The New Mexico Environment Department (NMED) fined Targa Northern Delaware LLC $47.8 million and mandated $140 million in facility upgrades for excessive emissions at the Red Hills Gas Processing Plant, which released nearly 2 million pounds of pollutants beyond permitted levels.
Chevron Corp.’s decision to scale back production growth in the Permian Basin signals a pivotal moment for the U.S. shale industry, reflecting a broader shift toward financial discipline over rapid expansion. The move, which includes reducing capital expenditures by as much as 10% in 2025, highlights a maturing oil sector prioritizing shareholder returns and free cash flow amid fluctuating global demand.
The energy industry is undergoing a seismic shift, with advancements in drilling technology and practices leading the charge toward enhanced efficiency, precision, and sustainability. Companies like Devon Energy, EOG Resources, and Ovintiv are harnessing cutting-edge solutions to streamline operations, reduce costs, and maximize resource recovery. Here’s how the industry is transforming its approach to drilling.
In 2024, XTO Energy, a subsidiary of Exxon Mobil, made headlines with its strategic decision to divest oil and gas facilities across key regions in the United States. This move reflects a broader trend within the energy sector, as companies reposition themselves to maximize value from their most competitive assets. Among the most notable transactions this year was XTO’s sale of its facilities in the Freestone Trend area of East Texas to Houston-based Hilcorp Energy.
The oil and gas industry thrives on innovation, efficiency, and strategic resource management, especially in prolific basins like the Permian. Diamondback Energy’s 2024 drilling report underscores the company’s commitment to refining its operational strategy while adapting to broader industry trends.
CNX Resources Corporation has announced a definitive agreement to acquire the natural gas upstream and midstream business of Apex Energy II, LLC for approximately $505 million, with the transaction expected to close in Q1 2025. This acquisition strengthens CNX’s position in the Appalachian Basin, strategically expanding its Marcellus and Utica acreage in Westmoreland County, Pennsylvania, by adding 36,000 net acres and leveraging existing infrastructure for future development.
As part of this process, air permits for several facilities in the Texas Delaware Basin were recently transferred from Occidental to Permian Resources. These permits, issued by the Texas Commission on Environmental Quality (TCEQ), cover facilities in Reeves County, a focal point of oil and gas production in the region. The transfer reflects the operational handover of approximately 29,500 net acres of productive land.
The Permian Basin remains a cornerstone of energy production in North America, with companies like XTO Energy continuing to make significant strides in advancing drilling operations. A recent summary of XTO’s collaboration with H&P (Helmerich & Payne) reveals their robust drilling activity in the region throughout 2024 with 32 different drilling rigs and 576 wells drilled in 2024. This post dives into key insights from the data.
In a move that highlights the accelerating consolidation in the U.S. energy sector, Crescent Energy has announced its acquisition of Ridgemar Energy’s assets in the Eagle Ford basin for $905 million in a cash-and-stock deal. This bold step not only enhances Crescent’s operational capacity in one of Texas’s most prolific oil regions but also underscores broader industry trends.
Occidental Petroleum’s move into the lithium extraction space highlights the increasing interest among oil and gas companies in diversifying into critical minerals, particularly in response to the growing demand for lithium-ion batteries.
