Calgary’s Baytex Energy Corp. has agreed to acquire Eagle Ford Shale pure-play Ranger Oil Corp. in a cash, stock and debt deal valued at about $2.5 billion. The merger, slated to close by the end of June, would see Baytex acquire 741 net undrilled locations with inventory life of 12-15 years, management said. These include…
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Marathon Oil Eyeing Flat Output, Increased LNG Price Exposure After Strong 2022
Marathon Oil Corp. is aiming to hold its Lower 48 natural gas and oil production flat in 2023, and ditch Henry Hub for global price indexing at its Equatorial Guinea LNG (EGLNG) business in 2024, according to management. CEO Lee Tillman hosted a conference call to discuss the Houston-based company’s fourth quarter and full-year 2022…
Chesapeake Decreases Drilling Activity, Seeks to Complete Eagle Ford Shale Exit
Amid natural gas prices that have slumped below $2.00/MMBtu at a number of pricing hubs across the country, Chesapeake Energy Corp. is lowering its exploration and production activity in the Marcellus and Haynesville shale plays while also looking to complete an exit from the Eagle Ford Shale in 2023. “As we plan our initial capital…
Magnolia Looking at ‘Moderate’ Growth in Eagle Ford, Austin Chalk Assets
Magnolia Oil and Gas Corp. plans to continue operating a two-rig program in South Texas this year and is aiming to boost production by around 10%, executives said in an earnings call. Executives said oilfield service prices were coming down, but there was a lag in the process. CFO Brian Corales said, “frankly, given where…
Devon Focusing Capex on Permian Delaware, Says Natural Gas Takeaway Sufficient
Devon Energy Corp. is planning to focus a majority of its capital on the Permian Basin’s Delaware sub-basin this year, management said Wednesday. Oklahoma City-based Devon, a leading Lower 48 independent, operates primarily in the Permian Delaware, Anadarko, Williston and Powder River basins, along with the Eagle Ford Shale. Devon has set a 2023 capital…
Chesapeake Narrows Lower 48 Focus by Cutting Eagle Ford Stake in $1.4B Deal
Chesapeake Energy Corp. has reached a deal to sell its Upper Eagle Ford Shale assets in East Texas to WildFire Energy LLC for $1.425 billion. The sale includes 377,000 net acres and 1,350 wells across Chesapeake’s Brazos Valley operating area. The company absorbed the assets after acquiring WildHorse Resource Development Corp. in a $4 billion…
Milestone Unveils New Mexico’s First Carbon-Negative Energy Waste Facility in Permian
Milestone Environmental Services LLC has expanded its energy waste sequestration and cleanup efforts in the northern Delaware formation of the Permian Basin, with the opening of its first New Mexico-based liquid oilfield waste facility. “American oil and gas is critical to powering the nation and the world, and Milestone is committed to cleaning up energy…
Domestic Oil, Natural Gas Permitting Slumps in November, but Trajectory for Record Year
U.S. oil and gas permitting fell for the second month in a row in November, but it continues on track for a year-end high, according to Evercore ISI. The domestic permit count declined by 7% month/month (m/m) last month, down by 245. The pullback came after October slumped by 16% from September. Still, the permit…
Texas Upstream Employment on A Roll, with 2,800 Jobs Added in October
Upstream oil and natural gas employment in Texas grew in October, with 2,800 jobs added for the month, according to state data. The gains in oil and gas extraction, as well as support jobs, were even more impressive after the Texas Workforce Commission (TWC) revised upward the job gains in September to 2,200 from an…
EOG Attributes ‘Growing Multi-Basin Portfolio’ to Sustainable Value Creation
EOG Resources Inc. expects the Utica Shale in Appalachia “to be its next large-scale premium resource play” following the acquisition of 395,000 net acres and 135,000 mineral acres for a combined cost of less than $500 million, management said. The Houston-based exploration and production firm unveiled the acquisition alongside its third quarter earnings. The acreage…