Permian Resources has drilled 103 wells year-to-date, with 93 wells concentrated in the Delaware Basin led by activity in Eddy, Reeves, and Lea counties. The company continues to improve operational efficiency through faster drilling speeds, longer laterals, lower drilling costs, and increased water recycling utilization.
Urban Oil & Gas Group appears to be expanding its East Texas footprint through the acquisition and operation of legacy natural gas infrastructure previously owned by XTO Energy and ExxonMobil. Recent TCEQ air permit transfers involving compressor stations and production facilities suggest Exxon continues divesting mature East Texas assets as part of its broader strategy to focus on higher-growth projects like the Permian Basin and offshore developments.
Burk Royalty Co., Ltd. is expanding its stable cash-flow strategy through the acquisition of mature natural gas assets from Scout Energy Management LLC across the Texas Panhandle and Anadarko Basin region. The transaction includes extensive legacy production infrastructure and positions Burk Royalty to benefit from growing long-term demand for natural gas driven by LNG exports, power generation, and data center growth.
Jonah Energy has expanded into the South Texas Eagle Ford through its acquisition of Grit Oil & Gas II assets, adding more than 100,000 net acres and approximately 35,000 BOE/d of production across Dimmit and Maverick Counties. Recent TCEQ air permit transfers tied to multiple Eagle Ford production pads indicate operational control is now transitioning to Jonah Energy as the company integrates the newly acquired assets.
PICKTON GAS STORAGE LLC is a Texas-based natural gas storage company developing and operating the Pickton underground gas storage asset in East Texas, primarily in Hopkins, Delta, and Lamar counties. The company focuses on converting and operating a depleted hydrocarbon reservoir as a high-deliverability natural gas storage facility serving Texas and regional gas markets.
Devon Energy Corporation posted the largest week-over-week increase in rig activity, climbing from 15 to 29 rigs and moving into the #2 position among operators in TX, OK, LA, and NM. Exxon (XTO) remained the top operator overall with 35 rigs, while Continental Resources entered the Top 10 rankings this week.
IKAV Energy Inc. and SIMCOE LLC became major operators in the San Juan Basin after acquiring BP’s mature natural gas assets, managing approximately 9,400 wellbores across New Mexico and Colorado. Their business model focuses on maximizing long-life cash flow from legacy oil and gas infrastructure, reflecting a growing industry trend of private operators acquiring mature assets from supermajors.
SM Energy drilled 65 wells year-to-date across the Permian Basin, with 37 wells in the Midland Basin and 28 wells in the Delaware Basin, highlighting a balanced multi-basin development strategy following the Civitas merger. The company’s activity was led primarily by Helmerich & Payne and Ensign rigs, supporting management’s focus on operational scale, longer laterals, improved efficiencies, and free cash flow growth in the Permian.
The U.S. Department of Energy will loan an additional 53.3 million barrels of crude oil from the Strategic Petroleum Reserve to major energy companies as part of the IEA’s coordinated effort to stabilize global oil supplies amid the Iran conflict. The release is intended to help ease market volatility and support fuel supply security while companies return the crude later with a premium to replenish the reserve.
Several smaller and previously inactive oil and gas operators, including Central Operating, Valley Resources, Virtus Energy, and Zavanna Energy, are showing renewed drilling and permitting activity across key North American basins. Their return highlights growing redevelopment opportunities in mature fields and signals potential demand growth for oilfield services, infrastructure, and regional suppliers.
