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
SM Energy Reports First Quarter 2019 Production, Pricing And Capital Expenditures
From Bloomberg Standing at the center of the prolific Permian Basin, Scott Hodges explains how the future of the world’s largest oil field may very well depend on what he calls jokingly calls the “really smart guys.” Hodges, a 57-year-old manager with Occidental Petroleum Corp., runs a cluster of installations at the Hobbs oil field, where dozens of wells don’t pump
Pipeline outage sent Waha gas to record negatives By Richard Rostad, analyst, Oil & Gas 360 The natural gas takeaway crunch in the Permian has become extreme, with producers paying to get rid of gas instead of getting paid for it. Gas production in the overall Permian has grown even more rapidly than oil, and the EIA estimates that the
Both regions have seen relief from 2018’s wide discounts By Richard Rostad, analyst, Oil & Gas 360 Producers in the Permian and Canada are enjoying relief from the punishing differentials seen last year, as new developments in both regional supply and takeaway normalize markets. However, this relief may be short-lived. The Midland-WTI differential attracted significant attention last year, as booming
From Reuters Next-day natural gas prices for Wednesday at the Waha hub in West Texas plunged to a record low due to an equipment failure in New Mexico that stranded gas in the Permian basin. Spot prices at the Waha hub collapsed to an average of just 12 cents per million British thermal units (mmBtu) for Wednesday. That fell below
From Reuters In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles. Workers at its Remuda lease near Carlsbad – part of a staff of 5,000 spread across New Mexico and Texas – are drilling wells, operating fleets of hydraulic
From Bloomberg Texas Pacific Land Trust, one of the Permian Basin’s biggest landowners, is facing off against one of its largest shareholders over who will fill an open trustee job. Horizon Kinetics LLC, which owns a 23 percent stake, has urged the trust to modernize its structure and appoint Eric L. Oliver after the previous trustee stepped down due to ill health. Texas
From Bloomberg Exxon Mobil Corp. plans to reduce the cost of pumping oil in the Permian to about $15 a barrel, a level only seen in the giant oil fields of the Middle East. The scale of Exxon’s drilling means that it can spread its costs over such a big operation that the basin will become competitive with almost anywhere in
Transaction provides Goodnight Midstream access to $300 million incremental capital to accelerate growth TPG Capital, the private equity platform of global alternative asset firm TPG, has signed a definitive agreement to acquire a majority stake in Goodnight Midstream, a leading midstream produced water infrastructure company, from Tailwater Capital for approximately $930 million. TPG is acquiring the company from Tailwater Capital
Enterprise Products Partners’ SPOT crude oil export project, offshore Texas, officially kicks off permitting phase, targets 2020 for exports By Bevo Beaven, Editor, Oil & Gas 360 The United States Maritime Administration (MARAD) and the United States Coast Guard (USCG) announced on Monday that the agencies received an application from SPOT Terminal Services LLC (SPOT) for federal authorizations required for
Forecasts call for nearly 2 million daily barrels from the basin By Richard Rostad, analyst, Oil & Gas 360 Like independent E&P companies in the oil and gas industry, the supermajors are also diving into the Permian. Today Chevron (ticker: CVX) and Exxon Mobil (ticker: XOM) announced major plans for the basin, illustrating just how the jumbo oil companies have
