Occidental to Up Drilling in Permian Secondary Benches in ‘25
Occidental Petroleum is exploring upside in the Permian’s secondary benches, including deeper Delaware Wolfcamp zones and the Barnett Shale in the Midland Basin.
Diamondback, Double Eagle Form JV to Drill in Southern Midland Basin
Double Eagle IV is selling mostly undeveloped, core Midland Basin acreage to Diamondback Energy for $4.1 billion. Double Eagle will retain a significant amount of existing production in the southern Midland Basin, where it’s partnering with Diamondback to “accelerate development.”
Diamondback Acquires Permian’s Double Eagle IV for $4.1B
Diamondback Energy has agreed to acquire EnCap Investments-backed Double Eagle IV for approximately 6.9 million shares of Diamondback and $3 billion in cash.
DUCs Fly the Coop: Big Drawdowns from the Midland to Haynesville
The Midland Basin depleted its inventory of excess DUCs the most last year, falling from two months of runway to one during the past year, according to a report by Enverus Intelligence Research.
NOG Spends $67MM on Midland Bolt-On, Ground Game M&A
Non-operated specialist Northern Oil & Gas (NOG) is growing in the Midland Basin with a $40 million bolt-on acquisition.
AI Deals Line Up for Energy Transfer’s Gas Supply
Midstream company Energy Transfer’s executives say they’re working on more than 100 deals for gas-powered generation projects.
Elliott Demands Phillips 66 Sell or Spin Off Midstream Biz for $40B+
Activist investor Elliott Capital Management disclosed Feb. 11 it has built a $2.5 billion position in Phillips 66 and issued a series of initiatives, including the sale or spinning off of the company’s midstream assets.
Element3 Produces Lithium Carbonate from Permian Oil, Gas Wastewater
Element3 says it produced the battery-grade lithium carbonate using a Double Eagle Energy Holding subsidiary’s wastewater in the Midland Basin.
Occidental, Ecopetrol Extend Midland Basin Drilling JV
The updated plans between Occidental and Colombian state oil company Ecopetrol call for 34 new Midland Basin wells between April 2025 and June 2026.
Buying Time: Continuation Funds Easing Private Equity Exits
An emerging option to extend portfolio company deadlines is gaining momentum, eclipsing go-public strategies or M&A.