Strike Energy’s Post

As part of its ongoing two-year consolidation of upstream assets, Houston-based Coterra Energy announced a $3.95 billion acquisition of western Permian Basin assets from Franklin Mountain Energy and Avant Natural Resources. This acquisition, involving both stock and cash, boosts Coterra’s footprint in New Mexico’s Permian region by 75% and expands its overall Permian presence by 25%. The deal also includes 125 miles of pipeline and other infrastructure, securing Coterra a contiguous 83,000-acre position within core areas of the Delaware Basin’s production zone.

ExxonMobil's strategic pivot continues as they divest conventional assets in the Permian Basin for $1 billion, refocusing on more profitable shale deposits. 📈 This move strengthens their position in the region, following the acquisition of Pioneer Natural Resources, and aligns with the broader industry trend of concentrating on high-return opportunities in uncertain markets. 🌍 Read more: https://lnkd.in/guhPBB3k #ExxonMobil #PermianBasin #OilAndGas #ShaleRevolution #EnergyStrategy #PioneerNaturalResources #OilIndustry #EnergyMarket #ShaleOil #EnergyTransition #BusinessStrategy #USOil #IndustryShift #InnovationInEnergy

ExxonMobil's strategic pivot continues as they divest conventional assets in the Permian Basin for $1 billion, refocusing on more profitable shale deposits. 📈 This move strengthens their position in the region, following the acquisition of Pioneer Natural Resources, and aligns with the broader industry trend of concentrating on high-return opportunities in uncertain markets. 🌍 Read more: https://lnkd.in/guhPBB3k #ExxonMobil #PermianBasin #OilAndGas #ShaleRevolution #EnergyStrategy #PioneerNaturalResources #OilIndustry #EnergyMarket #ShaleOil #EnergyTransition #BusinessStrategy #USOil #IndustryShift #InnovationInEnergy

ExxonMobil's strategic pivot continues as they divest conventional assets in the Permian Basin for $1 billion, refocusing on more profitable shale deposits. 📈 This move strengthens their position in the region, following the acquisition of Pioneer Natural Resources, and aligns with the broader industry trend of concentrating on high-return opportunities in uncertain markets. 🌍 Read more: https://lnkd.in/guhPBB3k #ExxonMobil #PermianBasin #OilAndGas #ShaleRevolution #EnergyStrategy #PioneerNaturalResources #OilIndustry #EnergyMarket #ShaleOil #EnergyTransition #BusinessStrategy #USOil #IndustryShift #InnovationInEnergy

ExxonMobil's strategic pivot continues as they divest conventional assets in the Permian Basin for $1 billion, refocusing on more profitable shale deposits. 📈 This move strengthens their position in the region, following the acquisition of Pioneer Natural Resources, and aligns with the broader industry trend of concentrating on high-return opportunities in uncertain markets. 🌍 Read more: https://lnkd.in/guhPBB3k #ExxonMobil #PermianBasin #OilAndGas #ShaleRevolution #EnergyStrategy #PioneerNaturalResources #OilIndustry #EnergyMarket #ShaleOil #EnergyTransition #BusinessStrategy #USOil #IndustryShift #InnovationInEnergy

ExxonMobil's strategic pivot continues as they divest conventional assets in the Permian Basin for $1 billion, refocusing on more profitable shale deposits. 📈 This move strengthens their position in the region, following the acquisition of Pioneer Natural Resources, and aligns with the broader industry trend of concentrating on high-return opportunities in uncertain markets. 🌍 Read more: https://lnkd.in/guhPBB3k #ExxonMobil #PermianBasin #OilAndGas #ShaleRevolution #EnergyStrategy #PioneerNaturalResources #OilIndustry #EnergyMarket #ShaleOil #EnergyTransition #BusinessStrategy #USOil #IndustryShift #InnovationInEnergy

#bigoil #ExxonMobil Exxon Mobil Corp. will offload some of its conventional oil assets in the Permian Basin, selling to Hilcorp Energy for approximately $1 billion, according to industry insiders who spoke to Reuters on Tuesday. This move aligns with Exxon’s aggressive shift toward higher-margin shale plays following its recent $60 billion acquisition of Pioneer Natural Resources. Exxon expects the deal to close in early 2025. Source: OilPrice.com 👇 https://lnkd.in/dsR3GR-A

Haynesville Activity ‘Soft’ as Permian Associated Natural Gas Supply Competes, Says Patterson-UTI CEO https://ift.tt/9QuzTkI Mergers by exploration customers and low natural gas prices continue to be a headwind in the Lower 48 for the oilfield services sector, but impacts may begin to ease later this year, according to completions expert Patterson-UTI Energy Inc.  U.S. land activity “continues to be cautious and reflects slightly lower activity than we saw to start the year,” CEO Andy Hendricks said during the recent first quarter conference call.  “So far, activity in natural gas basins has held up better than we had anticipated, particularly in the Northeast. But we are seeing more natural gas activity reductions continuing in the second quarter.” [Data Center Demand: How is the growth in artificial intelligence and data centers expected to impact the natural gas industry? What obstacles and opportunities lie ahead to serve the power-hungry facilities? Tune in to NGI’s podcast to learn more.] Activity by the exploration and production (E&P) customers in the gassy Haynesville Shale dipped early this year more than anticipated. Hendricks said the decline was the result of the Haynesville gas competing with Permian Basin associated gas output.  This year, “we’re supposed to get another 1 Bcf on the Permian pipelines,” the CEO said. That gas is “competing against gas essentially in the Haynesville, which is why we’ve seen the Haynesville continue to stay soft. We don’t today have visibility on any increase in natural gas for the end of ’24.” Domestic gas activity is likely to remain at “second quarter levels through the rest of the year,” Hendricks said. “Nevertheless, our long-term positive view on natural gas is unchanged.” Increased U.S. LNG capacity into 2025, as well as “growing demand for power in the U.S., will require increased production, with natural gas remaining part of the industry growth narrative for 2025 and beyond,” he said. More Gas Rigs? “We do have some natural gas customers that have been talking to us about adding a rig or increasing activity to start to plan for things in 2025. I think we’re all just trying to understand right now, what does it look like in terms of more pipeline capacity coming from the Permian and how does that compete against Haynesville gas.” Some E&Ps also “have natural gas takeaway over to California at the same time,” Hendricks said. “So not all the associated gas is coming from the Permian to the Gulf Coast and hitting Henry Hub. And California is still going to have strong demand for utilities with natural gas. And that gets into the whole data center discussion.  “Over 2025 and going forward, the U.S. is going to be exporting” additional liquefied natural gas.  “There are contracts in place for the new plants coming online, especially on the Texas coast. The Texas coast is going to require more natural gas. It’s not apparent that there are enough pipelines coming from the Permi...

Permian Resources Announces Divestiture of Midstream Gathering Systems - Permian Resources Corporation announced a definitive agreement to sell its natural gas and oil gathering systems in Reeves County, Texas to Kinetik Holdings Inc. for $180 million, subject to adjustments. - The divestiture includes both recently purchased and legacy midstream infrastructure but excludes water infrastructure and surface acreage. - The sale is part of Permian Resources' strategy to streamline operations and focus on becoming the Delaware Basin's lowest cost operator. - The transaction is expected to reduce the company's exposure to in-basin Waha pricing by increasing the amount of residue natural gas sold at Gulf Coast pricing. - Permian Resources anticipates the divestiture will have minimal impact on its operating costs. - The deal is expected to close in the first quarter of 2025, pending regulatory approval. - Jefferies LLC served as the financial advisor, while Kirkland & Ellis LLP acted as the legal advisor for the transaction. - Permian Resources is an independent oil and natural gas company focused on the responsible acquisition and development of high-return properties in the Delaware Basin. - The company is the second largest pure-play exploration and production company in the Permian Basin. https://lnkd.in/g4R8r2tP

Chevron's Big Permian Push! 🚨 Chevron is on track to hit an incredible milestone: producing 1 million barrels per day from the Permian Basin by the end of 2025! 🛢️ Even with reduced capital expenditures, innovation and efficiency are driving growth. With advances in drilling, completions, and AI-powered insights, Chevron is delivering more while spending less. 🤖 The focus? Sustainable production, strong cash flow, and maximizing returns. The Permian Basin continues to play a key role in shaping the future of energy. 🌍 📲 https://lnkd.in/g5_bqyMj #PermianBasin #ChevronEnergy #OilAndGas #EnergyInnovation