Deals are getting inked in America's hottest oil field: the Permian Basin, and there's been a flurry of A&D activity in South Texas. This is your A&D Minute powered by BOK Financial Securities.
It's the end of the road for Chesapeake Energy in the Eagle Ford Shale after lining up a $700 million deal with SilverBow Resources. SilverBow is scooping up producing wells, undeveloped acreage, and even greater scale in the Eagle Ford. Chesapeake's exit sets it up as a pure-play natural gas company focused on the Haynesville and Marcellus plays.
And Chesapeake isn't the only E&P moving out of the Eagle Ford. Earthstone Energy is marketing Eagle Ford acreage as the company divests non-core assets and prioritizes investment in the Permian Basin. Lining up a sale would represent a full exit of the Eagle Ford play for Earthstone.
And after failing to find any worthy deal opportunities in the first quarter, Sitio Royalties bounced back with several acquisitions in Q2. Spending around $248 million to close multiple deals in the Permian Basin. The deals collectively increase Sitio’s Permian footprint by 7%.
That's your A&D Minute with Hart Energy LIVE. Watch new A&D Minute episodes every Wednesday through our A&D Watch newsletter. Sign up at hartenergy.com/transactions.
Recommended Reading
Seatrium Awarded Contract for FPSO Bound for Guyana’s Stabroek
2024-05-17 - The topsides fabrication and integration contract will be for the FPSO Jaguar, bound for the Whiptail Field in the Stabroek block offshore Guyana for Exxon Mobil.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.
BPX Looks to Ramp US Production Over 60% by 2030
2024-05-16 - BPX Energy is looking to boost its U.S. production over 60% by 2030 as it considers bringing online a fourth processing facility in the Permian by mid-year 2025, Clark Edwards, the company’s vice president of development, said during SUPER DUG in Fort Worth.
Empire Petroleum’s Williston Drilling Program Identifies New Zones
2024-05-16 - Empire Petroleum provided updates on its Williston Basin development drilling program in its first quarter 2024 earnings results.