Permian – Page 3 – Oil & Gas 360

Shale CEOs hesitant to begin new Permian drilling campaigns due to political uncertainty, Dallas Fed says

March 27, 2024

World Oil (Bloomberg) – U.S. oil prices are more than high enough to make drilling new wells profitable, but some shale bosses say they’re hesitant because of political and regulatory “uncertainty” that won’t be settled until the November election, according to the Federal Reserve Bank of Dallas. “Until the next administration is decided, we’re in a state of flux when

ConocoPhillps’ Willow project to reach first production in “four more winters;” expects modest Permian growth

March 20, 2024

World Oil WO) – During CERAWeek by S&P Global’s second day, ConocoPhillips’ CEO Ryan Lance announced that his firm’s highly-anticipated Willow project in Alaska is making developmental headway. Sitting down with S&P Global’s Dan Yergin, Lance also discussed Biden’s controversial LNG export ban, the U.S.’ unprecedented production growth in 2023, the role of artificial intelligence, and regulatory issues plaguing the U.S.

Exxon set to exit Equatorial Guinea

February 9, 2024

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 on a safe handover of operations and caring for all impacted by this change.” Exxon also added that the exit was part

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

February 6, 2024

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 two separate transactions to acquire a total of approximately 11,500 net leasehold acres and 4,000 net royalty acres located in Eddy

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

January 22, 2024

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 restore output to normal levels. Production across the U.S. was curtailed by about 10 MMbbl this week, according to market

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

January 8, 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 operators showed 69% of Permian firms expect to grow production 5% or less this year, according to Jefferies Financial Group

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

December 12, 2023

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 $50,000 per acre for rights to drill some of the richest oil deposits in the hemisphere, according to data-analysis and research firm

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

December 6, 2023

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 billion of stock next year, the Spring, Texas-based company said in a statement Wednesday. That matches competitor Chevron Corp., which

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

December 4, 2023

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”). Specializing in cementing services in the Delaware Basin, Par Five’s business complements ProPetro’s existing cementing business that operates predominantly in the Midland Basin region of

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

October 12, 2023

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 of consolidation talk as oil companies compete for the best drilling portfolios in the Permian basin, North America’s biggest source of crude.

Energy Transfer LP shuts ruptured oil pipeline in Permian

September 26, 2023

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 the previous owner, Lotus Midstream for $1.4 billion. The Centurion Pipeline runs from New Mexico, ending in Cushing, Oklahoma, with laterals that extend

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

July 26, 2023

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 the Permian returning to its usual position as the center of M&A activity. One notable exception to this Permian-centric quarter

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