Pin Oak Energy Partners tacked on nearly 10,000 net acres to its Utica Shale position in the Appalachian Basin as part of a recent acquisition from EnCap-backed Protégé Energy.
The acquisition of Noble Energy makes Chevron the No. 2 U.S. shale oil producer behind EOG Resources Inc. and gives it nearly 1 Bcf of international natural gas reserves close to growing markets.
The promise of future returns lured investors, including a wave of acquisitions from 2016-19. Now, many of those shale deals are financially unworkable due to low oil prices.