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Top H1 2022 Permian Producers
12/22/2022
The year 2022 brought new opportunities to the U.S. economy in different domains that were not perfectly developed. Oil and natural gas production facilitated economic growth, especially in the Permian Basin.
Compared with other U.S. basins, the Permian Basin derives benefits from lower operational costs, better access to oilfield services, and its proximity to U.S. Gulf Coast refineries and export facilities. Core areas of the Permian Basin, and its Delaware and Midland subbasins, consist of multiple stacked shale formations.
According to the U.S. Energy Information Administration (EIA), oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is predicted to grow by almost 50,000 barrels per day (bpd) to a record 5.453 million bpd in November.
In 2022 the total production is 1.6 billion MCF for gas and 507 million BBL for oil. Furthermore, the monthly average production in Permian Basin is 4,236 MCF for gas and 1,127 BBL for oil. The list of the top 5 Permian producers is the following: Pioneer, Windsor, EDG, OXY, and ExxonMobil.
For the time being, OXY has the most significant number of wells (10,388) that are delivering steady production to domestic and foreign customers. Other top producers operate roughly twice as fewer wells (4,000-6000).
In 2023 it is anticipated strong production growth from the Permian basin, generating first-half 2022 average crude oil production of 5.02 million b/d, a growth of 13.6% year-over-year. Constant supply chain bottlenecks, shortages of qualified personnel, and a fluctuating drilled-but-uncompleted (DUC) well inventory could dampen overall expectations, but the play concentrates on many US shale operators.
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Riley Permian Secures $330 Million Acquisition in Thriving New Mexico: A Strategic Move with Promising Returns
In a big move for Riley Permian, the company has just closed a deal to acquire top-of-the-line oil and gas assets in the heart of New Mexico. The acquisition, which was made in February, saw Riley Permian snapping up these highly sought-after resources from none other than Pecos Oil & Gas LLC for $330 million.
Exxon Mobil and Pioneer Merge in $60 Billion Deal to Dominate Shale Market
Exxon Mobil (XOM.N) has reached an agreement to acquire its domestic competitor, Pioneer Natural Resources (PXD.N). This all-stock transaction, which places a valuation of $59.5 billion on the deal, promises to establish Exxon as the preeminent producer in the U.S.'s most extensive oilfield. At a valuation of $253 per share, this merger brings together the prowess of Exxon, America's largest oil entity, with Pioneer, a standout performer that has risen to prominence during the shale boom.
The U.S. has overtaken Saudi Arabia and Russia to become the world's largest oil and gas producer. In 2024, America's oil output has surpassed last year's record by 1.4%, reaching new heights. Even as oil-producing countries in the Middle East cut back, the U.S. continued to ramp up production after a downturn in 2020, establishing itself as a dominant force in the global market. In terms of numbers, U.S. oil production jumped from an average of 2.93 million barrels per day in 2023 to 13.12 million barrels per day in 2024, marking a significant 7.1% increase.
Kinetik Holdings recently announced a series of transactions in the energy sector. They struck a deal to buy Durango Permian infrastructure for $765 million. At the same time, they're selling their 16% share in the Gulf Coast Express Pipeline to ArcLight Capital Partners for $540 million. The total purchase cost includes $510 million in cash paid immediately and an additional $30 million that will be paid later, depending on whether they decide to expand further.
Recently, the Permian has seen significant acquisitions: Exxon Mobil purchased Pioneer Natural Resources for about $60 billion. Diamondback Energy's $26 billion deal to acquire Endeavor Energy Resources is currently on hold due to requests from the U.S. Federal Trade Commission. Occidental’s acquisition of CrownRock for $12 billion in the Midland.