Oil and gas producers have slashed $150 billion from their capital expenditure (capex) budgets for the Lower 48 states through 2017, a reduction in capex that’s more than three times that spent in any single country, according to an analysis by Wood Mackenzie.
Articles from Midland
QEP Resources Inc. is expanding its Permian Basin drilling locations by more than half after agreeing to pay $600 million for acreage in the northern Midland sub-basin of West Texas.
Pioneer Natural Resources Co. (PXD) is expanding its acreage position in the Midland Basin in a $435 million deal with Devon Energy Corp. It is one of two asset sales announced Wednesday by Oklahoma City-based Devon, which has been jettisoning acreage and righting its balance sheet. Both companies are planning to ramp up activity.
Devon Energy Corp. is selling almost $1 billion of natural gas-weighted upstream assets in East Texas, the Permian Basin’s Midland sub-basin and in the Anadarko Basin’s Granite Wash formation, which together produce about 37,000 boe/d.
Permian pure-play operator Parsley Energy Inc. said it will acquire more than 22,900 net acres of bolt-on acreage in the Midland and Southern Delaware Basins for $359 million in cash. Parsley also raised its full-year production guidance for 2016 to incorporate the acquisition’s current net production of about 2,300 boe/d.
Concho Resources Inc. reported record production from the core Permian Basin during the third quarter, thanks to improved efficiencies through enhanced completions and longer laterals, as it continues to trim its rig count. Meanwhile, the Midland, TX-based independent is reportedly seeking to acquire one of its basin rivals.
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.
Navitas Midstream Partners LLC has acquired natural gas gathering and processing assets in three Texas counties in the Midland Basin from a subsidiary of DCP Midstream LLC for an undisclosed sum.
Apache Corp., under pressure to sell or spin off its international portfolio to focus on the U.S. onshore, on Monday said it has reorganized its global operations, with the North American businesses, including Canada, now part of two “super” Permian and Houston regional units.