The 450-mile (724 km) Longhorn pipeline can transport up to 275,000 barrels per day (bbl/d) of crude from West Texas to Houston.
Here’s a snapshot of recent energy deals including the closing of Shell’s Permian Basin exit through a $9.5 billion deal with ConocoPhillips plus a Centennial Resource Development asset sale.
Here’s a quicklist of oil and gas assets on the market including an EOG Resources Montana Bakken Shale package plus Pioneer Natural Resources Ector County, Texas leasehold within the Permian Basin.
Kaiser-Francis Oil Co. retained EnergyNet for the sale of operated working interest in 19 wells plus HBP leasehold acreage across West Texas in Andrews, Pecos, Ward, Winkler and Yoakum counties.
U.S. Well Services inked a contract to deploy its electric pressure pumping fleet across the Permian Basin and Eagle Ford for the operating subsidiaries of Callon Petroleum Co.
The U.S. rig count rose 3% in the last month with 19 rigs added in the Permian Basin alone, and several operators are planning to drill for more gas.
The properties sold include approximately 6,200 net leasehold acres located on the southernmost portion of Permian Basin pure-play Centennial Resource Development’s Reeves County, Texas position.
Riverbend Oil & Gas VII LLC retained EnergyNet for the sale of working interest in a well package operated by Apache and Pioneer within the Midland Basin in Upton County, Texas.
Exxon Mobil also said it plans to eliminate routine flaring in Permian Basin operations by the end of 2022.
Truist Securities analyst Neal Dingmann called the news “quite positive,” saying the new return structure and tepid production growth are what ConocoPhillips investors have been calling for.