What's Working, What's Not & What's Next for Permian Producers
At ~$40 WTI, West Texas' Permian could very well be the last basin standing. With superior wellhead economics and a deep bench of productive formations, the Permian Basin has become a safe haven for many E&Ps. But even the nation's most prolific oil province is challenged by the current downturn.
Armed with efficiency-focused technologies and strategies, producers are digging deep to protect margins.
If your business is oil and gas in West Texas, you can't afford to miss this year's DUG Permian Basin conference and exhibition! Thousands of industry professionals are converging in Fort Worth to hear from the region's most-active producers and midstream operators. Don't miss this once-a-year chance to explore the latest strategies and technologies with 35+ senior-level speakers and 100+ exhibitors.
Plays covered: Wolfcamp, Spraberry, Bone Spring, Leonard, Avalon, and Yeso
EVP, Permian Operations Pioneer Natural Resources
Q: How is your company navigating today's market challenges and capitalizing on opportunities?
A: Pioneer has the largest Spraberry/Wolfcamp acreage position with decades of drilling inventory. We are well positioned to weather the current low commodity price environment with a strong balance sheet, strong derivatives positions to protect cash flow through 2016, and a capital program funded through 2017 with no incremental debt required.
In response to the outlook for continuing weak oil prices, Pioneer is reducing its horizontal drilling activity by 50% while still growing 2016 production and preserving the company's strong balance sheet and cash position. Our Permian team has realigned to meet the challenges of this downturn and position itself to be the strongest operation in the basin when commodity prices return.
Free Exhibit Hall Access for Operators
Hart Energy invites employees at E&P companies, pipeline operators, refineries and utility companies to enter the DUG Permian Basin exhibit hall at no cost. Plus, you have the option to upgrade to a full conference pass to attend the 15+ conference sessions.
To submit your qualifying application and register, click here.
J. Ross Craft
Founder, Chairman, President and CEO Approach Resources
Chairman Petrie Partners
President Three Rivers Operating Co. LLC
President Matador Resources
Senior Vice President - Permian Basin EnLink Midstream
Founder, President and CEO Silver Hill Energy Partners
Chairman of the Board Energy Security Council
Diamondback’s Viper Energy Strikes Deal For Permian Mineral Rights Almost two years after Diamondback Energy Inc.’s (NASDAQ: FANG) royalty business went public, the subsidiary is back with a series of deals for Midland and Delaware mineral acreage.Viper Energy Partners LP (NASDAQ: VNOM) said July 25 it entered separate agreements with unrelated third-party sellers to acquire mineral rights across 8,137 gross (743 net) Permian Basin acres for about $111 million.The deals equate to $120,000 per net royalty acre adjusted for production, said Gordon Douthat, senior analyst with Wells Fargo Securities. He added the valuation is below current trading levels of $247,000 per royalty acre.
Zargon Oil & Gas Will Sell Southeast Saskatchewan Assets Canada’s Zargon Oil & Gas Ltd. entered into a definitive agreement to sell all of its Southeast Saskatchewan assets for CA$89.5 million cash consideration, the company said July 25.The assets produce 1,211 barrels of oil equivalent per day (boe/d) of low-decline resources, 95% oil and liquids at first-half 2016 rates.There are 5.14 MMboe of proven plus probable reserves, 96% oil and liquids, according to McDaniel & Associates Consultants Ltd. from Dec. 31, 2015.