Exxon’s Cube development strategy is not theoretical — it’s visible in the permits. The COON-BEND lease in Block 38T2S shows how a mature Spraberry position continues to generate new drilling inventory through stacked, derisked development. This is recovery-driven growth, not exploration, and it’s exactly what Exxon has told the market to expect from its Permian program.
Speculation that ConocoPhillips may sell Delaware Basin assets points to portfolio high-grading rather than a strategic exit, as management repeatedly described the Delaware on its earnings call as core, long-life, and technically improving inventory. That view is reinforced by 2025 drilling data showing 144 wells drilled across just 11 rigs, heavily concentrated in Lea and Loving counties, reflecting a disciplined, manufacturing-style development program rather than retreat.
Full stacked development describes the vertical inventory, while Cube development describes how that inventory is executed at the section level.
Western Canada’s heavy oil activity in 2026 is concentrated among a small group of operators executing disciplined, infrastructure-led drilling programs rather than chasing broad-based growth. Wells drilled, active rigs, and permit signals clearly separate scaled manufacturers from selectively paced operators, revealing where near-term execution and sales opportunity are actually concentrated.
Kinetik’s potential sale is being driven as much by asset quality as deal timing, with its Texas air permits revealing a tightly clustered set of compressor stations and central processing facilities in the core of the Delaware Basin. Those permitted, gas-focused facilities sit directly upstream of growing Gulf Coast demand, making Kinetik a highly attractive target for both strategic midstream buyers and infrastructure investors.
Birchcliff’s 2025 Grande Prairie Montney drilling activity closely matches management’s message of disciplined, infrastructure-led development, with multi-well pads, concentrated rig usage, and a clear focus on efficiency over volume growth. The wells drilled data shows a manufacturing-style program centered on core areas, reinforcing that the Montney is being optimized for returns, not rushed expansion.
Whitecap positioned the Montney as a long-dated, infrastructure-led growth engine focused on returns, flexibility, and capital discipline rather than volume growth. That strategy showed up clearly in 2025, with 76 wells drilled in core Montney fields using multi-well pads and a small set of high-utilization rigs, reinforcing a factory-style approach built for sustainable free cash flow.
Grande Prairie’s Montney in 2026 is defined by disciplined, infrastructure-led execution rather than aggressive growth, with capital concentrated in repeatable, long-duration drilling programs. The data shows top operators using rigs to sustain cadence and permits to preserve optionality—confirming the region’s role as a manufacturing asset, not a volume chase.
Crescent Energy Operating LLC has taken another step in optimizing its Permian Basin portfolio with the completion of a new air permit for the UL Tilden 32 Gas Lift Pad in Ward County, Texas. While the permit itself is modest, it signals an important phase in the life of the wells tied to this pad: the transition from early production into long-term, managed output.
FireBird Energy II’s COYOTE UNIT project offers a clear look at how modern Permian operators execute disciplined, small-footprint development programs without sacrificing speed or efficiency. Concentrated in Borden County and anchored by standardized Spraberry targeting, the project follows a factory-style workflow that moves cleanly from permitting through drilling and into production readiness.
