Privately held producer Greylock Energy gains traction in both upstream and midstream deal-making, boosting build-out in Appalachia and the Rockies.
EOG Resources “is basically out of Tier 1 Karnes [County, Texas] inventory” for oily Eagle Ford wells, Roth analyst Leo Mariani said. In the Permian Basin, “EOG may only have a few years left of Tier 1 Permian inventory.”
Marketing is heating up for gassy assets in the Haynesville, Appalachia and Midcontinent, a sign that natural gas remains one of the bright spots in upstream portfolios, M&A experts tell Hart Energy.
Infinity Natural Resources is focusing its attention on “lower level” M&A in Ohio’s Utica Shale as large-scale deals take shape in the Appalachian Basin, CEO Zack Arnold said at SUPER DUG.
Post Oak has made commitments to five portfolio companies, with capital deployed in the Permian Basin and Utica and Haynesville shales.
Private equity firms are loaded for “pent-up” portfolio rationalization after rampant industry consolidation, particularly in the Permian—but the timing is anyone’s guess.
Most of the state’s additional barrels came from Encino Energy, which EOG Resources plans to buy for $5.6 billion, new state production data show.
The Bakken and Eagle Ford have three or four years of new-drill well inventory left at $63/bbl WTI while the Permian has between seven and 10 years, Quantum Capital Group’s Wil VanLoh said at Hart Energy’s Energy Capital Conference.
EOG Resources’ deal to buy Encino Energy leaves 40% of Ohio’s oil output up for M&A grabs as well as nearly 5 Bcf/d of gas and NGL output, according to a Hart Energy analysis of Ohio production data.
EOG Resources says the Encino Acquisition Partners transaction will be “transformative,” adding a third foundational pillar to its portfolio alongside robust holdings in the Permian Basin and Eagle Ford.