Post Tagged with: "Permian"

Source: Reuters

Exxon set to exit Equatorial Guinea

Oil Price


Exxon is leaving Equatorial Guinea after a three-decade presence in the OPEC member from Central Africa.

The supermajor told Bloomberg that it will transfer its holdings in the country to the government and that “Our focus now is …

Source: World Oil

Permian Resources adds 17,000 acres to portfolio following Earthstone Energy acquisition

World Oil


(WO) – Permian Resources Corporation announced a series of recent portfolio optimization transactions consisting of two bolt-on acquisitions, a sizeable acreage swap, a divestiture of non-core assets and additional grassroots acquisitions.

Recent acquisitions. Permian Resources recently executed …

Source: World Oil

Freezing weather knocks out millions of barrels of Permian, Bakken oil production

World Oil


(Bloomberg) – The wintry weather that blanketed parts of Texas in snow and hammered North Dakota with extreme cold has knocked out millions of barrels of U.S. oil production, and the industry is expected to need weeks to …

Jefferies Financial Group: Permian’s private shale operators expect modest growth in 2024

Jefferies Financial Group: Permian’s private shale operators expect modest growth in 2024

World Oil


(Bloomberg) – Most of shale’s private operators in the Permian basin are planning modest growth this year as one of the main engines of U.S. oil expansion downshifts amid volatile commodity prices.

A survey of closely held oil …

Source: World Oil

Permian oil drilling rights jump to pre-COVID levels amidst mega shale deals

World Oil


(Bloomberg) – Drilling rights in the U.S. Permian basin are commanding prices not seen since the worldwide pandemic crushed oil markets more than four years ago. Occidental Petroleum Corp.’s $10.8 billion takeover of CrownRock LP equates to more …

Source: World Oil

ExxonMobil raises share buybacks 14% with plans to accelerate Permian, Guyana oil production

World Oil


(Bloomberg) – Exxon Mobil Corp. plans to raise share buybacks 14% as the oil giant accelerates crude production in the U.S. Permian basin, boosted by its $60 billion acquisition of Pioneer Natural Resources Co.

Exxon will repurchase $20 …

ProPetro acquires Par Five Energy Services creating a leading Permian cementing services company

ProPetro acquires Par Five Energy Services creating a leading Permian cementing services company

Oil and Gas 360


MIDLAND, Texas–(BUSINESS WIRE)– ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) has announced the successful acquisition of the assets and business operations of Par Five Energy Services LLC (“Par Five”).

company- oil and gas 360

Specializing in cementing services in …

Source: Reuters

Exxon’s historic purchase of shale driller Pioneer to usher in new era of oil mergers in Permian basin

World Oil


(Bloomberg) —Exxon Mobil Corp.’s $59.5 billion acquisition of Pioneer Natural Resources Co., the biggest U.S. energy deal in decades, is poised to usher in a new era of industry-shifting takeovers.

The shale sector is a hotbed …

Source: Reuters

Energy Transfer LP shuts ruptured oil pipeline in Permian

Oil Price


Energy Transfer LP shuttered its Centurion Pipeline on Monday after it was struck by a road worker, the pipeline company said in an email to Bloomberg. Energy Transfer LP acquired the pipeline earlier this year when it acquired …

Source: Reuters

Enverus: Permian returns to center of M&A activity as upstream activity “boomed” with $24 billion deals

World Oil


CALGARY, Alberta — Enverus Intelligence Research (EIR), a subsidiary of Enverus, is releasing its summary of Q2 203 upstream merger and acquisition (M&A) activity. In Q2, U.S. upstream M&A boomed with $24 billion transacted in 20 deals, with …

Source: Reuters

Permian oil production hasn’t peaked yet

Oil Price


The Permian basin has not yet seen peak oil production, according to Occidental’s chief executive Vicki Hollub.

 

 

The executive believes that growth in the play’s production rates will even offset declines in other shale basins across …

Source: Reuters

Exxon considers buying U.S. shale giant

Oil Price


ExxonMobil has held early informal talks about potentially acquiring the largest pure-play shale producer, Pioneer Natural Resources, The Wall Street Journal has reported, quoting sources with knowledge of the matter.

Exxon is looking to boost additionally its …

Source: World Oil

Budding oil and gas company drills new wells in Permian Basin, Haynesville shale

World Oil


WO) — Growing oil and gas company Verde Bio Holdings is drilling new wells on its shale properties amidst higher oil and gas prices.

The company recently received notices that over eight new wells have been brought online. …

Source: Reuters

Oil majors expect Permian production growth to slow

Oil Price


Two Big Oil majors have said they expect oil production in the Permian to rise by less than they had initially planned this year, suggesting industry problems are indeed serious enough to hold back production growth in the …

Source: Reuters

The price of frac sand has spiked 150% for Permian oil producers

World Oil


(Bloomberg) — Bumping along the desolate highways of the Permian Basin, the world’s busiest oil field, there are long stretches where all you see are drilling rigs, sage brush and miles upon miles of sand. That’s why it’s …

Source: World Oil

Diamondback Energy to maintain ‘flat’ Permian oil production

World Oil


(Bloomberg) — Diamondback Energy Inc. Chairman and CEO Travis Stice said the shale driller will maintain flat production in the Permian Basin this year.

The Texas wildcatters that launched the U.S. shale boom are resisting the temptation to …

Source: Reuters

Oil-trading giant Vitol eyes shale expansion with new venture

World Oil


(Bloomberg) — Vitol Group, the world’s largest independent oil trader, is partnering with shale specialists who formerly led Brigham Exploration Co. to expand amid the highest crude prices in seven years.

The trader and Austin, Texas-based driller ATX …

Source: Reuters

U.S. oil producer Hannathon looks to sell Texas land – documents

Reuters


Private U.S. oil and gas producer Hannathon Petroleum LLC has retained an investment bank to sell around 18,000 net acres in the Northern Midland basin of Texas, according to marketing documents seen by Reuters.

The assets could be valued …

Source: Reuters

Permian’s biggest oil producer closes 2022 hedges in bullish outlook

World Oil


HOUSTON (Bloomberg) –Pioneer Natural Resources Co., the biggest oil producer in the Permian Basin, closed out almost all its hedges for this year, indicating a bullish outlook for crude prices.

The move will cost $328 million spread over …

Source: Reuters

ConocoPhillips says Shell deal lowers emissions intensity

World Oil


HOUSTON (Bloomberg) –ConocoPhillips’s $9.5 billion deal to buy shale assets from Royal Dutch Shell Plc will boost the amount of carbon the company pumps into the atmosphere. Yet the company says the pact will actually allow it to …

Source: World Oil

Shell courts multiple suitors for its $10B Permian shale portfolio

World Oil


(Bloomberg) –Devon Energy Corp. and ConocoPhillips are among potential suitors studying Royal Dutch Shell Plc’s portfolio of Permian Basin oil fields, which could be worth as much as $10 billion in a sale, people familiar with the matter …

Source: Reuters

Shell weighs blockbuster sale of Texas shale assets

Reuters


LONDON/NEW YORK – Royal Dutch Shell is reviewing its holdings in the largest U.S. oil field for a potential sale, people familiar with the matter told Reuters, marking a key moment in its shift away from fossil fuels as …

June 14, 2021 - 11:00 am Uncategorized
Source: Reuters

U.S. shale could face weeks of depressed oil production due to cold

Reuters


HOUSTON – The U.S. deep freeze will wreak havoc on oil and gas production for several days if not weeks, according to industry experts, as companies deal with frozen equipment and a lack of power to run operations.

Texas …

Source: Fox Business

Trump to visit oil-rich Permian Basin to visit rig, talk energy

Fox Business


President Trump is expected to visit the Permian Basin in West Texas Wednesday and make a stop at the Double Eagle Energy in Midland, the White House announced.

During his visit, the president will tour an oil

Source: Reuters

Chevron’s $5 billion deal for Noble ends deal drought, sets price benchmark

Reuters


Chevron Corp’s surprise $5 billion all-stock deal for oil producer Noble Energy should spell the end of this year’s deal drought, setting a price benchmark that will trigger more buys, according to mergers and acquisition bankers, lawyers and analysts.…

Differential Price Recovery: How Regional Forces Are Bringing Benchmark Prices Back Towards Equilibrium

Differential Price Recovery: How Regional Forces Are Bringing Benchmark Prices Back Towards Equilibrium

RarePetro


Oil & Gas Publishers Note: Another great industry insight article from Kevin Olson at RarePetro. 

Abstract

Financial markets attempted to buoy benchmark prices as oil and gas markets became volatile in Q1 2020. This created a disconnect in the …

EIA Drilling Productivity Report – April 2020

EIA Drilling Productivity Report – April 2020

EIA’s Drilling Productivity Report (DPR) for April has now been released. The DPR takes a fresh look at oil and natural gas production, starting with an assessment of how and where drilling for hydrocarbons is taking place. It uses recent

Source: Houston Chronicle

Oil pain spreads beyond Permian to small towns across America

Houston Chronicle


The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy.

In such places, mom-and-pop outfits run so-called …

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Journal of Petroleum Technology


Oil & Gas Publishers Note: Excellent piece by Steve Rassenfoss. Our host, Michael Tanner, on the 360 Digital Closing Bell reported on the Texas Railroad Commission has been invited to the next OPEC meeting. This is

ExxonMobil outlines progress on long-term growth strategy

ExxonMobil outlines progress on long-term growth strategy

ExxonMobil


Woods told investors that ExxonMobil (stock ticker: XOM) is planning capital expenditures of between $30 billion to $35 billion annually through 2025, consistent with previous guidance. For 2020, the company anticipates an investment level of up to $33 billion, …