Canes Midstream Expands Oil and Natural Gas Portfolio with Acquisition of Cogent Midstream in Southern Midland Basin

With natural gas hitting highs not seen since 2008 and WTI crude oil around $115bbl the Dallas-based portfolio company of EIV Capital and Denham Capital, Canes Midstream LLC closed on the acquisition of Cogent Midstream LLC. The Cogent assets are located in the southern portion of the Permian’s Midland sub-basin. The Cogent system spans 10 Texas counties, with most of the infrastructure located in Reagan and Irion counties.  The acquired assets include 520 million cubic feet per day of processing … Continue reading “Canes Midstream Expands Oil and Natural Gas Portfolio with Acquisition of Cogent Midstream in Southern Midland Basin”

Texas Manufacturing Index +14.6 vs +4.6 prior, Focus on Raw Material Availability

The Dallas Fed Manufacturing index for October rose 14.6 vs 4.6 expected, the index is a key measure of Texas state manufacturing conditions. New orders +14.9 vs 9.5 prior. Future index flipped positive +2.4 vs -2.8 prior.

Texas Manufacturing Looking Up as New Orders, Prices Received for Finished Goods, Wages and Benefits All Hit Record Highs

The Dallas Fed Manufacturing index for April rose 37.3 vs 30 expected, the index is a key measure of Texas state manufacturing conditions. New orders 38.5 hit a record high vs 30.5 prior. Prices received for finished goods and Wages and benefits both hit record highs.

Diamondback Energy Takes a $2.54 Billion Impairment Charge From Oil and Gas Price Plunge

Texas independent oil and natural gas company Diamondback Energy reported better than expected adjusted second quarter earnings after the market close Monday. $FANG however took a $2.54 billion impairment charge against its oil and gas properties.

Diamondback Energy Earnings Beat, Cuts Capital Expenditure 40 Percent

Texas independent oil and natural gas company Diamondback Energy reported better than expected first quarter earnings after the market close Monday. $FANG said it will cut oil production further due to the demand collapse from the Covid-19 lockdown.

Texas Manufacturing Activity Collapses as Coronavirus Impacts Economy

Texas factory activity declined sharply in March the Dallas Fed Manufacturing index showed, the effect of Covid-19 and collpasing falling energy prices continue to hurt Texas. Worrisome is the production index, a key measure of state manufacturing conditions, plummeted from 16.4 to -35.3.