Zero- and lightly levered private operators throughout U.S. oil basins are on the lookout to buy—and not just where they operate currently. These five producers—in Wyoming, Oklahoma, Colorado and South Texas—share their plans.
Powder River Basin Niobrara Shale well completed by EOG Resources in Wyoming’s Converse County plus LLOG Exploration’s results from a U.S. Gulf of Mexico discovery top this week’s drilling activity highlights from around the world.
“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths,” CEO Doug Lawler said in a statement.
Devon Energy also plans to run two hydraulic fracturing crews in the second half of the year, and expects to exit 2020 with a backlog of 100 drilled-but-uncompleted wells.
The group's decision comes as the U.S. oil industry is scaling back drilling due to record inventories, falling demand and low oil prices amid the pandemic.
Chesapeake Energy, once worth $35 billion, is flirting with bankruptcy in face of the coronavirus-driven crash.
Similar to its peers in the service sector, Basic Energy Services has made moves over the past several months to protect its balance sheet as oil and gas operators slam on the brakes on activity.
Here’s a quicklist of oil and gas assets on the market including a Permian Basin package of Wolfcamp Shale assets located in Reeves County, Texas, being sold by Victerra Energy.
Here’s a quicklist of oil and gas assets on the market including a package of royalty interests located in Northern Oklahoma and Southern Kansas as part of a planned dissolution of the SandRidge Mississippian Trust II.
The third-strongest well drilled to date in the Haynesville Shale completed by Comstock Resources and a Bone Spring discovery by Occidental Petroleum top this week’s drilling activity highlights from around the world.