A $4.2B Eagle Ford deal keeps rigs running
Plus: Permian power for Targa, a $134.1M plugging program and an H2S warning
🔥 The Big One
Crescent Pays $4.2B for Devon's Eagle Ford, Keeps the Rigs Turning
Crescent Energy is buying Devon's Eagle Ford assets for about $4.2 billion cash and plans to hold activity near the current 2-3-rig pace. The package covers about 90,000 net acres across Karnes, DeWitt and Gonzales counties, with more than 600 net drilling locations in the Karnes Trough. CEO David Rockecharlie says to expect "effectively the same production with less capital," and Crescent targets $140 million in annual synergies by the end of 2027. For South Texas crews, that means steady work but no rig surge, and tighter vendor budgets. Get in front of their procurement team early.
Read the full breakdown →✍️ Editor's Take
Crescent is holding Devon's 2-3-rig pace and promising the same output with less capital. Read that as a squeeze on service pricing in Karnes, DeWitt and Gonzales. Ranger paid $27.5M to roll up STEP's U.S. coiled tubing, so well service is consolidating too. The growth is on the infrastructure side: Targa's Permian plants are getting 230 MW of behind-the-meter power, and a trade journal calls the data centre gas push the biggest since 2008. Chase midstream and power scopes, and bid Eagle Ford work with your margins protected.
FieldNews Staff
This Week in 60 Seconds
- Ranger Closes on STEP's U.S. Coiled Tubing
Ranger paid about $27.5M for STEP's U.S. coiled tubing and nitrogen pumping assets.
- ProPetro Powers Targa's Permian Plants
PROPWR signed about 230 MW of behind-the-meter power for Targa's Permian gas processing, live by early 2028.
- Texas Wants to Pay You to Plug Wells
TCEQ has $134.1M for marginal well plugging. Applications close Nov. 9.
- Data Centres Drive the Biggest Gas Pipeline Push Since 2008
Think interstate looping, added compression and high-pressure laterals into data centre campuses.
- Your Nose Won't Save You from H2S
H2S can numb your sense of smell. Plan detection and rescue on sour-gas, sewer and confined-space jobs.
📍 Where the Work Is
- Permian Basin 🔥 HOT: Targa's gas processing build is pulling in long-term behind-the-meter power, so electrical and power crews should watch midstream expansion.
- Eagle Ford, South Texas: Crescent's Devon buy keeps the Karnes Trough drilling program steady, but expect a tighter budget conversation with vendors.
- Big Bend Sector, West Texas: A federal injunction bars ground-disturbing work on border contracts, and CBP has not said whether crews are demobilizing.
📍 Where the Work Is, by region
Public tenders and project starts from the last 7 days. A job listed in two regions counts in both.
Rest of US
17 public tenders · 12 project starts
- TVA Sequoyah Nuclear Plant begins refueling; seeking skilled workers for future projects · Oct 7
- NRC grants TVA first U.S. construction permit for a BWRX-300 small modular reactor at Clinch River, Tennessee · Oct 5
- Blattner Starts $1.5B Missouri Solar as NextEra Eyes Nearby Site · Oct 10
Appalachia & Northeast
22 public tenders · 5 project starts
- Kentucky American Water acquires Black Mountain Utility, plans $21M upgrades for 4,300+ water connections - Pluang · Oct 10
- Tender · Electrical (Industrial) · Washington, D.C. · Oct 9
- Substation construction underway for Union County data center project - standard-journal.com · Oct 6
Texas & Gulf Coast
7 public tenders · 12 project starts
- Crescent Keeps Devon's Eagle Ford Rig Pace in $4.2B Cash Deal · Oct 9
- Formerly Gunvor Group, Now Centalion, Expands Haynesville Footprint by 300 MMcf/d · Oct 7
- Brazos Concludes $4.4B Sale of Midland Basin Assets to ONEOK · Oct 8
Rockies & Plains
11 public tenders · 7 project starts
- Tender · Civil & Earthwork · Utah · Oct 5
- Chevron to divest midstream assets in Bakken restructuring · Oct 7
- FERC opens Environmental Review for Southern Star Kansas Gas Pipeline Project · Oct 9
West Coast
9 public tenders · 1 project start
- Tender · Electrical (Industrial) · Washington · Oct 8
- Cook Inlet offshore oil and gas lease sale proposed for March 2027 · Oct 10
- Tender · Materials Testing & Inspection · Washington · Oct 8
Eastern Canada
6 public tenders · 3 project starts
- Industry minister presses Stelco's U.S. owner to present job-saving plan in 5 days · Oct 7
- Pomerleau completes acquisition of Quebec's Groupe ALLEN · Oct 6
- Tender · Safety & HSE Services · Nunavut · Oct 9
Western Canada
1 public tender · 7 project starts
- Cenovus to Expand Oil Sands Output with C$5.7 Billion Athabasca Acquisition - finance.biggo.com · Oct 6
- New AER well licence: Cenovus Energy Inc. near Conklin (12-15-076-05W4) · Oct 8
- Construction quickly underway on LNG Canada's Phase Two, will be built using Chinese steel - CFNR Network · Oct 9
International
1 public tender
- Tender · Materials Testing & Inspection · JP-14 · Oct 7
🟢 Open Windows
Bids, packages, and decisions with a clock on them.
Applications due Nov 9, 2026
Texas Marginal Well Plugging Program (TxMCW). Operators with eligible vertical marginal wells apply to TCEQ; plugging contractors should line up with them.Procurement approach due Early 2027
Bayer $2.2B New Albany, Ohio pharma campus. No GC or CM picked yet; Fluor is in early design and construction jobs start mid-2027.Target start Feb 2027
Kentucky Power Muskie 765-kV substation. Substation and 8.5 miles of new lines for TeraWulf's data campus, pending Kentucky PSC approval.
👷 Crew Market: Bayer's New Albany, Ohio campus is expected to create about 1,500 construction jobs from mid-2027, while Doral's Mammoth Solar in Indiana peaked at about 1,800 workers on site.
📈 The Number
$134.1M
That is the federal money TCEQ has to permanently plug marginal conventional wells in Texas. Eligible wells are vertical, onshore on non-federal land and make no more than 15 boed a year. Applications close Nov. 9.
Permian Basin Oil & Gas Magazine
On Your Radar
- Oct 15Oklahoma Oil & Gas Expo. Oklahoma City, OK
- Oct 20-22Permian Basin International Oil Show. Odessa, TX
- Oct 2026TCEQ public meetings on TxMCW. Three meetings explain the plugging program rules
- Nov 9TxMCW application deadline. $134.1M marginal well plugging program
- Early 2027Anduril Sparrows Point groundbreaking target. $3.7B Maryland site, no GC or bid packages yet
Get The Field Report
The week in oil & gas and heavy construction: market data, the big story, and where the work is. Every Sunday, in 60 seconds.
You're in. The Field Report lands Sunday.
Look for it in your inbox Sunday morning.
Something went wrong. Please try again.
Free, no spam, unsubscribe anytime.