The Concho acquisition gives ConocoPhillips about 700,000 net acres in the Permian Basin—more than quadruple the size of its previous position in the Permian.
Several people involved in valuing the Exxon Permian Basin asset during an internal assessment in 2019 said employees were being forced to use unrealistic assumptions, according to a report from the Wall Street Journal.
Here’s a snapshot of recent energy deals including the closing of Devon’s all-stock merger with WPX plus Pioneer completed its acquisition of Parsley creating a premier Permian independent energy company.
The all-stock acquisition of Parsley Energy valued at over $7 billion gives Pioneer Natural Resources combined control of nearly 1 million acres across the Permian Basin with positions in both the Delaware and Midland sub-basins.
The Permian Basin transactions are noteworthy as Northern Oil and Gas looks to expand operations and inventory outside of the Williston, an Enverus analyst says.
Howard County, Texas, completion produces from Spraberry and Wolfcamp, a high-volume Permian Basin discovery by Oxy and four Marcellus wells completed at Pennsylvania’s Susquehanna County top this week’s drilling activity highlights from around the world.
The combined company will operate under the name Devon Energy with a premium acreage position in the economic core of the Delaware Basin.
Double E is one of several pipelines proposed to transport natural gas from the Permian Basin and is expected to enter service in 2021.
Ezra Yacob had served as executive vice president of E&P of EOG Resources since December 2017, where he was responsible for EOG’s Fort Worth, Artesia and international operating areas.