Charlie Passut

Oasis Petroleum Inc., a newcomer to the Permian Basin, plans to dedicate acreage in the Delaware sub-basin to its midstream subsidiary for crude oil and produced water infrastructure development, but is holding firm on drilling and completion activity despite improving commodity prices.

Permian Basin pure-play Diamondback Energy Inc. plans to sell some assets acquired from its merger with Energen Corp. last year for $322 million, as production surged and synergies from the merger continued into the first quarter.

Strong growth in domestic natural gas production is expected to draw down prices through next year, with Henry Hub spot averaging $2.79/MMBtu in 2019 and $2.78 in 2020, according to the Energy Information Administration (EIA).

Permian Basin pure-play Callon Petroleum Co. continued its transition to larger pads and brought its largest project to date online during the first quarter, while also delineating its acreage and reducing drilling and completion (D&C) costs.

With oil prices on the rebound, onshore heavyweight EOG Resources Inc. is holding firm on capital spending while it increases oil export capacity from the U.S. Gulf Coast, as overall production increased more than 17%.

Whiting Petroleum Corp. said it is taking advantage of resurgent oil prices to pay down its debt and is on-target with capital expenditures (capex) for the year, despite spending more than it planned on nonoperated expenses during the first quarter.

With oil prices on the rebound, Permian Basin pure-plays Laredo Petroleum Inc. and Parsley Energy Inc. reported taking different approaches toward getting into free cash flow (FCF) sooner rather than later.

Oklahoma City-based Roan Resources Inc. said it has formed a board committee to evaluate a potential sale or merger after receiving multiple unsolicited offers.

Permian Basin pure-play Concho Resources Inc. bumped up its growth outlook for production in 2019, but it kept its spending plans unchanged as it completed several major projects ahead of schedule.