Scott Sheffield, chairman and CEO of Pioneer Natural Resources Co. (NYSE: PXD), isn't that surprised by the high acreage prices in the Permian Basin, where he said the margins are the best in the country. A typical Permian location has up to $100,000 per acre of present value, so companies can afford to pay in the $40,000 to $60,000 per acre price range, he said.
Recommended Reading
Galp Seeks to Sell Stake in Namibia Oilfield After Discovery, Sources Say
2024-04-22 - Portuguese oil company Galp Energia has launched the sale of half of its stake in an exploration block offshore Namibia.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.