Permian Basin

Spring redetermination season has proven to be more lenient than some may have expected, with Chesapeake Energy Corp.’s $4 billion credit line reaffirmed on Monday, giving the onshore producer a lifeline and financial cushion into 2017.

The U.S. Department of Energy’s National Energy Technology Laboratory (NETL), working with the Gas Technology Institute, Laredo Petroleum Inc. and other industry partners, has collected what may be the world’s most comprehensive hydraulic fracturing research dataset in unconventional shale at a test site in the Permian Basin.

Permian pure-play operator Parsley Energy Inc. said it will acquire more than 22,900 net acres of bolt-on acreage in the Midland and Southern Delaware Basins for $359 million in cash. Parsley also raised its full-year production guidance for 2016 to incorporate the acquisition’s current net production of about 2,300 boe/d.

Texas oil and natural gas industry employment fell 19.4% last year amid a nearly 66% decline in the price of oil and a 75% reduction in the number of active drilling rigs, according to economists at the Federal Reserve Bank of Dallas. Within the state, though, regions vary in their economic performance.

SandRidge Energy Inc. is evaluating options to take the company private or voluntarily reorganize under Chapter 11, the Oklahoma City-based independent said Wednesday.

Members of a seismicity technical advisory committee to the Bureau of Economic Geology at The University of Texas at Austin (UT) have been appointed by Texas Gov. Greg Abbott.

Many U.S. onshore areas may no longer be viable to exploit at today’s oil price, but there are a few select onshore areas, led by the Permian Basin, where it’s still possible to make money, Raymond James & Associates Inc. analysts said Monday.

An abundance of hydrocarbons in the United States and growing demand for gasoline, diesel and propane in Mexico are behind the development of Rangeland Energy’s South Texas Energy Products System (STEPS).

A Permian Basin exploration company formed by the late Aubrey McClendon has been renamed and management beefed up as it transitions to a standalone operator, management said Wednesday.