Oil

Permian Basin operator Earthstone Energy Inc. is increasing its scale with an agreement to acquire privately held Independence Resources Management LLC (IRM) for about $185.9 million in a cash and stock deal. The transaction, announced on Friday and expected to close in the first quarter of 2021, consists of an estimated $135.2 million in cash…

Colombia’s state oil company Ecopetrol SA will continue its foray into shale plays in 2021, principally in the prolific Permian Basin in the United States but also in a pilot program at home. The company will spend more than $600 million in unconventional plays next year, part of an overall capital expenditure (capex) plan of…

Royal Dutch Shell plc expects to write down between $3.5 billion to $4.5 billion during the fourth quarter because of impairments, asset restructuring and onerous contracts. It would be the third time this year the Anglo-Dutch supermajor has written down assets. In a fourth quarter update, Shell said it expects to take a partial impairment…

The U.S. natural gas rig count rose two units to 81 during the week ended Friday (Dec. 18), while the Permian Basin led in another strong week for the domestic oil patch, according to the latest figures published by oilfield services provider Baker Hughes Co. (BKR). Alongside the natural gas rigs, the United States added…