Horizontal

Centennial Resource Development Inc., which owns 61 horizontal wells concentrated in the Permian Basin’s Delaware sub-basin, is planning to launch an initial public offering (IPO) to raise up to $100 million, becoming the first potential offering by a U.S. onshore explorer in two years.

There was a time before the advent of Ohio’s Utica Shale boom when the Clinton Sandstone was king, reigning as the state’s most actively produced formation. But EnerVest Operating LLC is trying to breathe new life into the old play by reviving the stubborn rock with horizontal drilling.

The U.S. land rig count continued working lower in the latest tally from Baker Hughes Inc., released on Friday. It’s on its way to a trough of 375-400, according to one firm tracking the action.

The U.S. land rig count dropped by another 13 units for the week ending March 11 when there was an exodus of horizontal rigs that saw Texas leading declines among the states.

Ohio’s horizontal Utica and Marcellus shale wells continued to set records in the fourth quarter, when operators reported producing 303 Bcf of natural gas and more than 6.2 million bbl of oil, according to data released Wednesday by the Ohio Department of Natural Resources (ODNR).

Permian pure-play operator Parsley Energy Inc. has agreed to acquire more than 5,000 undeveloped net acres within its core operating area, plus producing oil and gas properties adjacent to its holdings in Texas, for $148.5 million in cash.

Permian Basin operator RSP Permian Inc. has a letter of intent to bolt on another passel of producing natural gas and oil wells and land adjacent to its growing land base in the prolific Midland subbasin, the independent said Wednesday.

Ohio’s Utica Shale is likely to soon surpass another key milestone, with the state reporting that it is just three shy of having issued 2,000 horizontal drilling permits for the play, where nearly 1,000 wells are producing.

Cost reductions and efficiency gains are driving positive results in the Spraberry/Wolfcamp for Pioneer Natural Resources Co., and it is sticking with plans to add rigs in the Northern Midland Basin at a time when some peers are being crushed by low commodity prices. To fund increased drilling, Pioneer raised its spending plans for 2015.