Proceeds from the Production Lending loan will be used by the private, Midland, Texas-based oil and gas company to drill and complete six horizontal wells in the northern Midland Basin.
Devon Energy’s acquisition of Eagle Ford operator Validus Energy is the firm’s second acquisition since June.
Occidental President and CEO Vicki Hollub said, among record earnings results, Oxy would extend its Permian JV with Ecopetrol in the Midland and Delaware basins to encompass 20,000 net acres.
“Oilfield service capacity remains extremely tight and is further constrained by the limited availability of materials and experienced labor,” EOG Resources COO Billy Helms told investors.
Even though the total rig count in the U.S. has climbed for a record 24 months through July, weekly increases have mostly been in the single digits and oil production is only forecast to recover to pre-pandemic record levels next year.
CapturePoint Solutions and Energy Transfer's partnership is anticipated to capture millions of tons of CO2 emissions annually from the Haynesville shale to be permanently sequestered in its facilities.
Sunbridge Energy Services will help meet Permian operators’ emission reduction goals through its natural gas compression station, coming online this month in the North Midland Basin, with a partnership with Hanwha Cimarron.
Aris Water Solutions said in its earnings release that it had acquired all of Delaware Energy’s assets on Aug. 1 in exchange for 3.37 million Class A shares and a small, volumetric-based contingent consideration paid over five years.