Permian – Page 6 – Oil & Gas 360

ExxonMobil outlines progress on long-term growth strategy

March 5, 2020

ExxonMobil Woods told investors that ExxonMobil (stock ticker: XOM) is planning capital expenditures of between $30 billion to $35 billion annually through 2025, consistent with previous guidance. For 2020, the company anticipates an investment level of up to $33 billion, depending on the progress of individual projects. Key Takeaways: Advantaged projects, industry-leading growth opportunities and favorable cost environment support earnings

Chevron leans on Permian to Shower $80 billion on investors

March 3, 2020

Houston Chronicle Chevron Corp. plans as much as $80 billion in dividends and share buybacks over the next five years, boosting distributions by 20 percent compared with the most recent pace of payouts as the U.S. oil giant ramps up production and returns from the Permian Basin. Mike Wirth, who took over as chief executive officer little more than two

Pioneer Natural Resources Company Reports Fourth-Quarter and Full-Year 2019 Financial and Operating Result -oilandgas360

Pioneer Natural Resources Company Reports Fourth-Quarter and Full-Year 2019 Financial and Operating Results; Provides 2020 Outlook

February 19, 2020

Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today reported financial and operating results for the quarter and year ended December 31, 2019. Pioneer reported fourth quarter net income attributable to common stockholders of $344 million, or $2.06 per diluted share.

Hunt Oil seeks latest fortune in Permian Basin

February 10, 2020

Chron A storied oil company that got its start in East Texas is seeking its latest fortune in the Permian Basin of West Texas. Founded in in 1934, Hunt Oil Co. drilled its first oil wells in the Piney Woods of East Texas, and over the decades it developed projects around the globe. Closer to home, the independent and privately

U.S. crude oil production efficiency continues to improve

February 1, 2020

EIA U.S. tight oil production increased in 2017, accounting for 54% of total U.S. crude oil production, in part because of the increasing productivity of new wells. Since 2007, the average first full month of oil production from new wells in regions tracked by EIA’s Drilling Productivity Report (DPR) has generally increased. These growing initial production rates have helped tight oil production

Enterprise starts up 2 new natural gas processing plants in Texas

January 23, 2020

Houston Chronicle Houston pipeline operator Enterprise Products Partners has started operations at two new natural gas processing plants this week. The company announced on Thursday morning that it had started its Bulldog cryogenic natural gas processing plant in the Haynesville Shale of East Texas. Located in Panola County, the plant, can process 200 million cubic feet of natural gas per

U.S. OKs Kinder Morgan request to start Texas Lockridge natgas pipe work

January 22, 2020

Reuters The U.S. Federal Energy Regulatory Commission (FERC) on Wednesday approved Kinder Morgan Inc’s (KMI.N) Dec. 13 request to start construction of its proposed Lockridge natural gas pipeline in the Permian basin in West Texas. The Lockridge project is one of several under development or construction designed to remove gas from the Permian basin in West Texas and eastern New

EOG Resources sells saltwater disposal wells in New Mexico

January 8, 2020

Houston Chronicle Houston oil giant EOG Resources has sold nearly half of its saltwater disposal wells in the New Mexico side of the Permian Basin. EOG Resources confirmed the sale of 23 saltwater disposal wells and 300 miles of oilfield wastewater gathering pipelines in southeastern New Mexico to Dallas-based Oilfield Water Logistics. Financial terms were not disclosed but under the

Permian drilling must pick up just to maintain current production.

December 12, 2019

Chron – In 2019, Permian production started the year at 3.8 million barrels per day, a million barrels higher than 2018. Drilling activity in the booming Permian Basin must accelerate just in order to maintain current production volumes, according to a new report from the research firm IHS Markit. The Permian’s oil output has risen rapidly in recent years from

Ecopetrol and Occidental complete investment agreement in the US Permian Basin

November 14, 2019

BOGOTÁ, Colombia, Nov. 13, 2019 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“the Company”) informs that today it completed the joint venture transaction announced last July 31, 2019. Through this deal, the Company and Occidental Petroleum Corp (NYSE: OXY) agreed to form a strategic alliance or Joint Venture (“JV”) for the development of unconventional reservoirs in approximately 97,000 acres of the Permian Basin in the State of Texas (US). For these purposes, Ecopetrol Permian

Concho aims to right the ship after disastrous previous results

October 30, 2019

Houston Chronicle Midland’s Concho Resources reported a rising profit and increased oil production for the third quarter, helping to right the ship after disastrous results earlier this year. Fairly or not, Concho was pegged as a poster child for weakening returns in the booming Permian Basin after its so-called Dominator project spaced 23 wells too closely together and led to disappointing production results. Concho’s stock

Enterprise’s Midland-to-ECHO oil pipeline system expansions to add 450,000 bpd each

October 28, 2019

Source: Reuters NEW YORK (Reuters) – Enterprise Products Partners LP said on Monday it expects its Midland-to-ECHO 3 and 4 Permian crude pipeline system expansions will add about 450,000 barrels per day (bpd) each of additional capacity. Midland-to-ECHO 4 is further expandable up to 540,000 bpd, Jim Teague, chief executive of Enterprise’s general partner, said on its quarterly earnings call.

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