Devon Energy also plans to run two hydraulic fracturing crews in the second half of the year, and expects to exit 2020 with a backlog of 100 drilled-but-uncompleted wells.
The group's decision comes as the U.S. oil industry is scaling back drilling due to record inventories, falling demand and low oil prices amid the pandemic.
Chesapeake Energy, once worth $35 billion, is flirting with bankruptcy in face of the coronavirus-driven crash.
Similar to its peers in the service sector, Basic Energy Services has made moves over the past several months to protect its balance sheet as oil and gas operators slam on the brakes on activity.
Here’s a quicklist of oil and gas assets on the market including a Permian Basin package of Wolfcamp Shale assets located in Reeves County, Texas, being sold by Victerra Energy.
Here’s a quicklist of oil and gas assets on the market including a package of royalty interests located in Northern Oklahoma and Southern Kansas as part of a planned dissolution of the SandRidge Mississippian Trust II.
The third-strongest well drilled to date in the Haynesville Shale completed by Comstock Resources and a Bone Spring discovery by Occidental Petroleum top this week’s drilling activity highlights from around the world.
A Niobrara Shale discovery in the Powder River Basin by EOG Resources plus high-volume Haynesville completions in Louisiana’s Red River Parish top this week’s drilling activity highlights from around the world.
This play-by-play takes a deep look into pricing trends across six key oil and gas basin areas, including the two most active gas plays and the U.S. Gulf of Mexico.
Here’s a snapshot of energy deals from the past week including the closing of a Tom Ward-led partnership’s acquisition of bankrupt Alta Mesa Resources and a $1.6 billion asset sale by Chevron.