A boost in propane and ethane development is tied to the opening of the Matterhorn Pipeline in the Permian, evidence of the increasingly closer link between different sectors of the energy industry.
The acquisition of Permian Basin interests in Dawson County, Texas, follows a July deal by Rising Phoenix Royalties for a non-operated working interests in the Denver-Julesburg (D-J) Basin.
ONEOK’s latest deals to acquire controlling interest in midstream companies EnLink and Medallion are considered “neutral” for the company’s credit rating.
Proceeds from an Ovintiv divestiture in the Uinta Basin could help fund a deal for Double Eagle’s Midland Basin assets, but analysts say the money could just as easily be used for debt reduction.
ONEOK will acquire Global Infrastructure Partners’ interests in EnLink Midstream and Medallion Midstream, which add scale in the Permian, Midcontinent and Louisiana, in separate transactions valued at $5.9 billion.
On a shrinking list of private equity-backed Delaware Basin operators, UpCurve Energy’s CEO told Hart Energy there’s a “reasonable chance” the company’s Reeves County, Texas, assets will be sold off.
Texas Pacific Land Corp. said it closed acquisitions of net royalty interests in the Delaware Basin and more than 4,100 Midland Basin acres.
Exxon Mobil is looking for its “next Permian,” which an executive said could be in Algeria.
Exxon Mobil, which closed a $60 billion takeover of Pioneer Natural Resources this year, is exploring selling legacy conventional assets in the Permian Basin.
As they trail E&Ps in the public markets, some non-operated oil and gas companies are taking firmer control of drilling decisions as executives look to reinvent their business model.