Occidental Petroleum Corp. (Oxy) on Thursday reported increased production but a 4Q2015 loss, including $5.4 billion in charges mostly because of commodity price impairments.
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IHS: Economics, Productivity Make Permian Ripe For Consolidation
The Permian Basin’s maturation as an unconventional liquids play has made it a premium spot for producers — particularly since oil prices have been crushed and are expected to remain so for a while. Now, consolidation of assets and players is afoot as the upstream industry works through its glut of debt and oil.
Anadarko Says Permian’s Delaware, Wattenberg Exceeding Production Guidance
Anadarko Petroleum Corp. said Thursday onshore oil production is exceeding expectations, particularly from the Permian Basin’s Delaware sub-basin and Wattenberg field, leading it to raise 4Q2015 guidance by as much as 5%.
Bakken, Eagle Ford Player Earthstone Adds Permian in All-Stock Deal
Earthstone Energy Inc. of The Woodlands, TX, has agreed to acquire Lynden Energy Corp. in an all-stock deal, giving it entry into the Permian Basin. The combined company will also be focused on the Eagle Ford and Bakken shales.
Encana Slashing 2016 Capex by 25%, Targeting ‘Core Four,’ Led by Permian
Encana Corp. is being judicious with its capital spending in 2016, planning now to reduce the budget by 25% and tailor nearly all of it to the “core four” in the onshore — the Permian Basin, Eagle Ford Shale, Montney and Duvernay formations. Half of the budget is to target the Permian, CEO Doug Suttles said Monday.
U.S. Rig Count Plummets 28; Horizontal, Vertical Units Nearly Tied For Losses
The North American rig count swooned last week, losing 31 units, according to Baker Hughes Inc., just as a group of oilfield services (OFS) analysts said in a note assessing the sector that things are “so bad it may be good.”
China’s Blue Whale Continues Building Permian Portfolio
Houston-based Blue Whale Energy North America, formed by a Chinese holding company to acquire U.S. oil and natural gas projects, on Monday said it had completed its $1 billion-plus purchase of more than 78,000 net acres in the Permian Basin of Texas from two private equity-backed producers. Blue Whale to date this year has paid $1.4 billion to accumulate a Permian portfolio across 85,000 net acres.
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.
SandRidge Buys Into Niobrara, Takes $1.1B in Impairments
SandRidge Energy Inc., stumbling financially as it dwells in a lower-priced commodity world, is once again attempting to diversify its operations by acquiring proved reserves and producing wells in the Niobrara formation of Colorado. The $190 million cash agreement announced Wednesday followed news that the Oklahoma City-based independent reported a $640 million net loss in the third quarter, including a $1.1 billion writedown on the value of its portfolio.
Chinese Company Purchasing Permian Assets For $1.31 Billion
A Chinese holding company primarily focused on real estate said it plans to purchase oil assets in the Permian Basin in Texas for approximately $1.31 billion.