Permian Basin

QEP Resources Inc. is expanding its Permian Basin drilling locations by more than half after agreeing to pay $600 million for acreage in the northern Midland sub-basin of West Texas.

Centennial Resource Development Inc., which owns 61 horizontal wells concentrated in the Permian Basin’s Delaware sub-basin, is planning to launch an initial public offering (IPO) to raise up to $100 million, becoming the first potential offering by a U.S. onshore explorer in two years.

Memorial Production Partners LP (MEMP) plans to sell some of its noncore assets in the Permian Basin and assets in Colorado and Wyoming to undisclosed buyers.

The San Antonio-based Southwest Research Institute (SRI) is developing research initiatives to help oil and gas producers get the most out of the Permian Basin and the Austin Chalk.

Energen Corp. has completed its transition to a pure-play Permian Basin explorer and has turned its focus to building an inventory of drilled but uncompleted (DUC) wells in the Delaware sub-basin.

The U.S. Bureau of Land Management (BLM) Utah Vernal field office is seeking public comment on the environmental assessment (EA) done regarding its plans to offer 28 parcels totaling about 12,225 acres for oil and natural gas leasing set for November this year. Maps and additional information are included in the EA. The public comment period will run through July 15, and BLM said it is particularly looking for the identification of issues germane to proposed sale or new technical or scientific information relevant to the case. “Comments that contain only opinions or preferences will not receive a formal response, but may be considered in the BLM decision-making process,” a BLM Utah spokesperson said.

Pioneer Natural Resources Co. (PXD) is expanding its acreage position in the Midland Basin in a $435 million deal with Devon Energy Corp. It is one of two asset sales announced Wednesday by Oklahoma City-based Devon, which has been jettisoning acreage and righting its balance sheet. Both companies are planning to ramp up activity.

Denver-based LongPoint Minerals LLC on Wednesday said it has $525 million in equity commitments to acquire acreage and royalty interests initially in the Midcontinent, Permian and Denver-Julesburg (DJ) basins.

Tulsa-based WPX Energy Inc. plans to add another rig to its Permian Basin operations and complete 15 uncompleted wells in the Williston Basin as part of an overall plan to increase full-year oil production guidance by 5%.