We’ve entered the Tom Petty zone of rig count decline. Talk to drilling contractors and they report business is Free Falling, Free Falling. Tight formation rig count dropped 39 this past week, including 22 in the Permian, five in the Eagle Ford and six in Oklahoma’s Anadarko Basin.
Percussion Petroleum II will pursue the same acquisition and development strategy as its predecessor, which sold its position in the Permian Basin’s Northwest Shelf to Spur Energy Partners in mid-2019.
Laredo Petroleum began this year with its common stock trading around $2.76 per share but has since seen its stock price nosedive by roughly 87%.
Chaparral Energy has hired financial advisers for advice on how to improve its balance sheet, sources said, adding that no debt restructuring move is imminent.
Noble Energy retained EnergyNet for the sale of a package of producing assets located in various Texas counties through an auction closing April 30.
A high-volume Wolfcamp producer by EOG in Loving County, Texas, and results from a Utica Shale well test in Ohio top this week’s drilling activity highlights from around the world.