Denver-based Bayswater Exploration and Production continues to hold 50,000 acres in northern Midland Basin under active development after a recent sale of assets in Denver Julesburg Basin. The sale to Prairie Operating announced Feb. 7 was a cash-and-stock deal of 24,000 leased acres valued at $603 million. Bayswater’s assets in Midland Basin include 140 horizontal […]

Enverus said Tuesday in its latest Drilldown Report that ExxonMobil continues to be the leading driller in Permian Basin and U.S.  Across the U.S. as of Feb. 14, Exxon’s weekly average was 36.3 rigs followed by ConocoPhillips with 32.0, Occidental with 29.6, Continental Resources with 24.0, EOG Resources with 23.4, Mewbourne Oil with 22.7 and […]

Houston-based Occidental Petroleum said Tuesday it agreed to sell certain upstream assets in non-core Permian Basin and non-operated Rockies for a combined $1.2 billion.  The transactions add to Oxy’s debt reduction efforts that hit near-term target of $4.5 billion in 2024Q4.  Buyers were not disclosed for the 1Q deals.  Production in the two areas is […]

Midland-based Diamondback Energy said Thursday its CEO, Travis D. Stice, will step down as CEO at the company’s 2025 annual meeting and remain as executive chairman through the 2026 annual meeting.  Kaes Van’t Hof, president, will become CEO and join the Board of Directors at the 2025 annual meeting.  Stice has led Diamondback since 2012 […]

Midland-based Diamondback Energy said Tuesday in its announcement of the purchase of certain subsidiaries of Double Eagle IV that the two companies also are forming a JV to accelerate development of Diamondback’s non-core acreage in Midland Basin. Diamondback said, “This acceleration is expected to bring forward net asset value to Diamondback by developing Diamondback’s lower […]

Dallas-based Matador Resources said this week its 4Q production was 201,116 boed (59 percent oil) thanks to better-than-expected performance from new wells in Delaware Basin and higher production from non-operated assets.  The 4Q output is 30 percent more than 2023Q4 and the first time Matador has topped 200,000 boed.  Oil production in 4Q was 118,400 […]

Permian Basin, Texas and U.S. each added drilling rigs again last week, according to the weekly report of Feb. 14 by Baker Hughes.  Permian Basin was up 1 rig to 304 (312 year ago), Texas was up 2 to 280 (299 year ago), and U.S. was up 2 to 588 (621 year ago).  New Mexico […]

Calgary-based Enverus Intelligence Research said last week operators entered 2025 with fewer DUC (drilled but uncompleted) wells than a year earlier to create “potential for impacts to capital efficiency throughout the year.”  Mark Chapman, principal analyst, said, “DUCs act as a form of inventory, and when market conditions are favorable – such as higher winter […]

Minneapolis-based Northern Oil and Gas said last week it agreed to acquire assets in Upton County in Permian Basin from one of its private operating partners for $40 million.  The assets include about 2,275 net acres in Midland Basin.  NOG said it has a multi-year joint development agreement for the property.  Closing is expected in […]

Midland-based Diamondback Energy said Friday it agreed to acquire Double Eagle IV in a cash-and-stock deal of about $4.08 billion.  Diamondback continues to strengthen its position in Permian Basin after last year’s $26 billion deal to buy privately held Endeavor Energy Partners to make it the third largest oil and gas producer in Permian. The […]