Whiting Petroleum Corp., an oil and gas producer with operations in North Dakota and Colorado, is in deal talks with San Antonio-based Abraxas Petroleum Corp., two people familiar with the matter told Reuters.
A deal would increase Whiting's acreage in the second-largest U.S. shale field by output and spread its overhead costs over greater production, according to one of the people, who spoke on the condition of anonymity as the talks are not yet public.
TC Energy has declared force majeure on crude oil deliveries at destinations in Texas on its Marketlink pipeline, citing power outages caused by severe cold weather in the state.
The Keystone XL oil pipeline project, announced 12 years ago to move Canadian crude from Alberta to Nebraska, has already been well under construction in Canada.
Two Permian pipelines are on track to come online in 2021.