Cimarex Energy Co. said it plans to increase crude oil production up to 25% year/year (y/y) while Permian pure-player Parsley Energy Inc. has increased its spending plans and year-end production guidance to reflect shorter cycle times not seen since a wave of asset integrations.
Articles from Midland
With its exploration attention trained in Texas, SM Energy Co. late Tuesday said it would sell nearly all of its Powder River Basin (PRB) properties for $500 million.
Three pure-play operators in the Permian Basin — Diamondback Energy Inc., RSP Permian Inc. and Callon Petroleum Co. — reported increased production and unveiled plans to deploy additional rigs in the play, by year’s end or during the first quarter of 2018.
An affiliate of infrastructure investor Global Infrastructure Partners (GIP) agreed Monday to pay $1.825 billion-plus to buy Medallion Gathering & Processing LLC (MGP), which owns the largest privately held crude oil transportation system in the Permian Basin’s Midland sub-basin.
Four pure-play exploration operators in the Permian Basin reported increasing production in the second quarter, especially for oil, while successfully batting down lease operating expenses (LOE).
ExxonMobil Corp. and Chevron Corp. proved during the second quarter that it’s possible to turn a profit even at stagnant commodity prices. In the U.S. onshore, there’s no better place today to work than in the Permian Basin, where their rig counts are rising along with production.
Midstream companies are working hard to keep up with the red-hot Permian Basin. A pair of open seasons for crude oil pipelines servicing the Permian’s Midland sub-basin were announced this week, which together could add a combined 410,000 b/d of capacity out of the play.
SM Energy Co. said its three-year growth plan was ramping up quickly, with new wells performing stronger than expected, while completing an $800 million sale of noncore assets in the Eagle Ford Shale helped to reduce net debt by more than 20%.
San Antonio-based NuStar Energy LP has agreed to acquire Permian Basin crude oil gatherer and transporter Navigator Energy Services LLC for $1.475 billion. Already active in the Eagle Ford Shale, NuStar now would have a long-sought presence in the Permian, management said Wednesday.
The frenzied land grab in the Permian Basin may be cooling down because there don’t appear to be too many substantial leaseholds left to purchase, Parsley Energy Inc. CEO Bryan Sheffield said Friday.