Is that confetti raining from the sky? No, that would be a blizzard of 1Q earnings reports from our oil and gas producer friends commiserating sub-zero natural gas prices, and our midstream friends largely making hay. Associated gas in the Permian has become a huge pain in the arse for producers that’s not only costing them for takeaway, but the pipeline capacity to get that flow out of the basin is growing tighter than an Arkansas tick after a blood supper. For most midstreamers, it’s a whole other fish fry.

Reese Energy Consulting today has selected two reports for cussin’ and discussin’ because we’re too darn busy with audits to sift through them all. On the producer side, we send a whoop and holler to Minn-based NOG, the nation’s largest non-operated E&P that continues to work magic in the Permian, Williston, and Marcellus. After two acquisitions last year, the company expanded its Delaware position to 40,000 acres—crowning it the largest asset—and brought cupcakes to its entry in the Ohio Utica. NOG posted 1Q record production of 120 MBOED with oil and gas sales of $532 million.

On the midstream side, we send a shoutout to Tulsa-based ONEOK, which last year combined its expansive natural gas bones with downtown neighbor Magellan and its massive crude oil and refined products pipeline network. Magellan owns the nation’s largest refined products pipeline extending 9,800 miles from the Texas Gulf across 15 states. Now a year into the acquisition, ONEOK continues to integrate its $18.8 billion baby while reporting 1Q adjusted EBITDA of $1.44 billion and a $70 million increase to its 2024 net income guidance to a range of $2.73 billion to $3.03 billion. This, largely due to increased volumes of natural gas and NGLs.