By Tyler Losier, Energy Reporter, Oil & Gas 360 Second quarter and full year production expected to be 43-44% oil Due to better than expected well performance and timing of completion, SM Energy Company (stock ticker: SM) is upping its Q2 2019 and full year production guidance by 400,000 BOE. The company estimates that Q2 2019 and full year production
By Tyler Losier, Energy Reporter, Oil & Gas 360 Oilfield service consolidation rolls on C&J Energy Services (stock ticker: CJ) and Keane Group, Inc. (stock ticker: FRAC) have entered into a definitive agreement to combine in an all-stock merger of equals. Upon close, the merger will create a well completion and production services company with a presence in most active
Liberty Pipeline LLC On Monday, Phillips 66 (stock ticker: PSX) and Bridger Pipeline LLC announced the formation of a 50/50 joint venture, Liberty Pipeline LLC, in order to build a 24-inch crude oil pipeline running from the Rocky Mountain and Bakken production areas to Cushing, Oklahoma. Liberty is underpinned with long-term shipper volume commitments, and initial service on the pipeline
By Tyler Losier, Energy Reporter, Oil & Gas 360 Chansoo Joung joins Tulsa, Oklahoma Company Magellan Midstream Partners, L.P. announced this morning that it has elected Chansoo Joung as an independent board member, effectively immediately. Previously, Joung worked in the energy sector of the finance industry as a partner and senior advisor for Warburg Pincus LLC from 2005 to
By Tyler Losier, Energy Reporter, Oil & Gas 360 Rattler Midstream raises $665 in gross proceeds Diamondback Energy, Inc. (stock ticker: FANG) subsidiary Rattler Midstream LP (stock ticker: RTLR) priced its upsized initial public offering this Wednesday, offering up 38,000,000 shares to the public at a price of $17.50 per common unit. This represents a 4,666,667 unit increase from
Tulsa’s NGL Energy Partners LP (ticker: NGL) will combine all of the assets of Mesquite Disposals Unlimited, LLC with NGL’s Water Solutions business for approximately $890 million on a cash-free, debt-free basis. The assets consist of a fully interconnected produced water pipeline transportation and disposal system in Eddy and Lea Counties, New Mexico, and Loving County, Texas. Pro forma for the Mesquite assets, NGL’s permitted disposal capacity will nearly double
From Bloomberg Exports of the Permian Basin’s newest kind of oil are set to jump as production surges, exceeding the appetite of U.S. refiners. Sales of the new grade, known as West Texas Light, began in September, as explorers sought to separate out increasingly lighter and less sulfurous crude bubbling up from wells in West Texas and New Mexico, so
From Bloomberg A ride through the Permian Basin’s little-drilled southwest corner looks a bit like the rest of the shale patch. Mesquite dots the dry landscape, and bumpy oilfield roads link well sites to the main highways. But there are a couple of big differences: The drilling rights to about 300,000 acres in the field belong to a single company,
From Reuters LONDON (Reuters) – Oil production capacity could fall to under one percent of global oil demand by the end of the year if OPEC compensates falling production from Iran and Venezuela, leaving oil prices exposed to sharp swings in the event of unplanned outages, analysts say. Spare capacity is the extra oil a producing country can bring onstream
From Reuters Energy Transfer Partners LP will no longer pursue the Permian Gulf Coast (PGC) pipeline as it was initially announced, but will evaluate participating in other projects to transport crude from the largest U.S. oil field, company Chief Financial Officer Thomas Long said on Thursday. One of Energy Transfer’s partners in the PGC pipeline, Magellan Midstream Partners LP, said
From Bloomberg In a state known for its oil-based booms and busts, Jerry Morales is convinced Midland, Texas, the unofficial capital of the Permian Shale Basin, has a chance to break from the pattern. In the Permian, “we don’t say boom anymore,” according to Morales, who serves as mayor of the nation’s fastest growing city. “We’re very sustainable. The boom-and-bust era
From Reuters Kinder Morgan Inc has begun internal discussions about building a third natural gas pipeline in the Permian Basin as demand for gas takeaway capacity continues to surge, Chief Executive Officer Steven Kean told investors on Wednesday. As natural gas production has outpaced pipeline capacity in the Permian Basin, a gas glut has led to plummeting prices in the
