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Diamondback Energy expects the Permian Basin to lead U.S. natural gas production in the 2030s as pipeline capacity expands.

Diamondback sees Permian leading U.S. natural gas output in the 2030s

Diamondback Energy expects the Permian Basin to produce more natural gas than any other U.S. basin in the 2030s while retaining its lead in crude oil. In a Nov. 2 shareholder letter, the Midland, Texas, producer projected that the basin would yield more gas per barrel of oil over time. It also identified formations in the Midland and Delaware basins with potential to yield a higher share of gas.

Diamondback and its partners, led by WhiteWater, are moving ahead with the Solitude pipeline project from the Permian Basin to Katy, Texas. The partners plan to start service in late 2029 with capacity of about 2.25 billion cubic feet per day and double that capacity in 2030. Diamondback aims to supply more gas to Gulf Coast liquefied natural gas export facilities and expects Texas power generation to drive additional demand.

Diamondback reported third-quarter output of 1.03 million barrels of oil equivalent per day, up 2% from the previous quarter. Oil production held at about 525,000 barrels per day. The company raised its full-year 2026 outlook to about 1.01 million barrels of oil equivalent per day, including about 524,000 barrels per day of oil.

Source: Rigzone
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DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.
The Permian Basin rig count rose to 273 on Nov. 6, 2026. U.S. rigs totaled 604, and WTI futures settled at $90.83 a barrel.

Permian Basin rig count reaches 273 as WTI crude settles at $90.83

On Nov. 6, 2026, Baker Hughes counted 273 active drilling rigs across the Permian Basin in West Texas and southeastern New Mexico, according to an Odessa American report syndicated by Yahoo Finance. The basin had 272 rigs a week earlier and 251 at the same point in 2025. It accounted for about 45% of all active U.S. rigs in the latest count.

The U.S. rig count rose by one from the previous week to 604, compared with 548 a year earlier. Oil and natural gas drilling each added one rig, bringing their totals to 463 and 131, respectively. Baker Hughes counted 10 miscellaneous rigs, compared with 11 the week before.

West Texas Intermediate crude futures settled at $90.83 per barrel on Nov. 6. The regional Plains West Texas Intermediate posting stood at $87.31 per barrel. Both prices ended the week $13.29 per barrel below their levels at the previous Friday’s close.

Source: Odessa American
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DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.
U.S. crude oil inventories decreased 1.9M barrels to 410.6M, marking a fourth weekly draw and standing about 4% below the five-year average.

U.S. crude oil inventories post fourth straight weekly draw

U.S. commercial crude oil inventories totaled 410.6 million barrels after a weekly draw of 1.9 million barrels, according to a November 1, 2026, report from Oklahoma Energy Today citing U.S. Energy Information Administration data. This was the fourth successive week of inventory reductions. National stocks stood approximately 4% below the five-year average for the season, providing context for how the latest commercial storage total compared with typical levels for this time of year.

The national change was accompanied by a weekly reduction at the Cushing Hub in northern Oklahoma, a key location for daily West Texas Intermediate crude pricing. Cushing held 26.97 million barrels in the week ended October 23, compared with 27.594 million barrels on October 16, a difference of 624,000 barrels.

Cushing’s latest total nevertheless remained above its earlier September readings. Inventories had measured 21.824 million barrels at the start of September and 23.748 million barrels by midmonth, reflecting a period of rebuilding before the latest weekly adjustment.

Source: Oklahoma Energy Today
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DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.

 

EQT Corporation and Range Resources have signed a definitive agreement for EQT to acquire Range in an all-stock merger transaction.

EQT–Range merger targets $325M in annual synergies

Rigzone reported on October 28, 2026, that EQT agreed to purchase Range Resources in a stock-only transaction, creating a business with a projected enterprise value above $50 billion. Each Range share would convert into 0.987 EQT shares. Existing EQT shareholders would hold approximately 73% of the combined company, with Range shareholders holding the remaining 27%.

The companies anticipate net output exceeding 9 billion cubic feet equivalent daily, with nearly 3 million net acres, drilling inventory lasting over 30 years, and more than 3,700 miles of midstream infrastructure. They expect $325 million in annual synergies within two years and see longer-term potential above $600 million. Based on recent futures prices, they project approximately $20 billion in cumulative free cash flow over five years.

Enverus analyst Andrew Dittmar said the deal would broaden EQT’s natural gas liquids exposure and support supply contracts with data centers and liquefied natural gas markets. The companies anticipate completion in the first quarter of 2027, subject to regulatory clearance, approval from both shareholder groups, and other standard requirements.

Source: Rigzone
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DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.
U.S. forces have helped Gulf producers ship over 1.5 billion barrels through Hormuz since the Iran war began.

U.S. reports helping move 1.5 billion oil barrels through Hormuz

U.S. Central Command says American forces have assisted Persian Gulf producers in exporting over 1.5 billion barrels of oil through the Strait of Hormuz since the war with Iran began. Admiral Brad Cooper presented the figures during an October 25 visit to the waterway, according to Oilprice.com. CENTCOM also reported supporting the passage of over 3,000 commercial vessels across a six-month period.

Cooper reiterated U.S. cooperation with Gulf partners and commercial shipping operators to maintain navigation through the strait. The command said its forces had removed Iranian naval mines from international shipping lanes and reported that 95% of vessel transits in recent months occurred without incident.

Tanker-tracking services cited by the publication indicated that regional oil flows had increased over the preceding two months. Some estimates placed Hormuz shipments above prewar volumes when Iranian exports were excluded. Regional security conditions and record shipping costs continued to affect oil prices. During Asian trading on October 26, Brent remained above $115 per barrel, while West Texas Intermediate held above $100.

Source: Oilprice.com
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DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.
EQT plans a $50B+ all-stock acquisition of Range Resources, creating the largest vertically integrated U.S. natural gas producer.

EQT to acquire Range Resources in $13 billion stock deal

EQT announced on October 26, 2026, that it had agreed to purchase Range Resources through a share exchange worth approximately $12.83 billion. Range investors would receive 0.987 EQT shares for every share they own, implying a value of $54.91 per share, or 20.6% above Range’s previous closing price. The combined company would have an enterprise value exceeding $50 billion, including debt.

Together, the Appalachian Basin producers would have daily output above 9 billion cubic feet of natural gas equivalent, nearly 3 million net acres and enough drilling locations for more than three decades of activity. Their network would include over 3,700 miles of midstream infrastructure. The combination comes as producers seek to serve growing gas demand from data centers and strengthen their production and marketing capabilities.

Completion is anticipated between January and March 2027, pending shareholder and regulatory consent. Ownership would be split approximately 73% for existing EQT investors and 27% for Range shareholders. EQT projects annual savings of about $325 million within two years by combining administrative functions, field operations and commodity marketing. Its management would run the business from Canonsburg, Pennsylvania, with two Range representatives joining EQT’s board.

Source: U.S. News & World Report

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DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.
Baker Hughes’ U.S. rotary rig count hit 603 on Oct. 9, its highest since May 2024, up 5 weekly and 56 year over year.

U.S. rig count reaches 603 as oil drilling expands

The U.S. rotary drilling rig total rose to 603 on October 9, adding five rigs over the preceding week, according to Petroleum News, citing Baker Hughes. This marked the first reading above 600 since May 31, 2024. Compared with the same period in 2025, when 547 rigs were operating, the national count was higher by 56.

Oil-directed drilling accounted for the weekly increase, with six additional rigs bringing that category to 462. Natural gas rigs totaled 132, compared with 133 a week earlier, while the miscellaneous category remained at nine. On an annual basis, oil and gas rigs were higher by 44 and 12, respectively. Horizontal drilling accounted for 543 rigs.

Texas added three rigs to reach 281, Louisiana gained two to total 38, and New Mexico added one to reach 99. The Permian Basin remained the country’s busiest drilling basin, with 274 rigs, four more than a week earlier and 24 more than a year earlier. Alaska held at 12 rigs, compared with nine a year earlier.

Source: Petroleum News
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DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.
Vance announced plans to expand a Texas refinery with Delek US to boost fuel supplies and lower prices before midterms.

U.S. plans to back Delek’s Texas refinery expansion

The Trump administration plans to support an expansion of Delek US Holdings Inc.’s refinery in Tyler, Texas, through the Defense Production Act of 1950. Vice President JD Vance announced the initiative during a visit to Tyler. The facility has processing capacity of 74,000 barrels per day, making it one of the country’s smaller refineries.

The initiative forms part of a broader federal effort to increase gasoline and diesel production. A White House official said the administration was working with multiple refineries on funding under the law. The report placed the announcement against a backdrop of U.S. gasoline prices running 41% above their year-earlier level and diesel prices near historical highs.

The law allows federal support for domestic industries considered important to national security. Earlier presidential determinations covered petroleum, liquefied natural gas, coal power and grid infrastructure. The report provided no investment figure or projected capacity increase for Tyler. Refinery projects typically take years to complete, so additional fuel production would follow a longer development schedule.

Source: Rigzone
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Ranger Land & Minerals curates weekly insights from across the oil and gas industry to keep our readers informed. To receive news like this directly in your inbox, join our free newsletter. If you’d like to learn more about mineral rights and oil royalty opportunities, contact us to speak with a representative.
DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.
ONEOK has completed its $4.425B acquisition of Brazos Midstream’s natural gas gathering and processing assets in the Midland Basin.

ONEOK expands Midland Basin capacity with $4.425 billion deal

ONEOK has completed its $4.425 billion acquisition of Brazos Midstream’s natural gas gathering and processing assets in the Midland Basin, according to Rigzone’s October 8 report. The purchased network includes approximately 700 miles of gathering pipelines and 1.1 billion cubic feet per day of processing capacity, counting facilities under construction.

The deal brings ONEOK’s Midland Basin processing capacity to about 2.3 billion cubic feet per day, more than twice its previous level when projects under construction are included. The Cassidy 2 processing plant is expected to be finished in the third quarter of 2027. Long-term fixed-fee contracts cover 600,000 dedicated acres, with more than 12 years remaining on average.

The acquisition was supported by Apollo Global Management’s $9 billion investment. ONEOK said the transaction advances its adjusted EBITDA growth objectives for the next five to seven years and strengthens flexibility for potential dividend increases and share repurchases. Management also linked the combined transactions to reaching a debt-to-EBITDA ratio of 3.25 times.

Source: Rigzone
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Ranger Land & Minerals curates weekly insights from across the oil and gas industry to keep our readers informed. To receive news like this directly in your inbox, join our free newsletter. If you’d like to learn more about mineral rights and oil royalty opportunities, contact us to speak with a representative.
DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.
Barnett-Woodford holds 3 billion barrels of recoverable oil across 6,400+ Midland Basin drilling locations, per EIR.

Barnett-Woodford expands Midland Basin oil development options

Enverus Intelligence Research (EIR) has identified more than 6,400 potential drilling sites in the Barnett-Woodford, representing roughly 3 billion barrels of recoverable oil awaiting development in the Midland Basin. According to Oil & Gas 360, these formations rank first among the basin’s interval groups for remaining undeveloped oil.

Average Barnett-Woodford well performance has exceeded the Midland Basin baseline by more than 30% since 2025. Assuming well costs of $800 per foot, EIR estimates a breakeven oil price near $41 per barrel, comparable with recent Midland and Delaware Basin averages. Encouraging results have supported broader operator programs, following limited inclusion in development models approximately 18 months earlier.

After adjusting for development maturity, well density and timing, EIR ranked Ector, Crane and northwestern Upton counties as the leading area, with recent wells averaging estimated breakevens around $42 per barrel. Southeastern Andrews, southwestern Martin and western Midland counties followed at about $46 per barrel. EIR describes the play as the largest Lower 48 expansion opportunity for oil-focused drilling.

Source: Oil & Gas 360
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DISCLAIMER: The summary above is based on information from third-party sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. It is provided for general informational purposes only and does not constitute investment, financial, tax, legal, or other professional advice, nor a recommendation or solicitation to buy or sell any security, commodity, or investment product. Markets, regulations, and circumstances can change, and the information may not reflect the most current developments. You should conduct your own research and consult a qualified financial advisor, CPA, or other professional before making decisions based on this content. The publisher and its affiliates disclaim any liability for losses or damages arising from reliance on the information provided above.