The purchased acreage, which is entirely undeveloped, represents a natural bolt-on to Gulfport's existing position in the shale play and translates to $12,700 per acre.
Chesapeake settles with affiliate, but will pursue case that accuses its former CEO of misappropriating “highly sensitive trade secrets from the company” about the Utica Shale and other areas.
Waiting for better prices, Cabot Oil & Gas, Chesapeake, EOG Resources, SM Energy and other E&Ps are deferring 845 well completions in the Eagle Ford, Bakken, Permian and other plays.
Worldwide production continues to surpass demand, but lower prices are expected to slow production as more operators are forced to lay down rigs to salvage budgets.
The Atlantic area is the country’s richest resource area with 35% of total U.S. traditional resources, followed by the Gulf Coast, Rocky Mountains and the Midcontinent.
Millennials’ consumer activism does not embrace hydrocarbons, researcher says.
After Shell’s $70 billion deal, ExxonMobil and Chevron are in the hunt with several large U.S. E&Ps. But in the Permian Basin, the bid-ask spread remains too wide for deals.
Some companies have cut positions to save money, dampening enthusiasm for staff and turning off potential workers the industry needs for the future.