Permian Resources has announced the acquisition of Occidental Petroleum’s Barilla Draw asset and additional New Mexico acreage for $818 million. This strategic move is set to add 15,000 barrels of oil equivalent per day to Permian Resources’ production base.
In the first half of 2024, Diamondback Energy increased its production guidance and lowered its annual capex due to improved operational efficiencies. The merger with Endeavor Energy Resources is progressing, with expected closure in Q3 or Q4. Q2 highlights include drilling 80 wells, exceeding production guidance with 276.1 MBO/d, and generating $841 million in Adjusted Free Cash Flow. The company declared dividends totaling $2.34 per share and repurchased 19.3 million shares, with a strong focus on cost control and capital discipline.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday.
Xcel Energy’s recent decision to convert the Harrington Generation Station from coal to natural gas marks a significant step towards cleaner energy solutions and reducing its reliance on coal. As a result the project was awarded a new 19 mile permit (10630) by the Texas Railroad Commission.
Ensign Energy Services Inc. reported a 9% decrease in Q2 2024 revenue to $391.8 million and a net loss of $4.5 million. Despite the revenue decline, the company made significant debt reductions and is on track to achieve its long-term debt reduction goals. Increased drilling activity in Canada is expected to offset challenges in the U.S. market.
Chevron quarter was marked by record production levels in the Permian Basin, contributing to an 11% increase in worldwide production compared to the same period last year.
EOG Resources, Inc. has announced its financial results for the second quarter of 2024, highlighting another period of outstanding operational performance and robust financial health. During the Q2 2024 earnings call, EOG Resources highlighted their continued operational excellence and financial performance, emphasizing the significant role of their proprietary in-house drilling motors.
Exxon Mobil Corporation today announced robust financial results for the second quarter of 2024, with earnings reaching $9.2 billion, or $2.14 per share assuming dilution. ExxonMobil highlighted the successful and swift integration of Pioneer Natural Resources, which closed five months faster than similar transactions. This merger fundamentally transformed ExxonMobil’s Upstream portfolio and contributed $0.5 billion to earnings in the first two months post-closing.
Ovintiv reported net earnings of $340 million and achieved significant production volumes across its key assets, underscoring its commitment to delivering strong, consistent results for shareholders.The 2Q24 earnings presentation for Ovintiv mentions “Trimulfrac” in the context of their completion strategies and operational efficiency improvements.
Medallion Midstream, LLC is a Permian Basin focused midstream service provider with integrated assets located in the Midland and Delaware basins. Last week the RRC approved for the pipeline addition of 48 miles to permit T09224.
