The Midland Basin is the center of U.S. oil drilling activity. But only those with the biggest balance sheets can afford to buy in the basin's core, following a historic consolidation trend.
Kinetik Holdings entered an agreement with PNC Bank to pay down outstanding debt.
Enterprise Products Partners began service on two natural gas plants: the Leonidas in the Midland Basin and the Mentone 3 in the Delaware Basin, each with a capacity to process 300 MMcf/d of natural gas and 40,000 bbl/d of NGLs.
Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.
Matador Resources completed natural gas pipeline connections between Pronto Midstream to San Mateo Midstream and to Matador’s acreage in the Delaware Basin.
The $450 million deal effectively connects Atlas Energy Solutions’ Delaware Basin logistics and proppant offerings with Hi-Crush’s operations in the Midland Basin.
Matador Resources will pay a $0.20 dividend on March 13 to shareholders of record by Feb. 23.
The tie-up between Diamondback Energy and Endeavor Energy—two of the Permian’s top oil producers—is expected to create a new “super-independent” E&P with a market value north of $50 billion.
Northern Oil and Gas, which recently closed acquisitions in the Utica Shale and Delaware Basin, announced a $0.40 per share dividend.
New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.