Permian – Page 2 – Oil & Gas 360

Operational efficiencies drive cost excellence for U.S. onshore drilling operations, report finds

June 5, 2024

World Oil (WO) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, has released new research that analyzes which oil and gas plays show the greatest rate of increase in drilling speeds and whether well costs correlate with drilling speeds. In addition, the report looks at how well designs are affecting drilling efficiencies. “Cost reduction efforts to improve capital efficiency

$ProPetro announces agreement for FORCESM electric hydraulic fracturing services- oil and gas 360$

ProPetro announces agreement for FORCESM electric hydraulic fracturing services

April 29, 2024

Oil and Gas 360 MIDLAND, Texas–(BUSINESS WIRE)– ProPetro Holding Corp. (“ProPetro” or “the Company”) (NYSE: PUMP) has entered into a three year Hydraulic Fracturing Services Agreement (the “Agreement”) to provide electric hydraulic fracturing services to ExxonMobil in the Permian Basin. ProPetro’s Chief Executive Officer, Sam Sledge, commented, “We’re thrilled to announce a key strategic step for ProPetro as we strengthen

Matador Resources increases oil production following “surprise” Permian success in 2023

April 24, 2024

World Oil (Bloomberg) – Matador Resources Co. pumped more oil than expected in the first three months of 2024 at a time when most U.S. producers have pledged flat to moderate production growth this year. Matador also plans to hit the high end of its full-year output expectations, the Dallas-based company said in its earnings report Tuesday. The company’s production

U.S. shale drillers to reduce Permian drilling emissions, increase reliability with nuclear reactors

April 1, 2024

World Oil (Bloomberg) – U.S. oil and gas companies including Diamondback Energy Inc. are considering small nuclear reactors to power drilling operations in Texas’s Permian basin, a move aimed at cutting carbon emissions and ensuring reliable access to electricity. Diamondback, the largest independent producer headquartered in the shale-oil region, has signed a nonbinding letter of intent with Oklo Inc. to

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

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