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 core of the Delaware Basin at attractive valuations.”
Two transactions added a total of about 11,500 net leasehold acres and 4,000 net royalty acres in Eddy County, N.M., from undisclosed third parties for a total of about $175 million. Will Hickey, co-CEO, added, “The quality of the acquired acreage is consistent with our core Parkway position, which represents one of the highest returning assets in our portfolio.”
During 1Q Permian Resources executed an acreage trade that added high-return, operated inventory to bolster its position in Lea County, N.M. Permian Resources traded into about 2,000 net acres with increased working interest adjacent to its current position and traded out of about 2,000 net acres of non-operated acreage that was not on the company’s near-term drill schedule. Development on the newly acquired acreage is expected to begin in 2024.
Assets and operations of Permian Resources are concentrated in core of Delaware Basin. It’s the second largest Permian Basin pure play exploration and production company.