Permian Basin pure-play Concho Resources Inc. agreed Monday to pay $1.625 billion in cash and stock to Reliance Energy for 40,000 net acres in the Midland sub-basin.
Midland
Articles from Midland
Parsley Raises Production Guidance Again as Oil Production Soars 82%
After bolting on more than 30,000 net acres in the second quarter, Permian pure-play operator Parsley Energy Inc. saw oil production surge more than 80% and the company raised its full-year production guidance for the second time this year.
SM Energy Buys in Midland Basin, Raises Spending
SM Energy Co. has agreed to acquire 24,783 net acres in Howard County in West Texas, expanding its Midland Basin footprint to 46,750 net acres. The company also said it is issuing shares and notes to fund the transaction.
Permian Basin Saltwater Disposal System Expanded
Water Midstream Partners LLC has completed the southern extension to its Midland County, TX, commercial pipeline system, connecting new oil and gas wells inside and adjacent to the city of Midland to its saltwater disposal well (SWD) on SH 158, north of the Nadine and Tom Craddick Highway.
Wood Mackenzie Says Operators Slashing Lower 48 Capex by $150B Through 2017
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.
QEP Agrees to Pay $600M to Expand Permian Operations in West Texas
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 Grows in Midland Basin as Devon Exits
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 to Take $1B for Natural Gas-Weighted Properties in East Texas, Permian, Granite Wash
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.
Parsley, Torchlight Adding Acreage in Midland, Southern Delaware Basins
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 Hits Record Production, Reportedly Interested in Permian Rival
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.