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Portugal-based energy company Galp expects its oil production in Brazil to jump by 40% in the coming years as a new major field is set to begin production later in 2025, Nuno Bastos, EVP Upstream, has said. Currently, Galp holds stakes in various oilfields in the deep waters of the Santos basin in the prolific pre-salt layer offshore Brazil.
Calgary, Alberta (April 23, 2025) Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its summary of 1Q2025 upstream M&A activity and outlook for the rest of the year. energy producers, and more than 40,000 suppliers.
(World Oil) – Enverus Intelligence Research (EIR), a subsidiary of Enverus, is releasing its summary of 1Q2025 upstream M&A activity and outlook for the rest of the year. Upstream M&A opened 2025 with $17 billion in deal value, the second-best start to a year since 2018.
Upstream earnings increased by $1.1 These mostly offset lower earnings due to a significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments, and higher expenses from growth initiatives, Exxon said. billion from a year earlier to $6.8 Exxons net production jumped by 20% to 4.6
This report analyzes upstream oil and gas production trends over the last three years, based on data from Rextag Energy DataLink. Production by Formation - 12 Months (01.2024 - 12.2024) Different formations contribute to Permian Basin production, with the Trend Area and Wolfcamp formations leading in both oil and gas output.
Texas Independent Producers and Royalty Owners Association said April 18 that upstream employment in the Texas oil and gas industry declined in March. Bureau of Labor Statistics show Texas upstream employment for March was 204,400 a decline of 700 industry positions from February. Austin-based TIPRO cited data from U.S.
upstream growth, driven by advantaged assets like the Permian Basin, is central to the companys long-term performance. Upstream Results: Permian Power ExxonMobils U.S. upstream earnings jumped to $1.87 Upstream Results: Permian Power ExxonMobils U.S. upstream earnings jumped to $1.87 billion in Q1 2024.
Upstream Midstream Downstream are terms commonly used in the oil and gas industry to describe different stages of the production and distribution process. What is oil and gas upstream midstream downstream? Upstream involves locating, surveying, drilling, and extracting crude oil and natural gas from underground reservoirs.
As we discuss in todays RBN blog, the U.S. Supreme Court ruled last week that under the all-important National Environmental Policy Act (NEPA) of 1969, its up to regulators to set the boundaries of their environmental review and that courts should defer to their judgment as long as they fall within a broad zone of reasonableness.
Todays TRADITIONAL SUPER BASINS of oil & gas will not meet the challenges of sustainability and achieving Net-Zero by 2050. For the upstream industry to become more sustainable, it must focus on resources that are co-located with both plentiful clean electricity and CCS potential.
Enverus Intelligence Research (EIR), a subsidiary of Enverus, an energy-dedicated SaaS company, released on April 23 its summary of 1Q2025 upstream M&A activity and outlook for the rest of the year. On top of that, upstream companies will now have to navigate significant headwinds from falling oil and equity values.
Viper, which is affiliated with upstream operator Diamondback Energy, has turned to an unusually active spree of deals to create a public mineral company with differentiated scale compared to peers. The company was previously focused on the Midland Basin and particularly on interests operated by Diamondback. billion in 2022.
Aethon has agreed to purchase Tellurians upstream assets for (US) $260MM below street estimates, which ranged from $270MM to $500MM. Despite the market’s dislike of the purchase price, Tellurians upstream assets were in the middle of the pack. Basin-wide, however, ~$3.00/Mcf Basin differentials are assumed to be ~0.25/Mcf,
Vaquero Midstream is ramping up its capabilities in the Southern Delaware Basin with two major infrastructure projects: a new 70-mile, 24-inch high-pressure pipeline loop and a 200 MMcf/d cryogenic processing plant near the Waha Hub.
The Permian Basin continues to see significant shifts in ownership as oil and gas operators refine their asset portfolios. Scout Energy Managements Expansion Strategy Scout Energy Management is a major player in the upstream energy sector, managing over 22,000 operated wellbores across the U.S. domestic energy production.
The first quarter of 2025 in the Dealaware Basin kicked off with a significant uptick in oil and gas drilling activity across North America. Based on recent permit and rig activity data, the industry saw an 18.9% increase in drilling records compared to the same period in 2024. 96 records OXY USA Inc.
Hess Corp has transferred value from its upstream assets to its midstream assets rather than operate with the best interests of non-operating working interest owners in mind, said the lawsuit filed in a federal court in Houston.
CERAWeek 2025 Insights ExxonMobils expansion in the Permian Basin took center stage during CERAWeek 2025 , where executives highlighted how technology is reshaping operations to maximize efficiency and production. million barrels per day (bpd) accounting for over 16% of the basins total production. energy production, contributing 6.26.3
Platforms integrated across previously siloed workflows, connecting upstream operations with midstream logistics and downstream analytics. Energy companies with decades of operational history across diverse basins and conditions possess an irreplaceable asset that even well-funded competitors cannot replicate.
In a new white paper titled What Remains: North American Upstream Inventory, energy private equity firm Kimmeridge outlines which shale basins have the best runway for returns over the next 10 yearsand why the spotlight is now turning to Canada. Best-in-Class Gas Economics: Among the lowest-cost dry gas basins in the world.
upstream M&A reaching $105 billion in 2024the third highest as recorded by Enverusthe market shows no signs of slowing down, with high price tag deals being driven by the scarcity of high-quality inventory. Diamondback is one of the largest players in the Permian Basin, second only to Exxon Mobil, based on gross operated oil volumes. [1]
A Multi-Pronged Strategy to Sustain Growth Beyond Tight Oils Crown Jewel The transformation of the United States into a global energy powerhouse over the past two decades is inseparable from the fracking-led renaissance of the Permian Basin. Although the pace of growth is clearly slowing, the basin still offers significant upside potential.
All in all, were looking at refining margins for the first-quarter of this year that are better than 2024, even as upstream margins weaken and the industry at large expresses concern over a cooling global oil demand outlook. Delek US posted a deeper-than-expected net loss of $173 million, citing market softness and operational headwinds.
The bid round is expected to attract foreign investors and drive exploration activities across Libyas resource-rich basins, enabling global energy companies to engage in a market that has remained largely unexplored for nearly two decades.
The record $120 billion upstream M&A spending spree in 2024 focused on the consolidation of Permian Basin positions by the major U.S. publicly traded oil and gas companies.
(World Oil) – Africas national oil companies (NOC) are moving beyond operating as state-representatives by transforming themselves into competitive upstream players. UNOC is also advancing exploration in the Moroto-Kyoga basins, with preliminary studies aimed at uncovering new oil fields.
(Shell Brasil), a subsidiary of Shell plc, announced that it has taken the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. The Gato do Mato Consortium includes Shell (operator with a 50% stake), Ecopetrol (30%), TotalEnergies (20%) and Pr-Sal Petrleo S.A.
The firm delivers high quality, fully integrated engineering, operational, geological, geophysical, petrophysical, and economic solutions for all facets of the upstream energy industry.
The firm delivers high quality, fully integrated engineering, operational, geological, geophysical, petrophysical, and economic solutions for all facets of the upstream energy industry.
The firm delivers high quality, fully integrated engineering, operational, geological, geophysical, petrophysical, and economic solutions for all facets of the upstream energy industry.
Riley said May 7, This acquisition adds significant long-term upstream development potential and supports our prior decision to invest in gas midstream infrastructure in the region… This year we are prioritizing the acquisition and preservation of high-quality inventory over the conversion of inventory to production.
We already have a hard time staying ahead with generation in places like Texas and New Mexico, Hollub said, referring to the Permian Basin. As more upstream operations become electrified and digitalized, the oilpatchs dependence on reliable electricity will only intensify. Oil Production appeared first on Oil Gas Leads.
Now, as we step into 2025 , the industry faces critical questions : Which basins will see the most growth? oil & gas basins , the leading companies , and market trends using the latest data and forecasts. The Permian Basin remains the top destination for U.S. What are the key companies doing to stay competitive? MMBbl/d.
netherlandsewell.com Haynes and Boone, LLP Haynes Boone is an energy-focused corporate law firm that provides a full spectrum of legal services and solutions to clients across the energy industry, including the upstream, midstream and downstream sectors as well as power and renewables. www.vitesse-vts.com
A Strategic Fit: Scout Energy & High River Resources Scout Energy Management LLC Established in 2009 and headquartered in Dallas, Scout Energy Management LLC is a private energy investment manager specializing in the acquisition, operation, and enhancement of upstream energy assets and associated midstream infrastructure.
In particular, the company is placing renewed emphasis on the Grand Mesa Pipeline , its flagship crude oil system serving producers in Colorados Denver-Julesburg Basin (DJ Basin). The company focuses on product procurement, logistics, and price risk management, backed by long-term partnerships with upstream gas liquids producers.
netherlandsewell.com Haynes and Boone, LLP Haynes Boone is an energy-focused corporate law firm that provides a full spectrum of legal services and solutions to clients across the energy industry, including the upstream, midstream, and downstream sectors as well as power and renewables.
netherlandsewell.com Haynes and Boone, LLP Haynes Boone is an energy-focused corporate law firm that provides a full spectrum of legal services and solutions to clients across the energy industry, including the upstream, midstream and downstream sectors as well as power and renewables. www.vitesse-vts.com
Production and Capital Investment Looking ahead, Cenovus forecasts an upstream production range of 805,000 to 845,000 barrels of oil equivalent per day (BOE/d) for 2025, representing a 4% increase compared to 2024 Cenovus Energy. which have been instrumental in executing Cenovus’s drilling programs. billion to $5.0 billion in 2025.
Targeting this area provided for a significantly less expensive acquisition cost for undeveloped locations than what could be found in the Permian while also getting a much less developed asset than what would be available at scale in areas like the Eagle Ford and Williston Basin.
But as basins mature and geology becomes more challenging, the key question becomes: Can these gains be sustained, or has the industry already picked the low-hanging fruit? Mike Wirth, Chevron CEO Wood Mac data shows that weve got the lowest upstream breakeven in the industry. Below, we unpack how top U.S.
With major operators like Tourmaline Oil aggressively advancing their drilling programs, the upward momentum points toward a potentially strong year for the Canadian upstream industry. Precision Drilling, Ensign, and Jomax are leading contractors to watch, while Grande Prairie and Drayton Valley remain critical operational hubs.
upstream oil and gas sector. The companys ability to outperform guidance in a volatile macro environment speaks to its execution consistency and operational excellence hallmarks of EOGs multi-basin strategy. production across oil, natural gas liquids (NGLs), and gas came in at 1,048.3
The data reflects both oil and gas output, offering a high-level look at market leaders, operational growth, and emerging trends in Canadian upstream development. From majors like Canadian Natural Resources and Ovintiv to rising mid-cap producers, this snapshot highlights average daily production across top-performing companies.
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