Permian Basin

The combination of oilfield technology advances and the accelerated investment interest in the Permian Basin has breathed new life into southeastern New Mexico, an Occidental Petroleum Corp. (Oxy) senior executive said Tuesday.

Pioneer Natural Resources Co. kept perfecting its Spraberry/Wolfcamp game during the third quarter, further stretching its completion and optimization program and growing production.

North American exploration behemoth Encana Corp. claimed a big reduction in costs during the third quarter as it continued an aggressive campaign to boost total production by 60% and increase cash flow.

Denver-based SM Energy Co. said Wednesday it plans to focus most of its capital on the Permian Basin as it digests acquisitions there. Plans for the first quarter include restarting drilling in the Eagle Ford Shale, where production declined during the third quarter.

Devon Energy Corp., which ran five rigs in the U.S. onshore during the third quarter, may have as many as 10 in operation by year’s end, the Oklahoma City-based independent said Tuesday.

Noble Energy Inc. is adding two rigs to its Texas operations in the final three months of the year, one in Eagle Ford Shale and another in the Permian Basin’s Delaware formation, following strong production growth in the third quarter.

Houston-based Occidental Petroleum Corp.’s (Oxy) plans to double down in the Permian Basin, as evidenced by its $2 billion purchase of additional oil and enhanced oil recovery (EOR) assets, company executives said Tuesday.

Anadarko Petroleum Corp. may hold a trove of leaseholds across the United States, but the portfolio of the future is guiding for growth from only three areas, the Permian Basin’s Delaware formation, the Denver-Julesburg (DJ) Basin and the deepwater of the Gulf of Mexico, executives said Tuesday.

Chevron Corp. is known for its big oil and natural gas projects, its long reach across North America and overseas, but new opportunities are emerging more in the legacy Permian Basin, which by itself contributed a 50,000 b/d bounce in production during the third quarter.