Civitas, Prioritizing Permian, Jettisons Non-core Colorado Assets
After plowing nearly $7 billion into Permian Basin M&A last year, Civitas Resources is selling off non-core acreage from its legacy position in Colorado as part of a $300 million divestiture goal.
Marketed: Private Seller Certain Royalty Properties in D-J Basin
A private seller retained RedOaks Energy Advisors for the sale of certain royalty properties in the D-J Basin.
Exxon, Chevron Tapping Permian for Output Growth in ‘24
Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.
Daugherty: Feds Take Aggressive Posture on Oil, Gas Mergers
Newly released guidelines by the Department of Justice and Federal Trade Commission suggest that a post-deal, combined market share of more than 30% is potentially problematic.
Select Water Solutions Bolts On Haynesville, Rockies Assets for $90MM
Select Water Solutions Inc. added disposal and recycling capacity in the Haynesville Shale and the Rockies across three acquisitions in January.
Private Equity: Seeking ‘Scottie Pippen’ Plays, If Not Another Michael Jordan
The Permian’s Tier 1 acreage opportunities for startup E&Ps are dwindling. Investors are beginning to look elsewhere.
Prairie Operating Acquires More D-J Basin Assets for $94.5MM
Houston-based Prairie Operating Co. is scaling its D-J Basin footprint with a $94.5 million acquisition of Nickel Road Operating LLC.
PE-backed Ellipsis Acquires Interests in Permian, Other US Basins
Ellipsis U.S. Onshore, backed by private equity firm Westlawn Group, bolted on more assets in the Permian Basin and expanded its reach into Colorado and Louisiana.
Shale Outlook: Scarce Inventory to Drive Upstream M&A in ‘24
Permian Basin well productivity has trended down. Top-tier drilling locations are scarce. Capital is at a premium. E&Ps need low-cost inventory and scale, and they’re willing to pay big bucks to get them.
Big Oil Enters 2024 Strengthened by Shale M&A
Following M&A in 2023, four companies are now positioned to control about 58% of future production in the Permian Basin.