Delaware Basin

Enterprise Announces Permian Growth Projects; Seminole Pipeline to Be Taken out of Crude Oil Service

Retrieved on: 
Tuesday, October 31, 2023
Chemicals, Plastics, Energy, Manufacturing, Oil, Gas, Permian, Partner, Delaware Basin, Security (finance), NYSE, EPD, NGL, DIB, Orion, Cyprus Securities and Exchange Commission, Atlas, Transport, Risk, Enterprise Products, Plant, Partnership, Butane, BPD, Investment, Leonidas I, Natural gas, Rocky Mountains

Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) today announced four new capital projects to support continuing production growth in the Permian Basin.

Key Points: 
  • Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) today announced four new capital projects to support continuing production growth in the Permian Basin.
  • Enterprise believes crude oil, natural gas and NGL production in the Permian Basin will continue to grow throughout the decade.
  • To provide incremental NGL transportation service until construction of the Bahia Pipeline is completed, Enterprise has begun preparations to convert the Seminole Red Pipeline from crude oil service back to NGL service in December 2023.
  • This pipeline has been in crude oil transportation service since the second quarter of 2019 and was known as Enterprise’s Midland-to-ECHO 2 crude oil pipeline.

Matador Resources Company Reports Third Quarter 2023 Results and Increases Fourth Quarter Production Guidance

Retrieved on: 
Tuesday, October 24, 2023
Oil, Gas, Natural Resources, Energy, Mining, Minerals, Other Energy, Delaware Basin, Weather, BOE, NYSE, History, Public expenditure, GAAP, Acquisition, Bureau of Land Management, Maintenance, Bureau, Chase Bank, North Thames Gas Board, JPMorgan Chase, Horseshoe, XOP, Bullfighter, Evacuation slide, Natural gas, Video game, Petroleum, Wolf

Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported financial and operating results for the third quarter of 2023.

Key Points: 
  • Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported financial and operating results for the third quarter of 2023.
  • This record total production for the third quarter of 2023 was 3% better sequentially than our former total production record of 130,683 BOE per day in the second quarter of 2023.
  • We anticipate achieving the mid-to-high end of our full-year 2023 guidance range for total oil and natural gas equivalent production, oil production and natural gas production.
  • Effective October 24, 2023, Matador anticipates achieving the mid-to-high end of its full-year 2023 guidance range for total oil and natural gas equivalent production, oil production and natural gas production.

Milestone Carbon Announces Land Agreement for Carbon Hub Development in the Permian Basin

Retrieved on: 
Thursday, October 19, 2023
Chemicals, Plastics, Oil, Gas, Manufacturing, Coal, Alternative Energy, Energy, Steel, Permian, Ammonia, NYSE, TPL, Power, News, Multimedia, Hydrogen, Environment, Risk, CO2, Texas Pacific Land Corporation, Tourism, Delaware Basin

Milestone Carbon, a subsidiary of Milestone Environmental Services and an emerging leader in permanent carbon sequestration services for industrial emitters, today announced an agreement under which Milestone Carbon will lease from Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) more than 22,000 acres of land and pore space for permanent geologic sequestration of CO2 in the Permian Basin.

Key Points: 
  • Milestone Carbon, a subsidiary of Milestone Environmental Services and an emerging leader in permanent carbon sequestration services for industrial emitters, today announced an agreement under which Milestone Carbon will lease from Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) more than 22,000 acres of land and pore space for permanent geologic sequestration of CO2 in the Permian Basin.
  • (Photo: Business Wire)
    “Milestone is thrilled to advance our emerging carbon hubs in the Delaware and Midland Basins of West Texas.
  • Our long history of operational excellence in this space makes us uniquely positioned to offer permanent carbon sequestration of carbon dioxide to industrial emitters.
  • This announcement follows recent news by Milestone Carbon of the development of a CO2 sequestration hub in the southwestern Midland Basin, which has the potential to support multiple wells that will enable the permanent geological storage of carbon dioxide.

Momentum Minerals Operating II, LP Closes Permian Basin Mineral and Royalty Acquisition

Retrieved on: 
Monday, September 18, 2023
Mining, Minerals, Natural Resources, Momentum, Permian, Pleasure, Mineral, Acquisition, Delaware Basin, Quercus stellata

Momentum Minerals Operating II, LP (“Momentum”) is pleased to announce they have closed the acquisition of a Permian Basin mineral and royalty package from Post Oak Crown Minerals, LLC and Post Oak Legacy Assets I, LLC, both of which are affiliates of Post Oak Energy Capital, LP (“Post Oak”).

Key Points: 
  • Momentum Minerals Operating II, LP (“Momentum”) is pleased to announce they have closed the acquisition of a Permian Basin mineral and royalty package from Post Oak Crown Minerals, LLC and Post Oak Legacy Assets I, LLC, both of which are affiliates of Post Oak Energy Capital, LP (“Post Oak”).
  • The assets contain approximately 2,101 net royalty acres, normalized to 1/8th, spread across 10 counties in the Midland Basin (~1,587 net royalty acres) and the Delaware Basin (~514 net royalty acres).
  • “It was a pleasure working with the Post Oak team on this strategic and accretive addition to our growing portfolio” said Co-CEO James Elder.
  • View source version on businesswire.com: https://www.businesswire.com/news/home/20230918311238/en/

Permian Resources to Acquire Earthstone Energy in All-Stock Transaction, Creating a $14 Billion Premier Delaware Basin Independent E&P

Retrieved on: 
Monday, August 21, 2023
Permian, LLP, Perseverance, LOE, Kirkland & Ellis, Acceleration, Record, Accretion/dilution analysis, G&A, Morgan Stanley, History, Wells Fargo, Energen Resources Corporation, RBC Capital Markets, Public expenditure, Interest, Suretrack Contracts Services, Jefferies Group, Acquisition, Access, Conference, NYSE, Security (finance), Bank, Cryptocurrency, Potash, Fine chemical, Delaware Basin

Earthstone’s Northern Delaware position brings high-quality acreage with core inventory that immediately competes for capital within our portfolio,” said Will Hickey, Co-CEO of Permian Resources.

Key Points: 
  • Earthstone’s Northern Delaware position brings high-quality acreage with core inventory that immediately competes for capital within our portfolio,” said Will Hickey, Co-CEO of Permian Resources.
  • “After evaluating over $20 billion of potential transactions during the past twelve months, we firmly believe the acquisition of Earthstone represented the best transaction for Permian Resources.
  • Permian Resources expects to realize significant DC&F savings in the Delaware Basin through improved efficiencies and lower cost structure.
  • Permian Resources and Earthstone are operating an eleven-rig drilling program in aggregate, primarily focused on the Delaware Basin.

Permian Resources to Acquire Earthstone Energy in All-Stock Transaction, Creating a $14 Billion Premier Delaware Basin Independent E&P

Retrieved on: 
Monday, August 21, 2023
Energy, Other Energy, Oil, Gas, Permian, LLP, Perseverance, LOE, Kirkland & Ellis, Acceleration, Record, Morgan Stanley, Accretion/dilution analysis, G&A, Multimedia, History, Wells Fargo, Energen Resources Corporation, RBC Capital Markets, Public expenditure, Interest, Suretrack Contracts Services, Jefferies Group, Acquisition, Access, Conference, NYSE, Security (finance), Bank, Cryptocurrency, Potash, Fine chemical, Delaware Basin

Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) and Earthstone Energy, Inc. (“Earthstone Energy” or “Earthstone”) (NYSE: ESTE) today announced that they have entered into a definitive agreement under which Permian Resources will acquire Earthstone in an all-stock transaction valued at approximately $4.5 billion, inclusive of Earthstone’s net debt.

Key Points: 
  • Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) and Earthstone Energy, Inc. (“Earthstone Energy” or “Earthstone”) (NYSE: ESTE) today announced that they have entered into a definitive agreement under which Permian Resources will acquire Earthstone in an all-stock transaction valued at approximately $4.5 billion, inclusive of Earthstone’s net debt.
  • “After evaluating over $20 billion of potential transactions during the past twelve months, we firmly believe the acquisition of Earthstone represented the best transaction for Permian Resources.
  • Permian Resources expects to realize significant DC&F savings in the Delaware Basin through improved efficiencies and lower cost structure.
  • Permian Resources and Earthstone are operating an eleven-rig drilling program in aggregate, primarily focused on the Delaware Basin.

Earthstone Announces Closing of the Novo Acquisition

Retrieved on: 
Tuesday, August 15, 2023
Permian, Barrel of oil equivalent, NYSE, Acquisition, Novo, Egyptian Natural Gas Holding Company, Cryptocurrency, Delaware Basin

THE WOODLANDS, Texas, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the “Company”), today announced the closing of the acquisition of the northern Delaware Basin assets of Novo Oil & Gas Holdings, LLC (“Novo”).

Key Points: 
  • THE WOODLANDS, Texas, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the “Company”), today announced the closing of the acquisition of the northern Delaware Basin assets of Novo Oil & Gas Holdings, LLC (“Novo”).
  • Robert J. Anderson, President and Chief Executive Officer of Earthstone, stated, “We are excited to incorporate Novo’s assets into Earthstone’s premier northern Delaware position.
  • In February of 2022, we acquired the assets of Chisholm and then added to that position with the acquisition of Titus last August.
  • Novo will add over 200 high-return, de-risked low breakeven drilling locations, deepening our inventory and increasing our inventory life to 13 years.

NGL Energy Partners LP Announces First Quarter Fiscal 2024 Financial Results

Retrieved on: 
Wednesday, August 9, 2023
Oil, Gas, Energy, Maintenance, Loss, CMA, Liquid logistics, Record, Water & Solutions, GAAP, NGL, Delaware Basin, Central Time, Propane, Sale, Forecasting, Public expenditure, EPA, Partnership taxation in the United States, West Texas Intermediate, EBITDA, Acquisition, Risk, Water, WTI, Webcast, Argus, Depreciation, Bank, Cryptocurrency, Gasoline, Bookkeeping, Partnership, Adjustment

We expect to sell both stored and ongoing production of skim oil during the second quarter of fiscal year 2024.

Key Points: 
  • We expect to sell both stored and ongoing production of skim oil during the second quarter of fiscal year 2024.
  • Operating income for the Crude Oil Logistics segment decreased $2.0 million for the quarter ended June 30, 2023, compared to the quarter ended June 30, 2022.
  • NGL defines EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense.
  • Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.

Western Midstream Announces Second-Quarter 2023 Results

Retrieved on: 
Tuesday, August 8, 2023
Energy, Other Energy, Oil, Gas, East African Crude Oil Pipeline, International, Atlas, Central Time, Domestic, EBITDA, Nature, Growth, Weather, WES, NYSE, Video game, Computer data storage, Bookkeeping, Delaware Basin, Fitch

Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced second-quarter 2023 financial and operating results.

Key Points: 
  • Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced second-quarter 2023 financial and operating results.
  • Second-quarter 2023 Cash flows provided by operating activities totaled $490.8 million, and second-quarter 2023 Free cash flow(1) totaled $340.1 million.
  • On August 14, 2023, WES will pay its second-quarter 2023 per-unit Base Distribution of $0.5625, representing a 12.5-percent sequential-quarter increase to the Partnership’s first-quarter Base Distribution.
  • CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
    WES will host a conference call on Wednesday, August 9, 2023, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its second-quarter 2023 results.

Ring Energy Announces Second Quarter 2023 Results and Reiterates Quarterly Guidance for Second Half 2023

Retrieved on: 
Thursday, August 3, 2023
Permian, Valorem, REI, Exercise, Borrowing base, NYMEX, Common stock, Maintenance, LOE, Capital expenditure, Atlas, Table, CBP, Credit agreements in South Africa, Line of credit, Leverage, G&A, GAAP, Balance sheet, Transport, GTP, Sale, Public expenditure, Warrant, State Administrative Expenses, Finance Secretary (India), Fortification, EBITDA, Acquisition, Depreciation, Henry Hub, Natural gas, BOE, Hertz, Ring, Credit, NWS, NYSE, Cryptocurrency, Beauty salon, Life insurance, Airline, Arms industry, Bank, Security (finance), Video game, Oil, Delaware Basin

THE WOODLANDS, Texas, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the second quarter of 2023. In addition, the Company reaffirmed its pro forma guidance for the third and fourth quarters of 2023 assuming completion of its recently announced transaction to acquire additional assets in the Central Basin Platform (“CBP”) of the Permian Basin from Founders Oil & Gas IV, LLC (“Founders”) for $75 million in cash, subject to customary closing adjustments (the “Founders Acquisition”).

Key Points: 
  • THE WOODLANDS, Texas, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the second quarter of 2023.
  • Adjusted EBITDA was $53.5 million for the second quarter of 2023 versus $58.6 million for the first quarter of 2023, and 13% higher than $47.4 million for the second quarter of 2022.
  • Revenues were $79.3 million for the second quarter of 2023 compared to $88.1 million for the first quarter of 2023 and $85.0 million for the second quarter of 2022.
  • Operating Lease Expense: Operating lease expense was $115,353 for the second quarter of 2023, $113,138 for the first quarter of 2023, and $83,590 in the second quarter of 2022.