Civitas Resources’ acquisition of the Permian Basin’s Vencer Energy will account for half of Civitas’ total production.
The big have grown bigger and Tier 1 acreage is even pricier in America’s hottest oil basin.
As Occidental spends $12 billion to add scale in the Midland Basin, analysts wonder if the E&P will divest assets in the Gulf of Mexico, the Rockies or other parts of its portfolio.
Warren Buffett’s Berkshire Hathaway purchased about 10.5 million shares of Occidental Petroleum stock this week as the company announced a deal to purchase a Midland Basin E&P for $12 billion.
After weeks of market speculation, Occidental announced plans to acquire private E&P CrownRock LP for $12 billion, adding core Midland Basin inventory and more upside from deeper zones underground.
Freehold Royalties will acquire mineral and royalty interests from two private sellers in the Midland and Delaware basins, the company said.
Occidental Petroleum said the purchase of CrownRock includes 1,700 undeveloped locations, 750 of which break even at prices of less than $40/bbl of WTI.
Endeavor Energy Partners operations span 350,000 net acres in the Permian’s Midland Basin — considered of the most lucrative oil and gas region in the U.S.
Par Five Energy Services will be integrated within ProPetro Holding’s existing cementing team and operating team and brand.
Longreach Alternatives (LRA) has retained Detring Energy Advisors for the sale of its operated oil and gas assets in Andrews County in the northern Midland Basin.