Private Shale Producers Bighorn, Admiral Join Permian Selling Spree

Privately owned oil and gas producers Bighorn Permian Resources and Admiral Permian Resources are looking to sell assets spread across the biggest U.S. shale region in Texas and New Mexico, according to marketing documents seen by Reuters.

The proposed land sales from Bighorn and Admiral come as oil and gas producers capitalize on a surge in crude prices built on recovering global fuel demand. There has been a wave of land sales this year in the Permian, the largest U.S. shale region, where production has nearly returned to pre-pandemic levels while other U.S. regions struggle.

ConocoPhillips said it would spend $9.5 billion on European major Royal Dutch Shell's assets last month.