Wood Mackenzie: OFS Costs Expected to Decline 10% in 2024
As service companies anticipate a slowdown in Lower 48 activity, analysts at Wood Mackenzie say efficiency gains, not price reductions, will drive down well costs and equipment demand.
International, Tech Drive NOV’s 2Q Growth Amid US E&P Headwinds
Despite a U.S. drilling slowdown, slightly offset by Permian Basin activity, NOV saw overall second-quarter revenue grow by 6%, although second-half 2024 challenges remain in North America.
CEO: Vital to Chase Less-developed Delaware Zones with $1.1B Deal
With the acquisition of Point Energy Partners, Vital Energy is growing in the Texas Delaware Basin—where Vital has already done several deals and has worked to optimize drilling and spacing designs.
Permian Resources Announces Financing Moves Following Oxy Deal
Permian Resources’ will offer cash for its senior notes Due 2026, among other financing moves, following a July 29 agreement to buy Delaware Basin assets from Occidental Petroleum for $817.5 million.
Post Oak Minerals Acquires Permian Basin Interests for $475MM
Post Oak Minerals V, an affiliate of Post Oak Energy Capital, has closed 10 transactions since the onset of 2024, including 24,000 net royalty acres from APA Corp. subsidiary Apache.
Permian Resources Bolts-on Oxy’s Delaware Basin Assets for $820MM
Permian Resources will add Occidental Petroleum’s Barilla Draw assets in an $817.5 million deal as Oxy prepares to pay down debt for its pending $12 billion acquisition of CrownRock LP.
Vital Energy, Northern to Buy Delaware E&P Point Energy for $1.1B
Vital Energy will buy an 80% stake in Point Energy Partners’ Delaware Basin assets for about $820 million, with Northern Oil and Gas acquiring the remaining 20% interest for $220 million.
US Rig Count Makes Biggest Monthly Jump Since November 2022
The oil and gas rig count, an early indicator of future output, rose by three to 589 in the week to July 26.
H&P’s $2B KCA Deutag Deal Positions Driller as Global Powerhouse
Helmerich & Payne’s acquisition of U.K. service company KCA Deutag will expand its international reach, particularly in the Middle East, as well as its onshore presence in the U.S.
Oxy Near $1B Deal to Sell Barilla Draw to Permian Resources— Sources
Occidental Petroleum and Permian Resources are in the process of finalizing the Permian Basin deal, which could be announced in the coming weeks if the talks don't fall apart, sources told Reuters.