Latest From Hart Energy

Private E&P Point Energy Triples Delaware Basin Production to 15,000 bbl/d

Point Energy Partners has since brought on an additional 15 wells and has 12 more coming online later this year in Ward County, Texas, while its leasehold in northern Loving County is tied up in a dispute with Matador Resources.

ABTC Manufactures Lithium Hydroxide from US Facility

Lithium hydroxide is an ingredient in the cathode of lithium-ion batteries, which are used to power electric vehicles, electronics and other devices.

Ali Azad joins Quaise Energy as Independent Board Director

Azad has more than 40 years of experience in executive leadership and high-tech power project deployments.

Berkshire Hathaway Boosts stake in Occidental Petroleum to Nearly 29%

Warren Buffett's Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum.

TGS Gaining Ground on Subsurface Insights in the Permian

TGS released the Dynamic Matching FWI volume for the West Kermit 3D seismic survey, which spans 1,054 sq km across the Delaware Basin in Loving and Winkler counties, Texas.

Global Grid Infrastructure to Double by 2050, DNV Says

To meet growing electricity demand, global grid infrastructure is set to double by 2050, according to Oslo-based DNV.

Brewing Hydrogen: Cemvita’s Gold H2 Targets Commercialization

Under the right conditions, depleted oil reservoirs can be transformed into hydrogen producers, or subsurface biorefineries, Gold H2 CEO says.

Chesapeake COO: Shale Gas Basins See Exploration, Step-out Activity

U.S. gas producers continue to wade through low commodity prices, a situation made even stickier by record Permian gas production, said Chesapeake COO Josh Viets. But with a “constructive” natural gas market on the horizon, producers are consolidating and exploring for drilling runway.

PE Firm Pearl to Monetize $355MM in Permian Resources Shares

Since forming through a merger in 2022, Permian Resources has reduced its stock ownership by a group of private equity backers from over 50% of the company’s outstanding shares to 16% today.

Appeals Court Rules Against Enbridge in Jurisdictional Fight on Line 5

Reform is needed to counter a litigate-on-all-fronts strategy, an industry analyst says.

EPA Approves Piñon Midstream Plan for CO2 Storage Project in New Mexico

Piñon Midstream’s two wells at its Dark Horse Treating Facility will inject greenhouse gases permanently underground.

Crestwood’s Wannarka Joins EnergyNet as CFO, COO

Wannarka brings public-equity finance, investment banking and investor relations experience to the upstream A&D brokerage.

Plains All American Prices Public Offering of $650MM Senior Notes

Plains All American Pipeline plans to use approximately $643.3 million of the net proceeds from the offer to repay a portion of the $750 million outstanding principal amount of its 3.6% senior notes due 2024.

Oil, Corn Groups Team Up Against Biden's Tailpipe Emissions Rules

The American Petroleum Institute is suing the EPA over its truck regulations, with the National Corn Growers Association, the American Farm Bureau Federation and the Owner-Operator Independent Drivers Association joining in, citing the administration was abandoning biofuels.

Northern Midland: EOG Brings on Dean Oil Well in SE Dawson Stepout

EOG Resources has not stated yet that Dawson County is the location of its new “stealth play.” It remained mum in an investment-banking conference this week.

TGS, PetroAI to Develop Earth AI Models for Well Performance, Design

PetroAI’s platform for E&Ps will use TGS’ subsurface, production and well data, which allows for “accurately” quantified exploration and development trade-offs.

China Not Continuing Mega Oil-backed Loans to Latin America

China, which lent around US$120 billion to Latin America and the Caribbean between 2005-2023, isn’t expected to resume the mega oil-backing loans of yesteryear as the focus turns to debt negotiations.

Cheniere Increases Share Repurchase Budget by $4B Through 2027

Cheniere will also increase its quarterly dividend by approximately 15% to $2 per share annualized.

McDermott Secures Contract for $8.7B Hydrogen, Ammonia Project

McDermott said the project, being developed in Canada, will use wind and solar energy to produce hydrogen and ammonia.

Uncertainty at URTeC: Balancing Transition and Security

Panelists discussed the energy transition-energy security conundrum at URTeC’s opening plenary session, but may have had more questions than answers.

Grow Canada! Increased Production Boosts Energy Security

U.S. refineries drink in heavy crude, but domestic politics are always a hurdle.

E&P Highlights: June 17, 2024

Here’s a roundup of the latest E&P headlines, including Woodside’s Sangomar project reaching first oil and TotalEnergies divesting from Brunei.

Permian Surface-owner LandBridge to Raise up to $367MM in IPO

Houston-based LandBridge holds some 220,000 surface acres in the Delaware Basin.

States Sue US to Block Rule That Oil Firms Guarantee Payment to Dismantle Old Wells

The lawsuit was filed against the U.S. Bureau of Ocean Energy Management to block the proposed rule that would require the offshore oil and gas industry to cover costs of dismantling old infrastructure.

URTeC: E&Ps Tap Refrac Playbook for Eagle Ford, Bakken Inventory

Refracs and other redevelopment projects might not be needle-moving growth drivers—but they’re becoming more common for E&Ps levered in maturing plays like the Eagle Ford and Bakken, experts discussed at URTeC 2024.

Permian Operations at Risk as Wastewater Equation Remains Unbalanced

Wastewater injection is a growing cause of induced seismic activity in oil- and gas-producing regions in the U.S., and without proper management solutions, operational capacities are at risk.

New Fortress Expects First LNG from Unit Offshore Mexico in a Matter of Days

New Fortress Energy Inc. is expecting first LNG by the end of the month for its first Fast LNG unit located offshore Altamira, Mexico.

Comet Ridge Awarded New Block in Australia’s Mahalo Gas Hub

Comet Ridge is expanding in the Bowen Basin’s Mahalo Gas Hub with an award to operate an additional gas block in the area.

ONEOK Closes $280MM Deal for NGL Pipelines East of Houston

ONEOK Inc. plans to attach the network to its Mont Belvieu, Texas, facilities.

IndustryVoice: Seven Key Takeaways From Guidance for Claiming Clean Hydrogen Tax Credits Under the IRA

Late in 2023, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued much-anticipated draft guidance for claiming tax credits and other incentives for development of so-called “clean” hydrogen production facilities. Authorized under the Inflation Reduction Act (IRA) of 2022, the rules are expected to provide clarity that many believe is necessary for development of a functioning hydrogen economy.