Energy for $1.6 Billion

Matador Resources Co. is making a big move in the oil and gas industry by acquiring Advance Energy Partners Holdings LLC, a major player in the northern Delaware Basin. The acquisition, which comes with a hefty price tag of at least $1.6 billion in cash, includes valuable assets in Lea County, N.M., and Ward County, Texas, as well as key midstream infrastructure.

The Denver-Julesburg Basin Overview

Geologically, the Denver-Julesburg (DJ) Basin is a large structural basin with a complex history of sedimentary deposition, tectonic activity, and hydrocarbon generation. The basin covers approximately 20,000 square miles and extends into parts of Colorado, Wyoming, Nebraska, and Kansas. It is primarily composed of several stacked formations, including the Niobrara, Codell, and Greenhorn formations, which contain significant amounts of oil and gas reserves.

Breaking Barriers FireBird II, Empowered by Quantum Technology, Surpasses $500MM Funding Milestone for Permian Ventures

Following the success of FireBird Energy's $1.75 billion sale to Diamondback last year, the emergence of FireBird II signals a new chapter in the Permian Basin. Get ready for some exciting news from the energy industry. FireBird Energy II, the new player in the Permian Basin, has just secured $500 million in equity funding to fuel their acquisitions. With backing from the esteemed private equity firm Quantum Energy Partners, FireBird Energy II is poised to make waves in the industry.

Multi-Billion Dollar Deal: Ovintiv to Expand Midland Basin Portfolio with EnCap Acquisition and Exit Bakken

Ovintiv Strikes Billion-Dollar Oil Deal, Doubling Production in Permian Basin with EnCap's Black Swan, PetroLegacy, and Piedra Resources. The deal, which was approved unanimously by Ovintiv's board, is slated to close on June 30. With over $5 billion in transactions announced on April 3, Ovintiv is set to expand its oil production by snatching up 65,000 net acres in the core of the Midland Basin. The deal with EnCap will give them a strategic edge in Martin and Andrews counties, Texas, with approximately 1,050 net, 10,000-ft well locations added to their inventory.

Appalachian O&G Basin 2022 Review

The Appalachian oil and gas basin is a geological formation that spans several states in the eastern United States, including Pennsylvania, West Virginia, Ohio, and New York. It is one of the largest natural gas reserves in the world, with estimates of recoverable natural gas exceeding 141 trillion cubic feet. The Marcellus Shale formation was formed over 350 million years ago and is composed of sedimentary rocks. Initially, the Marcellus Shale was not considered a significant source of natural gas due to the low permeability of the rock, which made it difficult for gas to flow through it and be extracted. However, with the development of hydraulic fracturing and horizontal drilling technologies in the early 2000s, it became economically viable to extract natural gas from the Marcellus Shale, and it has since become a major source of natural gas production in the United States.

Riley Permian Secures $330 Million Acquisition in Thriving New Mexico: A Strategic Move with Promising Returns

In a big move for Riley Permian, the company has just closed a deal to acquire top-of-the-line oil and gas assets in the heart of New Mexico. The acquisition, which was made in February, saw Riley Permian snapping up these highly sought-after resources from none other than Pecos Oil & Gas LLC for $330 million.

Massive Energy Deal Alert: Energy Transfer to Acquire Lotus Midstream in Permian Basin for $1.45 Billion!

Energy Transfer's recent acquisition of Lotus Midstream's infrastructure for $1.45 billion is a remarkable feat that is bound to shake up the energy industry. This strategic move grants Energy Transfer access to the highly prized Centurion Pipeline, as well as an additional 3,000 miles of crude gathering and transportation pipelines. These pipelines span across the vast Permian Basin of West Texas, stretching all the way from New Mexico and culminating at the bustling energy hub of Cushing, Oklahoma.

Energy Giant Baytex Makes a Bold Move: Snaps Up Ranger Oil in $2.5 Billion Deal

Baytex Energy Group has announced that it will acquire Eagle Ford exploration and production company, Ranger Oil, for approximately $2.5 billion in cash and stock, which includes taking over the company's existing debt. Upon the successful closure of the acquisition, Baytex will have a controlling stake of approximately 63% in the newly merged company, leaving Ranger shareholders with around 37%. This significant move is in line with a trend of substantial mergers and acquisitions in the Eagle Ford area, with Marathon Oil, Devon Energy, and Chesapeake Energy among the companies involved in recent transactions.

Fueling Up for Success: Harvest Midstream, Hilcorp's Affiliate, to Acquire Bakken and Eagle Ford Assets from Paradigm

Harvest Midstream, a Hilcorp affiliate, is set to acquire three midstream gathering systems that serve the Bakken, as well as system located in the Eagle Ford. Harvest, an affiliate of Hilcorp Energy Corp, has entered into an agreement to purchase three Bakken midstream gathering systems and one in the Eagle Ford from Paradigm. Paradigm is set to sell these midstream assets to Harvest in the near future.

Ranger Oil Acquisition by Baytex: Boosting Shareholder Returns and Introducing Dividend with Improved Free Cash Flow in Eagle Ford Operations

Baytex Energy, a Canadian oil and gas company, has announced its acquisition of Ranger Oil, an Eagle Ford operator based in Texas, in a deal worth $150 million. The acquisition will accelerate Baytex's shareholder returns and introduce a dividend with enhanced free cash flow.

Enbridge agreed to acquire the Tres Palacios gas storage facility in Texas for $335 million

Enbridge acquired Tres Palacios natural gas storage facility in Texas for $335 million, adding approximately 35 Bcf of natural gas storage to their portfolio. The facility uses salt caverns for storage and has a gas header pipeline system that spans 62 miles and links to 11 major gas pipelines. Crestwood Equity Partners LP intends to divest its interests in Tres Palacios by the second quarter.

U.S. Natural Gas Pipelines Infrastructure Overview by Rextag

The U.S. natural gas pipeline network is a complex system of pipelines that transport natural gas from production areas to consumers across the country. The pipeline network consists of three main types of pipelines: gathering pipelines, transmission pipelines, and distribution pipelines. Gathering pipelines are small-diameter pipelines that transport natural gas from production wells to processing facilities or larger transmission pipelines. Transmission pipelines are large-diameter pipelines that transport natural gas over long distances, sometimes across multiple states. Distribution pipelines operate at low pressure and are located in or near urban areas. They are often referred to as "utility pipelines" because they are typically owned and operated by local gas utility companies.

Diamondback finalizes $1.55 billion acquisition of Lario, enhancing Midland Basin portfolio

Diamondback Energy, an independent oil and gas company, has successfully completed the acquisition of Lario Permian, marking the closure of two major deals in the fourth quarter of 2022. The company purchased two private operators in the Midland Basin for approximately $3.3 billion.

Chesapeake Divests More Eagle Ford Assets; 172,000 n.a. and 2K+ Wells Sold to INEOS For $1.4 billion

Chesapeake Energy Corp. has announced that it will receive $1.4 billion from INEOS Energy for the sale of its remaining Eagle Ford asset, just a month after selling its Brazos Valley assets for a similar amount. This brings the total value of Chesapeake's Eagle Ford assets to over $2.82 billion. The Oklahoma City-based company will continue to market its other Eagle Ford assets.

Riley Will Pay $330 MM to Acquire Assets in NM from Pecos Oil & Gas

Oklahoma City-based Riley Exploration Permian Inc. is extending its presence in New Mexico through the acquisition of oil and gas assets from Pecos Oil & Gas LLC, valued at $330 million in cash, according to the company's announcement on February 28.

Vital (Formerly Laredo) Expands in Midland, Purchases Acreage From Driftwood Energy

Vital Energy Inc. has made a significant acquisition, purchasing 11,200 net acres in Upton and Reagan counties, Texas. The deal, which involved a combination of cash and stock, was worth almost $214 million. This move comes shortly after the company's rebranding from Laredo Petroleum just one month ago.

Streamlining ESG Management in Oil & Gas: Simplify Compliance with the Latest Standards

To effectively manage ESG issues in O&G companies, a comprehensive approach is required, addressing multiple managerial issues. First, ESG considerations must be integrated into the corporate strategy, setting goals that align with business objectives, reflected in budgeting, capital allocation, and risk management. Accurate and efficient collection, management, and reporting of ESG data is necessary for identifying relevant metrics and indicators, such as greenhouse gas emissions, water consumption, and social impact indicators.

Exploring ESG in Upstream Operations: Examining Achievements, Obstacles, and Emerging Patterns

ESG considerations are becoming increasingly essential for companies operating in the upstream sector. Failure to address ESG concerns may result in financial and reputational risks, given the growing focus from investors, regulators, and other stakeholders. Companies must prioritize ESG performance and engage with stakeholders to address concerns and mitigate risks. By doing so, they can improve their reputation, attract investment, and contribute to a more sustainable future

Arena Energy Makes a Deal with Cox in GoM, Adding ca. 1,000 net boe/d to Arena's Total Production

On January 24 Independent E&P Arena Energy LLC acquired Cox Operating LLC's interests in the Eugene Island 330 and South Marsh 128 oil blocks. Cox Operating, based in Dallas, Texas, includes interests to Arena's existing ownership interest in the Gulf of Mexico fields, which it purchased from GOM Shelf LLC.

A&Ds in O&G forecast for 2023, trends and factors that influence this

“Our view is in 2023 M&A picks up. There was some this 2022 year, but again, it was such a funky, weird macro world. We expect fewer surprises in 2023.” — Dan Pickering, Pickering Energy Partners. Modern companies in the world operate in a rapidly changing external environment, so the process of reorganization is one of the basic tools for solving the problem of adapting companies to new conditions. Recently, the number of Acquisitions and Divestitures in the oil and gas industry has been growing rapidly, i.e. it can be said that the market for these deals is dynamically developing.

Pembina's Stake in Key Access Pipeline System Is Sold to Stonepeak Partners

Canadian pipeline operator Pembina Pipeline Corp.'s joint venture with KKR & Co. is selling for C$662.5 million ($484.89 million) its 50% stake in the Key Access Pipeline System to private equity firm Stonepeak Partners. The agreement allows Stonepeak to maintain a pipeline system that conveys NGL to processing facilities for export to Asia, a market with a raising appetite for North American LNG as it refuses to use coal and as the decrease in Russian exports leaves a void in global supply.

2022 A&Ds in O&G Summary and Trends for the past 4 years

More than 60% of all A&D deals by value are in US oil and gas companies. Despite their leading market position, U.S. fields are developing unevenly, and investors are quite cautious about investing in them at this stage. The top 5 oil & gas industry A&D deals in 2022 were concluded by Omega Acquisition, Tokyo Gas, Diamondback Energy, Suncor Energy, and IMM Private Equity. The main motives of oil and gas companies to carry out A&D transactions can be considered the achievement of the synergy effect, and the presence of fundamental shocks in the market.

ESG - what are the criteria O&G companies should meet?

Most companies have plans in place to identify and manage the normal operational risks of enterprise asset management (EAM). But, it is equally important to consider the potential emergence of ESG risks that a company may face. While predicting events such as hurricanes, pandemics, and regulatory violations is difficult, preparing for or mitigating the impact can avoid potentially devastating effects on an asset-rich organization, as well as its employees and shareholders. As a reminder, ESG investing looks at three elements: environmental (E), social (S), and governance (G) issues, with stakeholders looking not only at the financial parameters of a transaction but also the non-financial parameters. For example, oil and gas companies should develop plans to restore power lines or pipelines after an earthquake or other natural disaster. These plans should describe procedures for how employees will access remote sites, which assets will be prioritized, what additional equipment will be needed, and how it will be obtained.

BP Has Acquired Archaea Energy for $4.1 Billion Developing Its bioenergy business

BP acquired renewable natural gas (RNG) provider Archaea Energy Inc. for $4.1 billion on December 28, marking a milestone in the growth of BP’s strategic bioenergy business. The acquisition, announced in October, was finalized following BP’s completion of regulatory requirements and Archaea obtaining shareholder approval.

Blockchain as a technology for smart contracts in O&G

The oil and gas industry has long relied on the recommendations of trusted experts to make key supply chain decisions. The growing popularity of Blockchain technology could significantly disrupt these relationships by providing an unbiased methodology for sourcing, tracking, and executing transactions on behalf of customers with transparent data sets across supply chain endpoints. Blockchain technology has already been used by many global companies in the last two years in various areas such as IoT (Internet of Things), smart contracts, and cryptocurrencies. It has enabled businesses to benefit from the inherent trust and transparency of the technology.

3D visualization for Oil & Gas industry: leaders of the O&G market in 2022

3D Modeling helps to optimize oil and gas exploration and production, and evaluate the potential of energy sources. Companies CGG, ESA, Schneider Digital, and Continental Resources have been pioneering in 3D visualization for the O&G industry in 2022.

Phillips 66 Acquires Units of Pipeline Operator DCP Midstream for $3.8 Billion

On January 6, Phillips 66 announced that it plans to acquire more than 43% of DCP Midstream LP for $3.8 billion, expanding the business in the oil & gas business.

Mascot Project Acquisition: NOG says Midland Basin Deal Is Completed

On January 5 Northern Oil & Gas (NOG) concluded a deal to acquire working interests in Midland-Petro D.C. Partners LLC (MPDC)'s Mascot Project in the Midland Basin, according to a January 9 press release. Firstly estimated at $330 million in cash, the deal was signed with an additional 3.25% working interest added to the 36.7% agreed upon when the transaction was announced on October 19. NOG paid $29 million more for the additional interests, which now totalled 39.958%. Finally, the deal closed for $320 million in cash and $43 million in debt at signing in October with the finance of Minnetonka, Minn.-based NOG with cash on hand, operating free cash flow, and assistance from its revolving credit facility.

Talos Energy Plans to Close the EnVen Acquisition Soon: Stockholders to vote on $1.1B Deal on February 8

Talos Energy Inc. is closing its $1.1 billion purchase of private operator EnVen Energy. A special meeting for Talos’ stockholders to vote on the deal and other matters is set on February 8, according to a prospectus filed on January 11 with the Securities and Exchange Commission. Shareholders are being asked to approve the EnVen merger, which as the company considered in September would raise its Gulf of Mexico production up to 40%. According to a January 11 press release, Talos asserted that it anticipates closing the transaction soon after the meeting. Talos Energy Inc. supposes that adding EnVen would double its operated deepwater facility footprint, extending key infrastructure in existing Talos operating areas. More than 80% of the combined assets will be deepwater, with the company operating more than 75% of the acreage it holds interests in. Talos is one of the largest independent operators in the U.S. Gulf of Mexico, with production operations, prospects, leases, and seismic databases spanning the basin in both Deep Water and Shallow Water. The company aims to actively grow through a balanced focus on asset optimization, development, and exploration while also seeking to add to its portfolio through acquisitions and business development.

Tokyo Gas Is Set to Buy Rockcliff Energy: One of the Top Haynesville's Producers

On January 3, U.S. natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners was set to be sold to a unit of Tokyo Gas Co. Ltd. for roughly $4.6 billion, including debt. The all-cash agreement with Houston-based TG Natural Resources, which is 70% possessed by the Japanese energy firm, is decided to be claimed this month, according to anonymous resources, as the discussions were requested to be confidential. Castleton Commodities International (CCI) owns the rest of TG Natural Resources.

NOG Grows Its Acreage Position in Delaware

According to the company’s press release on December 19, Northern Oil and Gas Inc. (NOG) closed its announced deal with a private seller of non-operated interests in the Northern Delaware Basin for $131.6 million in cash. The acquisition was announced with a $13 million deposit in October and is the third Permian Basin acquisition since August, adding to NOG’s $400 million of Permian Basin acquisitions in 2022. The assets of 2,100 net acres are primarily operated by a private company Mewbourne Oil Co., with production anticipated to total almost 2,500 boe/d in 2023. Also, Coterra Energy Inc. and Permian Resource Corp. are operators of the assets. The assets contain high-quality, low breakeven development that is leveraged to some of NOG’s top operating partners, as our investors have come to expect.

Ensign’s Assets Are Acquired by Marathon for $3 Billion

Marathon Oil Corp. closes the acquisition of Ensign Natural Resources’ Eagle Ford assets for $3 billion cash, according to the company’s release on December 27. The purchase includes 130,000 net acres (99% operated, 97% working interest) in acreage adjacent to Marathon Oil’s existing Eagle Ford position. Ensign’s estimated fourth-quarter production will average 67,000 net boe/d, including 22,000 net bbl/d of oil.

Williams Buys MountainWest Pipeline System for $1.5 Billion

On December 15, Pipeline giant Williams made a deal to purchase MountainWest Pipelines Holding Co. from Southwest Gas Holdings Inc. for almost $1.5 billion including debt. Williams is paying $1.07 billion in cash and assuming $0.43 billion of debt to buy MountainWest, which comprises approximately 2,000 miles of interstate natural gas pipeline systems mainly situated across Utah, Wyoming, and Colorado.

NOG Acquires Working Interest in the Mascot Project, Midland Basin

Northern Oil and Gas Inc. (NOG) made a $330 million purchase in the Permian Basin, according to the release on October 19. NOG revealed an agreement to purchase a 36.7% working interest in the Mascot Project from Midland-Petro D.C. Partners LLC (MDPC). The acquisition will be funded with cash on hand, operating free cash flow, and borrowings. The Mascot Project is operated by Permian Deep Rock Oil Co., an affiliate of MPDC, which is a David H. Arrington-owned business based in Midland, Texas. NOG anticipates that the production from the acquired properties to average almost 4,400 boe/d in the first quarter of 2023 and 6,450 boe/d for the full-year 2023 (2-stream, about 80% oil).

$3 Billion Deal, Marathon Oil Buys Ensign Natural Resources

A $3.0 billion cash definitive agreement to purchase the Eagle Ford assets of Ensign Natural Resources has been concluded by Marathon Oil Corporation on November 2.

Talos Energy Buys EnVen for $1.1 Billion to Expand

Talos Energy Inc. is acquiring EnVen Energy Corp. for $1.1 billion to raise Talos’ Gulf of Mexico production by 40%. The purchase of EnVen, a private operator, increases Talos' operated deepwater facility footprint 2 times, expanding key infrastructure in existing Talos operating areas. Almost 80% of the assets will be deepwater, with Talos operating more than 75% of the acreage it holds interests in. During a conference call on September 22, it was announced that the EnVen purchase “just checks a lot of boxes” in terms of scale, assets, similar strategies, and what Talos is doing from a technology standpoint. EnVen holds 78 MMboe of 2P reserves and 420,000 gross acres in the Gulf of Mexico. The deal also includes about 24,000 boe/d to Talos’ production stream. Consideration for the transaction consists of 43.8 million Talos shares and $212.5 million in cash, plus the assumption of EnVen's net debt upon closing, currently valued to be $50 million at year-end 2022.

EIG Buys 25% of Repsol’s Oil and Gas Unit for $4.8 Billion

Spanish energy group Repsol is putting a 25% stake in its oil and gas exploration division on the market. U.S. fund EIG purchases it for $4.8 billion and builds up a war chest for renewables projects due to the transition of the energy industry to a lower-carbon future. As Reuters reported earlier this year, the deal values the whole business at $19 billion including debt, and may conduct a U.S. stock market listing of a stake in the unit after 2026, according to Repsol’s statement. The process commenced with an unsolicited offer from EIG, Reuters said in June, increasing Repsol's shares to a 14-year high. Moreover, shares grew up after an announcement on September 7 before declining 1.8% by 7:46 GMT. Nevertheless, they outperformed the European oil and gas index, which was down 2.3%.

Certified Low Emissions Gas - Williams & PennEnergy Partner Together

Williams said on Aug. 8, that it concluded an agreement to support the selling and transportation of certified, low emissions next-gen natural gas from PennEnergyResources LLC. According to the deal, Williams will construct a marketing portfolio to market the natural gas to utilities, LNG export facilities, and other facilities which can efficiently use clean energy. Moreover, the agreement involves a certification process that verifies best practices are being followed to reduce emissions and produce natural gas in an environmentally responsible manner collaborating with an independent third party. The partnership with PennEnergy is a continuation of Williams' strategy to collect, market, and deliver low-carbon natural gas to the end user from the wellhead. PennEnergy’s 378 production wells in southwest Pennsylvania supply the US with natural gas and they have achieved Platinum status from Project Canary’s TrustWell certification.

Baker Hughes To Help Driftwood Pipeline Decarbonize Its Lines 200 and 300 Projects

According to a press announcement on June 29, Baker Hughes got a contract to supply electric-powered Integrated Compressor Line (ICL) decarbonization technology and turbomachinery equipment for an upcoming natural gas transmission project by a subsidiary of Tellurian Inc. – Driftwood Pipeline LLC. Driftwood Pipeline decided that the projects of Lines 200 and 300 would be situated in Beauregard and Calcasieu Parishes in southwest Louisiana and it will be the first time when Baker Hughes installs its ICL technology for pipeline compression in North America. Joey Mahmoud, president of Tellurian Pipelines, says the company expects that the project will give upwards of 5.5 Bcf of natural gas every day, with virtually no emissions. As a part of the agreement, Tellurian makes the initial $240 million pipeline investment as part of the broader Driftwood Pipeline system, which will keep enhanced supply reliability to meet the area’s projected industrial enlargement in a purer, more sustainable way. Baker Hughes has installed over 50 ICL units across the different pipeline and offshore applications, mainly in Europe. The compressors exert a reduced environmental footprint because their hermetically sealed casing prevents emissions from obviating. It is important to mention, that they require minimal downtime as magnetic bearings are resulting in more efficient operations and low maintenance.

Earthstone Expands Due to Acquisition of Titus’ Delaware

Earthstone Energy Inc., based in Texas, announced the transaction on June 28: the acquisition of Titus Oil&Gas which will raise production in the Delaware Basin by 26%. The $627 million acquisition fills the Permian Basin in Eddy and Lea counties, N.M. with 86 net locations on 7,900 net acres of leasehold, while it is not clear how much of the leasehold might be on federal acreage It is Earthstone’s seventh acquisition since 2021, a span that includes the closing of approximately $1.89 billion in acquisitions in the Permian Basin. The purchase of Titus Oil & Gas Production LLC and Titus Oil & Gas Production II LLC, privately held companies backed by NGP Energy Capital Management LLC, is estimated at $575 million in cash and it is the equivalent of $52 million in stock (3.9 million shares of its Class A common stock based on the June 24 closing price). Titus shared that its net production in June was 31,800 boe/d. The company had reserves of approximately 28.9 MMboe. Earthstone is sure its net production will increase, at the midpoint, by 20,500 boe/d (65% oil) in the fourth quarter.

Cheniere’s LNG Is on the Next Level Due to Corpus Christi Expansion FID

According to CheniereEnergy’s board of directors announcement on June 22, the company declared the further expansion of its CorpusChristi, Texas. Moreover, the LNG plant could come sooner than expected due to the announcement of a final investments decision (FID) related to Stage 3 Liquefaction Project work at the export facility. It will ensure the capacity to ship 10-plus million tonnes per annum (mtpa) from 7 midscale trains. Furthermore, TudorPickering, Holt & Co. (#TPH) declared on June 23, that the possible ultimate capacity of the facility could be in the 11-12 mtpa range given 10.7 mtpa of long-term contracts have been signed with companies such as CPC, PGNiG, Sinochem, Foran, ENGIE, Apache, EOG and ARX CN. Additionally, Cheniere announced two sale and purchase agreements (SPAs) with #ChevronCorp.: Firstly, Chevron will obtain 1 mtpa of LNG from Sabine Pass Liquefaction LLC with deliveries considered to start in 2026. Deliveries will reach full capacity in 2027 and expire in mid-2042. Secondly, Chevron will obtain 1 mtpa of LNG from Cheniere Marketing LLC with deliveries considered to start in 2027 and continue for about 15 years. The purchase price for the LNG under both SPAs will be indexed to the Henry Hub price, plus a fixed liquefaction fee as Cheniere claimed. Since the expansion will have been completed, Cheniere’s aggregate nominal production capacity will be increased to more than 55 mtpa by the end of 2025 compared to 45 mtpa now. It will become a part of the industry-wide decarbonization movement away from coal and oil as this allows Cheniere to provide the global market with additional low-carbon fuels. First exports from the facility are anticipated in 2025.

Targa Resources: $3.55 Billion Cash Transaction to Acquire Lucid Energy

On June 16 Targa Resources Corp. decided to acquire Lucid Energy Group, located in the Permian Basin, which is a part of Riverstone Holdings LLC and Goldman Sachs Asset Management. Firstly, Targa enlarged due to the recent “blot-on” acquisition of Southcross Energy in the Eagle Ford for $200 million and it will become bigger thanks to the $3.55 billion cash transaction. Targa’s financial position allowed it to utilize convenient opportunities to extend its company so it bought #Lucid using available cash and debt with an estimated pro forma year-end 2022 leverage around 3.5 times. According to Targa’s estimates, the acquisition of Lucid will increase the number of natural gas pipelines by 1,050 miles and add about 1.4 Bcf/d of cryogenic natural gas processing capacity in service or under construction located mainly in Eddy and Lea counties of New Mexico. The investment-grade producers source approximately 70% of current system volumes. According to the press release, a full-year standalone adjusted EBITDA is expected to be between $2.675 billion and $2.775 billion and reported year-end leverage ratio of about 2.7 times. Targa’s updated financial expectations assume NGL composite prices average $1.05 per gallon, crude oil prices average $100/bbl, and Waha natural gas prices average $6 per MMBtu for the remainder of 2022.

Co-Location Energy Infrastructure Analysis at Your Fingertips

Your team’s ESG performance can be greatly improved applying the asset co-location analysis within upstream or midstream use cases. This has been a topic for a discussion at Rextag’s ‘Is ESG Improvement Next Door?’ webinar. We reviewed some cases like curbing gas flaring or renewable energy sourcing to power the fossil fuel infrastructure. Many combinations are available with access to the data Rextag provides on wells, acreages, power lines, substations, and such renewable infrastructure as wind turbines, methane landfills, etc.

New Player In Lake Charles LNG Project: China Gas’ First Long-Term Agreement with Energy Transfer

On June 5 China Gas Hongda Energy Trading Co. Ltd. has made an LNG sale and purchase agreement (SPA) with Energy Transfer LNG Export, LLC concerning its Lake Charles LNG project. In the course of the 25-year contract, Energy Transfer LNG will provide 0.7 million tonnes per annum (mtpa) of LNG to China Gas on a free-on-board basis. The purchase price is indexed to the Henry Hub benchmark plus a fixed liquefaction charge, with first deliveries expected as early as 2026. Being a premier natural Chinese gas distribution company, China Gas enchants Energy Transfer LNG to sign the 25-year LNG offtake agreement. From the direction of ChinaGas, it will be a significant step along the way to realizing China’s carbon peaking and carbon neutrality goals as it is their first long-term agreement.

Staying on Top of Drilling Activity Trends in the Permian Basin

Oil output in the Permian Basin in Texas and New Mexico is supposed to go up 88,000 bbl/d to a record 5.219 million bbl/d in June, as the U.S. Energy Information Administration (EIA) announced in its report on May 16. Additionally, gas productivity in the Permian Basin and the Haynesville in Texas, Louisiana and Arkansas will rise to record highs of 20 Bcf/d and 15.1 Bcf/d in June, respectively. Given that this growth has been expected, recent global market changes make forecasting the output even more challenging. Learning how production will change is easier with early activity tracking, a new service recently launched by Rextag – Pad Activity Monitor. With the help of PAM, you are able to monitor well pad clearing, drilling operations, fracking crew deployment and completions with new data collected approximately every 2 days. Additionally, it cuts down activity reporting lag times by at least 98%, from 120-180 days down to just 5-8 days. In order to access reports, charts, tables, and mapping visualizations via Rextag’s Energy DataLink use a web-based application allowing users to filter, download and identify activity on a map or data table. Moreover, customers will be able to set up daily, weekly, and monthly email report notifications.

EIA: Permian Basin Oil and Gas Output is Thought to Beat Record in June

The EIA forecasts that total output in the main U.S. shale oil basins will increase 142,000 bbl/d to 8.761 million bbl/d in June, the most since March 2020. Oil productivity in the Permian Basin in Texas and New Mexico is supposed to go up 88,000 bbl/d to a record 5.219 million bbl/d in June, as the U.S. Energy Information Administration (EIA) announced in its report on May 16. In the largest shale gas basin, the productivity in Appalachia in Pennsylvania, Ohio and West Virginia will grow up to 35.7 Bcf/d in June, its highest since beating a record 36 Bcf/d in December 2021. Gas output in the Permian Basin and the Haynesville in Texas, Louisiana and Arkansas will rise to record highs of 20 Bcf/d and 15.1 Bcf/d in June, respectively. Speaking of the Permian future output, putting hands on upcoming changes in production has recently been made easier with the new Rextag's service - Pad Activity Monitor. Thanks to satellite imagery and artificial intelligence, customers are able to monitor the oil and gas wells and are provided with near real-time activity reports related to drilling operations. However, it is noticed that productivity in the largest oil and gas basins has decreased every month since setting records of new oil well production per rig of 1,544 bbl/d in December 2020 in the Permian Basin, and new gas well production per rig of 33.3 MMcf/d in March 2021 in Appalachia.

Persistent Production Uptick in the Permian Basin

No sooner had the crude prices soared above $100/bbl than the industry professionals believed in an incredible growth of drilling activity in North America’s largest shale patch. Analysts speculate that additional output of 500,000 barrels of oil daily would become a significant part (4%) of overall U.S. daily production. That is going to flatter oil and gasoline prices. Drilling permits in the Permian Basin are persistently growing, averaging approximately 210 at the beginning of April. Moreover, the permits trend is noticed as an all-time high as a total of 904 horizontal drilling permits were awarded last month. Nowadays, learning and analysing the current situation and predicting the future development become easier with early activity tracking, a new service recently launched by Rextag. Rextag's Pad Activity monitor (PAM) allows you to see well pad clearing, drilling operations, fracking crew deployment and completions with new data collected approximately every 2 days with the help of satellite imagery and artificial intelligence. While the increase in drilling will result in higher production, U.S. shale producers will have to overcome several hurdles including labor shortages and supply constraints.

7th week of Oil and Gas Rigs’ Growth

In the midst of the high prices and the U.S. government’s pushing, in the last week, the number of oil rigs increased by 5 and in total makes 557, its highest since April 2020, according to Baker Hughes Co BKR.N. Concerning the gas rigs, they gained 2 to 146, their highest since September 2019. Moreover, crude production was aimed to rise from 11.2 million barrels per day (bpd) in 2021 to 12.0 million bpd in 2022 and 13.0 million bpd in 2023, according to federal energy data. Given that this growth has been expected, recent global market changes make forecasting the output even more challenging. Learning how production will change is easier with early activity tracking, a new service recently launched by Rextag’s Pad Activity monitor (PAM). The overall amount of rigs in the U.S. would grow to an average of 684 in 2022 and 783 in 2023, due to U.S. investment bank Piper Sandler forecast. As Baker Hughes claimed that compares with an average of 478 in 2021.

Crude Pipelines Infrastructure Developing at Enbridge Ingleside Energy Center

The joint project to improve and market a low-carbon hydrogen and ammonia production and export facility was presented on May, 6 by Enbridge Inc. and Humble Midstream LLC. Deployment of the facility is taken under the Enbridge Ingleside Energy Center (EIEC) basis close by Corpus Christi. Being the premier export facility on the U.S. Gulf Coast, the EIEC plays a vital role in world energy security and sustainability. Companies plan to develop a utility-scale efficiently low carbon production facility, able to combine both low-carbon hydrogen and ammonia to meet the growing global and domestic demand. It is expected to sequester up to 95% of CO2 generated in the production process in carbon capture facilities, especially ones owned and operated by Enbridge which makes this process a fully integrated low-carbon solution.

Canadian Assets on Sale: Energy Transfer Sells Gas Processing Bussines to Pembina-KKR for $1.3 Billion

Under the agreement, Energy Transfer will sell its 51% interest in Energy Transfer Canada to the Pembina-KKR joint venture, for more than CA$1.6 billion (US$1.3 billion) including debt and preferred equity. KKR's funds already own the remaining stake. TC’s assets include 6 natural gas processing plants with a combined operating capacity of 1.29 Bcf/d and an 848-mile naturalgas gathering and transportation network in the Western Canadian Sedimentary (WCS) basin. While this process is underway, Pembina and KKR will combine their Western Canadian natural gas processing assets into a single, new joint venture entity — Newco, owned 60% by Pembina and 40% by KKR. This new entity is expected to have a natural gas processing capacity of about 5 Bcf/d or about 16% of Western Canada’s total processing capacity.

All Eyes Are on the Rocky Mountains State, as PDC Acquires Great Western for $1.3B

Great Western Petroleum's assets will be acquired by PDC Energy for $1.3 billion. Via this deal, PDC Energy’s position in the D-J basin increases roughly to 230,000 net acres. Denver-based Great Western has core operations in Weld and Adams counties in Colorado with 54,000 net acres and about 55,000 boe/d (42% oil / 67% liquids) of PDP. As part of the agreement, the acquisition will be financed by issuing 4 million shares of common stock to existing Great Western shareholders and by providing $543 million in cash to the company. All in all, PDC expects to increase its total production by 25% and its oil production by 35% as a result of the deal. The deal should also result in some synergies including a 15% reduction in overall cost per BOE.

Decades of free inventory from one deal: Vermilion Energy buys Leucrotta Exploration for $477 million

As part of its effort to expand its Montney Shale play, Vermilion Energy Inc. recently acquired Leucrotta Exploration Inc. for a net cash purchase price of CA$477 million. Vermilion has identified 275 high-quality, high-return, low-risk multi-zone drilling prospects. Top management believes, these prospects represent 20 or more years of low-risk, self-funding, high-deliverability shale drilling. Assuming the anticipated May closing date, Vermilion is increasing its capital budget for E&D in 2022 to $500 million and increasing guidance for production from 86,000 to 88,000 boe/d to take into account the Leucrotta acquisition.

$690 Million Deal Moves Ahead: Crescent Energy to Complete Purchase of EP Energy's Uinta Assets

Crescent Energy closed the acquisition of Uinta Basin assets in Utah that were previously owned by EP Energy for $690 million, a few hundred million dollars below the original price. The accretive deal increases Crescent's Rockies position and adds significant cash flow and a portfolio of high-quality oil-weighted undeveloped sites. In addition to its acquired Uinta assets, Crescent's pro forma year-end 2021 provided reserves totaled 598 million boe, of which 83% was developed, 55% was liquid, and its provided PV-10 was $6.2 billion.

To Be or Not To Be: Bakken Assets Could Fetch $5 Billion for Exxon Mobil

Exxon Mobil Corp. is weighing prospects of selling its assets in North Dakota’s Bakken, after gauging interest from potential buyers — 5 billion is the issue price, at least according to rumors. The price point came about after the news that the oilgiant is in the final round of hiring bankers to help launch the sale. Yet Exxon Mobil itself stays tight-lipped regarding the situation.

As Countries Shun Russian Crude, Canada Plans to Boost Its Oil Exports

Canada is looking at ways to increase pipeline utilization to boost crude exports as Europe seeks to reduce its reliance on Russian oil At the moment, oil exports from Canada to the U.S. are approximately 4 million barrels of oil per day, with a portion reexported to other countries. At the end of 2021 Canadian oil companies exported a record amount of crude from the U.S. Gulf Coast, mostly to big importers India, China, and South Korea. And this will only increase in the future.

$1B Deal: Williams Buys Out Houston-based Midstream in Haynesville Basin

By purchasing the gathering and processing assets of Trace Midstream, Williams' existing footprint gains expanded capacity in one of the nation's largest growth basins, bringing its Haynesville gathering capacity to over 4 Bcf/d — increasing more than 200% from 1.8 Bcf/d. The deal also includes a long-term commitment from Trace and Quantum to support Williams' Louisiana Energy Gateway project (LEG), which is aimed to deliver responsibly sourced Haynesville’s naturalgas to markets along the Texas and Louisiana GulfCoast

Pine Wave Energy and Silver Hill Reached an Agreement Over Haynesville Assets — Deal is Sealed

Looks like Pine pulled the plug on its properties in Caddo Parish, Louisiana, and Harrison and Panola counties, Texas. Which includes a total of 12,500 acres and ownership interests in 10 operated wells with a production capacity of 100 million cubic feet per day along with 18 miles of naturalgas gathering pipelines. Did Pine just give up on Haynesville?

Winds of Change: Admiral Sold Its Assets in Delaware Basin

And Petro-Hunt E&P is the new sheriff in town with 21,430 net acres of leasehold in the Basin, production of which surpasses 7,000 bbl/d and 100 MMcf/d respectively. To take advantage of it, Petro-Hunt plans to begin an active development drilling program on these assets in the coming months heavily upgrading the numbers of its 775 operating oil wells and contributing to over 8,100 non-operated wells. Time will tell, however, whether or not this move will be able to deliver such results.

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