Executive Oil Conference panel said Permian Basin producers know the rock; the surface issues are the basin’s greatest hurdles.
The sale of the company’s pressure pumping business to ProPetro will bring Pioneer Natural Resources’ divestiture proceeds for the year to roughly $900 million.
Stew Fuller, vice president of finance at midstream services provider Lucid Energy Group which has operations in the Permian Basin, is today’s Forty Under 40 honoree.
Despite an already blockbuster quarter of M&A activity, Diamondback snuck in a bolt-on acquisition in the Midland Basin that CEO Travis Stice said was too good of an opportunity to pass up.
Brent fell $3.25/bbl last week to average $71.64/bbl.
Analysts predict the massive deals week comprised of three separate transactions by Chesapeake Energy, Encana and Denbury is just the “tip of the M&A iceberg that will emerge in 2019.”
Today’s Forty Under 40 honoree is Bradley Epstein, a Citigroup director who has been a part of numerous transactions in “the changing landscape of MLPs and midstream infrastructure companies.”
The legendary oilman died on Nov. 9 while at his beloved ranch, Ucross, outside Sheridan, Wyo. He was 96.
Brent crude oil dropped below $70 a barrel on Nov. 9 for the first time since April.
As part of creating value, Parsley Energy is also divesting what it called “tail-end inventory” in the Southern Midland Basin for about $170 million.
Today’s Forty Under 40 honoree is John C. Eads, president and CFO of Sierra Resources which operates in the Eagle Ford Shale and Olmos Formation in South Texas.
Voters in Colorado, Washington and Arizona this week rejected efforts to curb oil and gas usage, but new battles loom. Also, Vantage Energy agreed to buy QEP Resources’ Williston Basin foothold.