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Oil companies continued to spend hundreds of millions of dollars to purchase land in New Mexico’s side of the Permian Basin in the southeast corner of the state, as demand for fossil fuel production in the region continue to grow amid the world’s recovery from COVID-19 and international market tensions.

Earthstone Energy, based in The Woodlands, Texas, announced June 28 it bought all of the oil and gas assets in the western Delaware sub-basin of the Permian owned by Titus Oil and Gas Production for about $627 million.

Chief Executive Officer Robert Anderson said the sale was intended to build Earthstone’s portfolio in the Permian Basin – the U.S.’ busiest oilfield – and followed other acquisitions in the region announced earlier this year.

“We had a goal of adding to our recently established Northern Delaware Basin position and are excited about this transaction and the drilling inventory we are acquiring as it is among the highest economic locations in the Permian Basin,” Anderson said.

Earthstone’s latest transaction followed the June 27 announcement that Sitio Royalties spent about $550 million on two acquisitions in the region as it also attempted to grow its footprint in the Permian.

For about $323 million, Sitio bought about 19,700 acres in the Permian from Midland, Texas-based Quantum Energy Partners, along with 12,200 acres for $224 million from Houston-based Momentum Minerals.

This increased the company"s Delaware Basin acreage to 24,500 acres and its Midland Basin land to 7,400 acres – amounting to a of 30 percent increase in Sitio’s Permian Basin-wide position.

Sitio CEO Chris Conoscenti said the acquisitions were intended to drive up returns for the company’s investors, as part of a market-wide trend toward asset consolidation and improving profit margins following the market’s historic downturn as the COVID-19 pandemic took hold in early 2020.

“We are excited to announce these highly accretive acquisitions in the Permian Basin and continued execution of our returns-focused, large-scale mineral and royalty consolidation strategy,” Conoscenti said.

Noam Lockshin, chairman of Sitio’s Board of Directors said the Permian Basin would prove valuable to the company in increasing production in the coming years.

As operators are poised to increase their fossil fuel output in the Permian Basin, so too was the region’s capacity to ship oil and gas out of the region and to export and refinery markets on the Gulf Coast of eastern Texas.

Kinder Morgan announced June 29 a planned expansion of its Permian Highway Pipeline capacity to about 550 million cubic feet per day of gas by November 2023, targeting increased capacity at the Waha Hub where oil and gas from throughout the region in New Mexico and Texas is gathered before being transported to market.

“The project will alleviate transportation constraints out of the Permian Basin so as to further support meeting our domestic and global energy needs,” Moody said.

“This expansion couldn’t come at a more critical time, as it will foster future natural gas production growth in West Texas and provide several liquefaction facilities along the Texas Gulf Coast with more affordable, reliable supply,” Welch said.

Oil companies continued to spend hundreds of millions of dollars to purchase land in New Mexico’s side of the Permian Basin in the southeast corner of the state, as demand for fossil fuel production in the region continue to grow amid the world’s recovery from COVID-19 and international market tensions.

Earthstone Energy, based in The Woodlands, Texas, announced June 28 it bought all of the oil and gas assets in the western Delaware sub-basin of the Permian owned by Titus Oil and Gas Production for about $627 million.

Chief Executive Officer Robert Anderson said the sale was intended to build Earthstone’s portfolio in the Permian Basin – the U.S.’ busiest oilfield – and followed other acquisitions in the region announced earlier this year.

“We had a goal of adding to our recently established Northern Delaware Basin position and are excited about this transaction and the drilling inventory we are acquiring as it is among the highest economic locations in the Permian Basin,” Anderson said.

Earthstone’s latest transaction followed the June 27 announcement that Sitio Royalties spent about $550 million on two acquisitions in the region as it also attempted to grow its footprint in the Permian.

For about $323 million, Sitio bought about 19,700 acres in the Permian from Midland, Texas-based Quantum Energy Partners, along with 12,200 acres for $224 million from Houston-based Momentum Minerals.

This increased the company"s Delaware Basin acreage to 24,500 acres and its Midland Basin land to 7,400 acres – amounting to a of 30 percent increase in Sitio’s Permian Basin-wide position.

Sitio CEO Chris Conoscenti said the acquisitions were intended to drive up returns for the company’s investors, as part of a market-wide trend toward asset consolidation and improving profit margins following the market’s historic downturn as the COVID-19 pandemic took hold in early 2020.

“We are excited to announce these highly accretive acquisitions in the Permian Basin and continued execution of our returns-focused, large-scale mineral and royalty consolidation strategy,” Conoscenti said.

Noam Lockshin, chairman of Sitio’s Board of Directors said the Permian Basin would prove valuable to the company in increasing production in the coming years.

As operators are poised to increase their fossil fuel output in the Permian Basin, so too was the region’s capacity to ship oil and gas out of the region and to export and refinery markets on the Gulf Coast of eastern Texas.

Kinder Morgan announced June 29 a planned expansion of its Permian Highway Pipeline capacity to about 550 million cubic feet per day of gas by November 2023, targeting increased capacity at the Waha Hub where oil and gas from throughout the region in New Mexico and Texas is gathered before being transported to market.

“The project will alleviate transportation constraints out of the Permian Basin so as to further support meeting our domestic and global energy needs,” Moody said.

“This expansion couldn’t come at a more critical time, as it will foster future natural gas production growth in West Texas and provide several liquefaction facilities along the Texas Gulf Coast with more affordable, reliable supply,” Welch said.