ExxonMobil aims to double its production in the Permian Basin, targeting approximately 2.3 million oil-equivalent barrels per day (Moebd) by 2030. This milestone would represent a significant leap in the company’s upstream output, emphasizing the Permian’s critical role as a growth engine. With this goal, ExxonMobil is poised to solidify its leadership in one of the world’s most prolific oil and gas regions.
A recent noteworthy transaction highlights the transfer of air permits from Great Western Drilling Ltd. to Basin Oil & Gas Operating, LLC. This transfer involves a variety of facilities and projects loacated in the Permian Basin, emphasizing the importance of regulatory adherence in the sector.
Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) has announced a strategic acquisition of natural gas and crude oil gathering systems from Permian Resources Corporation (NYSE: PR) (“Permian Resources”) for $180 million in cash.
The New Mexico Environment Department (NMED) fined Targa Northern Delaware LLC $47.8 million and mandated $140 million in facility upgrades for excessive emissions at the Red Hills Gas Processing Plant, which released nearly 2 million pounds of pollutants beyond permitted levels.
Chevron Corp.’s decision to scale back production growth in the Permian Basin signals a pivotal moment for the U.S. shale industry, reflecting a broader shift toward financial discipline over rapid expansion. The move, which includes reducing capital expenditures by as much as 10% in 2025, highlights a maturing oil sector prioritizing shareholder returns and free cash flow amid fluctuating global demand.
The energy industry is undergoing a seismic shift, with advancements in drilling technology and practices leading the charge toward enhanced efficiency, precision, and sustainability. Companies like Devon Energy, EOG Resources, and Ovintiv are harnessing cutting-edge solutions to streamline operations, reduce costs, and maximize resource recovery. Here’s how the industry is transforming its approach to drilling.
In 2024, XTO Energy, a subsidiary of Exxon Mobil, made headlines with its strategic decision to divest oil and gas facilities across key regions in the United States. This move reflects a broader trend within the energy sector, as companies reposition themselves to maximize value from their most competitive assets. Among the most notable transactions this year was XTO’s sale of its facilities in the Freestone Trend area of East Texas to Houston-based Hilcorp Energy.
The oil and gas industry thrives on innovation, efficiency, and strategic resource management, especially in prolific basins like the Permian. Diamondback Energy’s 2024 drilling report underscores the company’s commitment to refining its operational strategy while adapting to broader industry trends.
CNX Resources Corporation has announced a definitive agreement to acquire the natural gas upstream and midstream business of Apex Energy II, LLC for approximately $505 million, with the transaction expected to close in Q1 2025. This acquisition strengthens CNX’s position in the Appalachian Basin, strategically expanding its Marcellus and Utica acreage in Westmoreland County, Pennsylvania, by adding 36,000 net acres and leveraging existing infrastructure for future development.
As part of this process, air permits for several facilities in the Texas Delaware Basin were recently transferred from Occidental to Permian Resources. These permits, issued by the Texas Commission on Environmental Quality (TCEQ), cover facilities in Reeves County, a focal point of oil and gas production in the region. The transfer reflects the operational handover of approximately 29,500 net acres of productive land.
