Post Tagged with: "Northern Delaware"

No Slowing the Permian Land Grab: Centennial Resource Development Enters the Northern Delaware

No Slowing the Permian Land Grab: Centennial Resource Development Enters the Northern Delaware

Raising our 2020 oil production target to 60,000 BOPD: Centennial CEO Mark Papa Denver’s Centennial Resource Development, Inc. (ticker: CDEV) said on Monday it is acquiring undeveloped acreage and producing oil and gas properties in the core of the Northern Delaware basin from privately held GMT Exploration for $350 million in cash. The acreage total in the acquisition comes to 11,860, all in Lea County, N.M. Pro-forma for the pending acquisition, Centennial is raising its 2020 production target to 60,000 BOPD from the previous target of 50,000 BOPD. The company said in its press release that the acquisition increases its Delaware basin position to ~88,000 net acres from ~76,000 net acres at year-end 2016. The acreage is located in Southern New Mexico directly north of the Red Hills area. Centennial said about 67% is held by production and that it expects less than one operated drilling rig is required to hold acreage. The company said it is now targeting a four-year compound[Read More…]

Marathon Jumps into the Permian with 70,000-Acre Acquisition, Sells Canadian Oil Sands Interest

Marathon Jumps into the Permian with 70,000-Acre Acquisition, Sells Canadian Oil Sands Interest

Marathon enters Permian for $13,900 per acre; exits oil sands with $2.5 billion cash sale to Shell and Canadian Natural Resources Marathon Oil (ticker: MRO) has agreed to acquire approximately 70,000 net surface acres in the Permian basin from BC Operating, Inc. and other entities for $1.1 billion in cash. The acquisition includes 51,500 acres in the Northern Delaware basin of New Mexico, and current production of approximately 5,000 net BOEPD. Marathon also said it had signed an agreement to sell its Canadian subsidiary, which includes the company’s 20% non-operated interest in the Athabasca Oil Sands Project (AOSP), to Shell (ticker: RDSA) and Canadian Natural Resources Limited (ticker: CNQ) for $2.5 billion in cash. “This deal expands the quality and depth of our already robust inventory while securing a foundational footprint in the Delaware basin with 5,000 feet of oil-rich stacked pay,” the company said in a press release. “Divesting of[Read More…]