Permian – Page 3 – Oil & Gas 360

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

Permian oil production hasn’t peaked yet

April 13, 2023

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

Exxon considers buying U.S. shale giant

April 10, 2023

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

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

February 9, 2023

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 majors expect Permian production growth to slow

October 31, 2022

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

$The price of frac sand has spiked 150% for Permian oil producers- oil and gas 360$

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

July 6, 2022

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

Diamondback Energy to maintain ‘flat’ Permian oil production

February 24, 2022

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

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