Latest From Hart Energy
Dividends Declared in the Week of May 6
Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
Permian M&A: Oxy Shops Delaware Assets, Family Oil Cos. Stand Out
As operators scour the Permian Basin for M&A opportunities, they’re keeping an eye on a tepid divestiture market. Family-owned oil companies also stand out among the pack of private inventory holders remaining in the Permian, according to Enverus Intelligence Research.
GeoPark, Vitol Sign Offtake Deal for Llanos 34 Block
Under the agreement, GeoPark will sell and deliver to Vitol a minimum of 20,000 bbl/d of oil from the Llanos 34 Block in Colombia, which GeoPark holds 45% working interest.
Enbridge Plans to Increase Permian Oil Pipeline’s Capacity
Midstream company Enbridge announced an open season on the Gray Oak Pipeline for a proposed 120,000 bbl/d expansion and updated its M&A efforts.
Energy Transition in Motion (Week of May 10, 2024)
Here is a look at some of this week’s renewable energy news, including $1.5 billion in investment commitments for low-carbon energy initiatives.
Geothermal Energy Talk Rises to the Surface at OTC
Experts discuss what it’ll take to advance geothermal energy and bring scale to the emerging power source.
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
Baker Hughes said oil rigs fell three to 496 this week, their lowest since November, while gas rigs rose one to 103.
Chord Juggles Closing $4B Enerplus Deal, Plans to Drill 4-mile Laterals
Chord Energy expects to close its Enerplus acquisition by the end of May but, for now, is focused on three-mile and, eventually, four-mile laterals in the Williston Basin.
Crescent Energy: Bigger Uinta Frac Now Making 60% More Boe
Crescent Energy also reported companywide growth in D&C speeds, while well costs have declined 10%.
New Permian Math: Vital Energy and 42 Horseshoe Wells
Vital Energy anticipates making 42 double-long, horseshoe-shaped wells where straight lines would have made 84 wells. The estimated savings: $140 million.
EOG: Utica Oil Can ‘Compete with the Best Plays in America’
Oil per lateral foot in the Utica is as good as top Permian wells, EOG Resources told analysts May 3 as the company is taking the play to three-mile laterals and longer.
Magnolia Bolts-on 27,000 Acres in South Texas’ Giddings Field
Magnolia Oil & Gas said it paid $125 million to a private operator to acquire the acreage, which has minimal production.
Tetra Tech Acquires Convergence Controls & Engineering
Tetra Tech is acquiring Convergence Controls & Engineering to expand its digital water and energy offerings.
Energy Transfer Remains Hungry for M&A, Sees 1Q Oil Volumes Surge
Energy Transfer reported record first-quarter crude volumes and expects demand for petrochemicals to continue rising.
US Republican Attorneys General Sue to Stop EPA's Carbon Rule
The rule, finalized by President Joe Biden's administration last month as part of an effort to combat climate change, was challenged in three lawsuits filed in the U.S. Court of Appeals for the District of Columbia Circuit.
Offshore Technology Conference (OTC), Highlights, Field Development, Deepwater, Emerging Plays, Subsea
Time is Money: Shell Prioritizes Speed with Brownfield Strategy
Shell’s replicant strategy trades customization of the production unit for a sped-up cycle time for Whale, Sparta developments in the deepwater Gulf of Mexico.
Kinetik Launches Delaware Basin M&A Valued at $1.3B
Kinetik Holdings will buy Durango Permian infrastructure for $765 million, excluding contingency payments, and sell its interests in the Gulf Coast Express pipeline to AcrLight Capital Partners for $540 million.
IndustryVoice: A Bold New Take on the Industry’s Most Popular Pump
Join Dana Meadows, Baker Hughes Artificial Lift Systems, as she discusses the newest pump in the LIFTPrime 400 Series, the E2000. This new workhorse reduces the number of pumps needed in your ESP string from 3 to 2 and offers the highest power efficiency range across the widest operating range in the industry, for efficient, versatile, and more economic operations.
SM Energy Targets Prolific Dean in New Northern Midland Play
KeyBanc Capital Markets reports SM Energy’s wells “measure up well to anything being drilled in the Midland Basin by anybody today.”
Sitio Closes D-J Basin Deal, Looks to Defragment Minerals Space
Sitio Royalties closed its acquisition of 13,062 net royalty acres. CEO Chris Conoscenti has a strong pipeline of minerals acquisition opportunities.
Energy Transfer Eyes Draft Environmental Statement for Blue Marlin Project This Quarter
Energy Transfer is among several firms vying to build deepwater ports along the Texas Gulf Coast.
Trump Woos Oil CEOs, Promises to Roll Back Biden Rules on EVs, LNG
Republican president candidate Donald Trump courted the CEOs of Venture Global, Cheniere Energy as well as representatives from Chevron, Continental Resources, Exxon and Occidental Petroleum, the Washington Post reported.
Acadia Energy, Alternus to Develop 200 MW of Microgrids in New York
Acadia Energy and Alternus Clean Energy will equally share project development costs and expect to begin commercial operations within two years.
Energy Vault, ACEN Australia Enter Battery Storage Agreement
Under the agreements, Energy Vault will deploy two battery storage systems at ACEN’s New England Solar project, located near Uralla, Australia.
Kissler: Mideast Tension Elevates Crude Prices—But for How Long?
Producers should be aggressive in locking in desirable crude oil prices on an abnormal market strength.
Enverus: Permian Gains Will Sustain US Oil Production Through 2030
Crude output gains from the Permian Basin will keep U.S. oil production relatively flat entering the 2030s, offsetting declines from mature oily basins, according to Enverus Intelligence Research.
Riley Exploration Permian Closes Delaware Basin Bolt-on
Riley Exploration Permian said it added 13,900 acres and up to 25 net locations in Eddy County, New Mexico.
OFS Sector Loses Jobs, but Trade Org Says Growth Potential Remains
According to analysis by the Energy Workforce & Technology Council, the OFS job market may still have potential for growth despite a slight decrease in the sector in April.
CGG, Baker Hughes Sign MOU for CCS Projects
The memorandum of understanding between CGG and Baker Hughes will bring the companies’ complimentary skillsets together to explore carbon capture and sequestration solutions.
‘Oversupplied’ NatGas Market Aiding Williams’ Storage Business
Midstream company Williams saw overall demand growth as heavy gas volumes passed through its network.