• Diamondback Energy has sold its water business to Deep Blue Midland Basin for $695 million in upfront cash. The deal renews Diamondback’s 15-year water dedication and expands Deep Blue’s footprint to nearly 1,900 miles of pipeline and 3.4 MMbbl/d of disposal capacity.
• Occidental Petroleum has named Richard Jackson as its first Chief Operating Officer in nearly a decade. Jackson will oversee global operations, carbon technologies and midstream activities—marking a pivotal step in Occidental’s organizational evolution.
• U.S. Department of Energy has canceled nearly $7.6 billion in clean energy funding across more than 220 projects. The move reflects shifting priorities and raises questions about the future of federal support for hydrogen, CCUS and renewables.
• Western Midstream is nearing the close of its $2 billion acquisition of Aris Water Solutions. The deal includes $415 million in cash and significantly expands Western’s water infrastructure in the Delaware Basin.
• Phoenix Energy One is gaining attention in the Bakken with its portfolio of long laterals. The company has drilled nearly 50 three-mile wells and recently completed a four-mile lateral. With production up 70% year-over-year and a $54 million IPO under its belt, Phoenix is positioning itself as a rising star in the Williston Basin.
Additional Stories
Also this week, Ares, Eolian, Flowserve, Circor and Shelf Drilling all made moves worth watching.
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