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NOG Successfully Acquires Utica Shale and Delaware Basin Operations
02/20/2024
Northern Oil and Gas (NOG) has successfully completed two acquisitions, investing $162.6 million in properties within the Utica Shale and the northern Delaware Basin.
In November 2023, NOG ventured into the Utica Shale by acquiring interests from a private seller, including less than one producing well and slightly over one well in development, spanning several counties in Ohio. These areas, primarily operated by Ascent Resources, focus on extracting oil and gas from the Point Pleasant Formation and the Utica Shale, with the Ohio assets being a significant part of this strategy.
Additionally, NOG expanded its presence in the Delaware Basin through another deal, adding interests in about 3,000 acres in New Mexico's Lea and Eddy counties. This addition complements NOG's existing stakes in the area, covering 90% of the leasehold.
Originally pegged at $174 million, the final investment was adjusted to $162.6 million, including closing costs and adjustments, paid over the end of 2023 and the start of 2024. The payment included a significant deposit made at the agreement signing, with the balance settled in early 2024, subject to final adjustments.
For the second quarter of 2023, NOG reported record quarterly production, highlighting a substantial year-over-year increase in both oil and natural gas production. This growth was part of their updated guidance, which forecasted an annual production range of 96,000 to 100,000 barrels of oil equivalent per day (Boe/d) and set a total budgeted capital expenditure between $764 million to $800 million.
About NOG
NOG stands out as a leading investor in non-operated energy assets across America, focusing on strategic acquisitions in the country's top hydrocarbon-producing regions. The company continues to focus on low-risk, high-return portfolio diversified by geography and commodity, primarily targeting premier regions of the United States such as the Permian, Williston, and Marcellus basins.
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Exxon Mobil and the $60 Billion Deal That Changes Everything in Permian
Exxon Mobil recently completed its acquisition of Pioneer Natural Resources, a deal worth about $60 billion. This transaction, which is the biggest in shale oil history, significantly changes the competitive landscape in the Permian Basin, a major oil field. This marks Exxon Mobil's largest deal since its $84.4 billion merger with Mobil Corp. in 1999. With this acquisition, Exxon Mobil's production in the Permian Basin will double to 1.3 million barrels of oil equivalent per day.
Vital Energy Raises Production Outlook and Capital Spending with Significant Permian Basin Acquisition
Vital Energy’s deal adds 24,000 net acres and 100 gross drilling locations in Texas, growing its Permian Basin footprint to around 198,000 net acres. Vital Energy is revising its projections for oil and gas production and capital spending upward following the successful acquisition of a substantial area in the Permian Basin. The company has gained around 24,000 net acres and 100 gross drilling locations in Texas. As a result of this deal, Vital Energy is now increasing its full-year production and capital spending guidance.
Exxon Mobil recently completed its acquisition of Pioneer Natural Resources, a deal worth about $60 billion. This transaction, which is the biggest in shale oil history, significantly changes the competitive landscape in the Permian Basin, a major oil field. This marks Exxon Mobil's largest deal since its $84.4 billion merger with Mobil Corp. in 1999. With this acquisition, Exxon Mobil's production in the Permian Basin will double to 1.3 million barrels of oil equivalent per day.
OXY has been the leader in Permian Basin production for the past five years. Currently, the Houston-based oil and gas company is deepening its presence in the basin with a $12 billion acquisition of CrownRock, adding over 94,000 acres in the Midland Basin and increasing its oil output by about 170,000 barrels per day. Occidental announced an increase in its proved reserves to 4.0 billion barrels of oil equivalent by the end of December 2023, up from 3.8 billion the previous year. Activities in the Permian largely fueled this rise. Occidental added approximately 303 million barrels through infill development projects as well as new discoveries and the further development of existing fields brought in another 153 million barrels.
TotalEnergies kicked off 2024 with a net income of $5.7 billion in the first quarter, marking a modest 3% increase from the same period last year and a 13% rise from the previous quarter. This growth occurred despite experiencing drops in both the volume and price of gas sales over the year and the quarter. Their adjusted net earnings, which exclude one-time or unusual items, were $5.1 billion. This represents a significant 22% decline compared to last year and a slight 2% drop from the last quarter. The company's earnings before tax, depreciation, and amortization reached $11.5 billion, while their cash flow from operations significantly decreased to $2.2 billion, falling by 58% from last year and a steep 87% from the previous quarter. TotalEnergies also recorded $644 million in impairments.