Tag: Permian

Phillips 66 announced that it has entered into a definitive agreement to buy EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems for total cash consideration of $2.2 billion, subject to customary purchase price adjustments.

ExxonMobil said a new partnership with Microsoft will make its Permian Basin operations the largest-ever oil and gas acreage to use cloud technology and is expected to generate billions in net cash flow over the next decade through improvements in analyses and enhancements to operational efficiencies.

According to a new outlook by IHS Markit, oil production in the Permian basin is projected to rise nearly 3 MMbpd by 2023—a level of growth exceeding most recent estimates.