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 the United States. According to the Energy Information Administration, the Permian will produce 5.622 million bpd of crude oil this month, up from 5.596
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 position in the U.S. shale patch and it has said for years that the Permian basin would be its key priority area
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. The main areas experiencing growth are on the company’s Permian Basin and Haynesville shale properties. Verde Bio Holdings now has
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 most prolific shale play in the United States. In their third-quarter reports, Chevron and Exxon both revised down their planned output from the
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 so strange that Texas crude producers are facing a sand shortage of more than 1 million tons and prices that have jumped 150%. Frac sand, which
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 pump more oil even as oil prices approach $100 a barrel, heeding investor demand for fiscal discipline after years of poor capital
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 Energy Partners LLC formed VTX Energy Partners LLC to acquire wells in the Permian and Bakken shale regions, according to
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 at around $500 million in a sale, a source familiar with the matter said. The source requested anonymity as the
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 the course of 2022, Pioneer said in a filing Wednesday, but leaves the company well positioned to bank any uplift
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 reach one of its climate goals faster. Greenhouse gas emissions intensity, or emissions per barrel of produced oil, is now
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 said. Chevron Corp. is also among companies considering bids for the assets, which are largely located in West Texas, the people
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 it faces growing pressure to slash carbon emissions. The sale could be for part or all of Shell’s position in
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