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• Phillips 66's Lake Charles refinery may get $99M upgrade
  Phillips 66 is pursuing a $99 million expansion of its 264,000-barrel-per-day...
  Phillips 66 is pursuing a $99 million expansion of its 264,000-barrel-per-day Lake Charles refinery in Louisiana, with proposed upgrades ranging from a steam turbine power generator to a naphtha fractionator. The project, under review for state tax incentives, could be finalized in late 2027.
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• Mesa Minerals IV Launches New Acquisition Initiative
  Mesa Minerals IV has officially...

  Mesa Minerals IV has officially launched to acquire mineral and royalty interests in the Haynesville Shale, Permian Basin, and other plays, as announced by CEO Darin Zanovich at Hart Energy's 2025 DUG Gas Conference & Expo in Shreveport.

  
  

  NGP's latest royalty fund financially backs the new venture and follows the success of Mesa Minerals III, which built a substantial portfolio including approximately 6,000 net royalty acres in the Permian Basin and 16,000 net royalty acres in the Haynesville.

  
  

  While Mesa III has been temporarily sidelined with plans for NGP to market its portfolio in the future, the company is expanding its focus beyond the Permian Basin due to high asking prices for oil-weighted assets there.

  
  

  This continues the Mesa franchise's established presence in the Haynesville play, where both Mesa I and II previously built and successfully sold mineral positions to Franco-Nevada Corp.

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• ☕️What Else is Brewing Monday Morning
  It’s Opening Day (again, sort of): While last week’s...
  It’s Opening Day (again, sort of): While last week’s two-game series in Tokyo between the Dodgers and Cubs officially kicked off baseball’s regular season in front of a massive audience, MLB will host a more traditional Opening Day on Thursday, when 28 teams will play in 14 games scheduled throughout the afternoon and evening. They start at 3pm ET, for anyone who wants to plan an early exit from their office.
  
  Segway recalled 220,000 scooters after 20 people were injured.
  
  Columbia University is “on the right track” to get federal funding back, according to Education Secretary Linda McMahon. Separately, the University of Maine said it was in compliance with Title IX and can continue to leverage “essential federal funds.”
  
  Second Lady Usha Vance will visit Greenland this week as part of a US delegation. Greenland’s prime minister criticized the delegation’s visit as an “aggressive” move.
  
  Pope Francis made his first public appearance since being discharged from the hospital.
  
  Sydney Sweeney will star in a movie based on a Reddit post.
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• U.S. Rig Count Posts First Gain in Three Weeks | OKLA +2
  Drilling activity showed a marginal increase for the first time in three weeks. ...
  Drilling activity showed a marginal increase for the first time in three weeks. OKLA +2 @53 Rigs | TX-1 @280 Rigs | NM Flat @102 Rigs
  
  Oilfield services firm Baker Hughes said Friday its total weekly U.S. rig count edged one rig higher to 593 rigs, down 31 rigs or 5% from 624 rigs last March.
  
  The number of rigs drilling for crude oil was down one rig to 486 rigs, 23 rigs or 5% below the 509 rigs seeking crude a year ago. The number of rigs drilling for natural gas rose by two, now at 102 rigs, but remains 10 rigs or 9% below the 112 reported last year.
  
  The Permian Basin followed Texas’ trend, falling one rig for 300 rigs at work within the region, down 15 rigs or 5% from 315 last year. Here is the Oklahoma summary rig count, by county.
  
  
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• Oxy, Looking to Cut Debt, Sells D-J Minerals to Elk for $905MM
  Elk Range Royalties purchased 250,000 net royalty acres from Occidental...
  Elk Range Royalties purchased 250,000 net royalty acres from Occidental Petroleum in the Denver-Julesburg (D-J) Basin for $905 million, the minerals and royalties company said March 21. 
  
  The deal comes as Oxy works to reduce debt after closing a blockbuster $12 billion acquisition of Permian Basin private E&P CrownRock in August 2024.
  
  The company aims to repay at least $4.5 billion in debt within 12 months of closing the CrownRock acquisition. Reports that Oxy was shopping a D-J minerals package of up to $1 billion first surfaced in February at the 2025 NAPE Summit.  
  
  According to the press release, Elk said the assets have a mix of current production, DUCs, and undeveloped upside. These assets will expand Elk Range’s presence in the D-J and align with the company’s royalty acquisition strategy. Elk Range said that Chevron Corp. and Civitas Resources Inc. are operators on the acreage.
  
  Source: Hart Energy
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