Two Permian operators who announced a merger Monday also revealed fourth quarter and fullyear production for 2023.  Diamondback Energy said 4Q production was 273.1 million barrels of oil per day (462.6 million boed) with cash capital expenditures of $649 million.  In 2024 Diamondback – on a standalone basis – expects to generate oil production of […]

Irving-based Pioneer Natural Resources said last week it received shareholder approval for its pending merger with ExxonMobil.  Pioneer will file the results of the special shareholder meeting with the U.S. Securities and Exchange Commission. Pioneer and Exxon continue to work with the Federal Trade Commission in the FTC review of the merger.  Pioneer, largest independent […]

Permian Basin added rigs for the third straight week, according to the latest weekly report of rig counts from Baker Hughes.  As of Feb. 9, there were 313 rigs in Permian Basin (up 2 in past week, down 39 in past year), 301 in Texas (down 2 in past week, down 69 in past year), […]

Midland-based Diamondback Energy said Monday it entered into an agreement to merge with Midland’s Endeavor Energy Resources to “create a premier Permian independent operator” that will be the fifth largest Permian producer.  Purchase price is about $26 billion – $8 billion cash and 117.3 million shares of Diamondback common stock.  The combined company will control […]

Calgary-based Enverus Intelligence Research Tuesday released a report identifying high-grade locations in Eagle Ford where recoveries remain high despite denser development.  Enverus said as deals increase in Permian Basin ($144 billion in 2023Q4), interest is turning to basins such as Eagle Ford, Haynesville and Bakken. Dani von Bassenheim, author of the report, said, “The core […]

Midland-based Permian Resources said recently it made two bolt-on acquisitions and an acreage swap and divested non-core assets to “optimize its portfolio” in Permian Basin.  James Walter, co-CEO, said Jan. 30, “Since closing the Earthstone transaction (November in Eagle Ford), Permian Resources has added 14,000 net acres and 5,300 net royalty acres located in the […]

San Ramon, Calif.-based Chevron said last week it plans to spend about $5 billion in Permian Basin this year with production growth of nearly 4 percent.  Production in second half of 2024 is expected to compensate for small declines in 1Q and 2Q.  Mike Wirth, chairman and CEO, said Chevron expects to exit 2024 with […]

Permian Basin added a drilling rig last week, but U.S., Texas and New Mexico reported declining counts of active rigs.  Permian Basin added 1 rig to reach 311 (354 year ago). Baker Hughes said as of Feb. 2 there were 303 rigs in Texas (down 1 in past week, down 74 in past year), 98 […]