permian

SandRidge Energy Inc. is evaluating options to take the company private or voluntarily reorganize under Chapter 11, the Oklahoma City-based independent said Wednesday.

Many U.S. onshore areas may no longer be viable to exploit at today’s oil price, but there are a few select onshore areas, led by the Permian Basin, where it’s still possible to make money, Raymond James & Associates Inc. analysts said Monday.

A Permian Basin exploration company formed by the late Aubrey McClendon has been renamed and management beefed up as it transitions to a standalone operator, management said Wednesday.

Denver-based Gary Petroleum Partners LP has partnered with investment manager Old Ironsides Energy LLC to hunt for upstream properties in the Permian Basin.

Chevron Corp. is shifting more of its capital spending to “shorter cycle” investments, specifically shale and tight oil resources, with the Permian Basin to be the No. 1 benefactor, management said Tuesday.

With its cash operating costs at less than $10/bbl, ExxonMobil Corp.’s Permian Basin and Bakken Shale developments “remain attractive and competitive, even in the current environment,” ExxonMobil Corp. CEO Rex Tillerson said Wednesday.

Though Permian pure-play Concho Resources Inc. plans to spend within its cash flow as it weathers the downturn, management of the Midland, TX-based exploration and production (E&P) company said it’s positioned to deliver double-digit production growth in 2017 at current strip pricing.

As it looks to protect its balance sheet in 2016, SM Energy Co. will focus its drilling and completion activity on the Permian Basin “to the maximum extent possible,” shifting to an oilier mix as it weathers the downturn in commodity prices.

Energen Corp. plans to sell off its non-core assets in the San Juan and Delaware basins as it transitions to a pure-play operator in the Permian Basin, the company said.