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• Diamondback Energy Prices $3 Billion Debt Offering
  Diamondback Energy Inc. priced...
  
  

  
  
  Diamondback Energy Inc. priced a $3 billion offering of three tranches of debt on Nov. 20 as the Midland, Texas-based Permian producer continues cleanup work from its acquisition of Energen Corp., which closed roughly a year ago.
  
  The offering comprises $1 billion of 2024 senior notes priced at 2.875%, $800 million of 2026 notes at 3.25%, and $1.2 billion of 2029 notes at 3.5%. Proceeds have been earmarked by Diamondback for note redemptions and to pay down debt, which was largely accrued through acquisitions.
  
  Last August, Diamondback entered acquisitions totaling more than $10 billion after agreeing to buy Energen and private operator Ajax Resources LLC in the span of just one week. The company’s acquisition of Energen, the larger of the two transactions, tacked on about $830 million in debt to Diamondback’s balance sheet when it closed November 2018.
  
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• 2018 was a record year for US natural gas market
  In...
  In a recently released report, data shows the US natural gas market set several records in 2018, with dry gas output climbing 12% to an all-time high of 83.8 billion cubic feet per day, gas demand rising 11% and exports up by 14% over 2017 to a record 10 Bcf/d, according to the Energy Information Administration. Appalachia, the Permian Basin and Haynesville Shale drove production growth, with Pennsylvania, Louisiana and Ohio posting the biggest year-on-year gains.
  
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• DUG MidContinent: Operator Spotlight: Arkoma Stack
  Calyx Energy President...
  Calyx Energy President and CEO Calvin Cahill said the company was drawn to the “neat” Arkoma Stack play because it consisted of more than 50% brittle reservoir rock, citing between 70% and 80% in his findings.
  
  “We use offshore tools for drilling so we have real-time logs,” Cahill said, noting that it has advanced geosteering—the optimal placement of a wellbore—to stay in target zones, along with other heavy investments in seismic.
  
  Cahill noted that Calyx has recycled over 7 million barrels of produced water in the last two years. In 2020, Cahill said the company plans to continue the development of the Mayes play in the second quarter, drilling Woodford inventory and hedging into improved pricing.
  
  Coverage from DUG Midcontinent - by Hart Energy
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• N.D. oil production down slightly in Sept.
  Poor...
  Poor weather conditions hampered drilling activity in North Dakota in September, causing oil production for the month to decline by 37,000 barrels per day from August's record level to 1.44 million bpd, according to the North Dakota Pipeline Authority. Natural gas output also fell from an all-time high of about 3.01 billion cubic feet per day in August to nearly 2.95 Bcf/d in September, 17% of which was flared.

  
  

  The state permitted the drilling of 92 wells in September, down from 127 in August. The state permitted 126 in October, according to the state Department of Mineral Resources.

  
  

  "Operators continue to maintain a permit inventory that will accommodate varying oil prices for the next 12 months," Helms said in a statement accompanying the data release.

  
  

  The state's rig count has steadily fallen, however, from 62 in August to 61 in September and 49 in October, according to the agency. North Dakota's rig count was 55 on Tuesday.

  
  

  
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• Oil prices settle about 3% higher as U.S. crude supplies rise less than expected.
  Oil futures finished higher on Wednesday, following the EIA report that showed domestic...
  Oil futures finished higher on Wednesday, following the EIA report that showed domestic crude supplies up a fourth straight week, but by less than the six million-barrel jump reported the API on Tuesday.
  
  The EIA reported that U.S. crude supplies rose by 1.4 million barrels for the week ended Nov. 15. That followed increases in each of the past three weeks.
  
  The latest climb, however, was a bit smaller than the 1.6 million-barrel rise expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a climb of roughly 6 million barrels.
  
  WTI for December delivery CLZ19 added $1.90 to settle at $57.11 after settling below its 50-day moving average of $55.59 on Tuesday.
  
  The December contract expired at Wednesday’s settlement. WTI oil for January delivery the new front-month contract tacked on $1.66 to $57.01 a barrel.
  
  January Brent crude gained 1.49, or 2.5%, to settle at $62.40 a barrel, following its 2.5% decline on Tuesday.
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