Diversified Energy and Carlyle are acquiring Camino Natural Resources’ Anadarko Basin assets in Oklahoma for approximately $1.2 billion, adding 101,000 acres and about 300 MMcf/d of production. The deal expands Diversified’s Oklahoma operations, adds more than 100 undeveloped drilling locations, and uses a Carlyle-backed asset securitization structure to fund the acquisition without issuing new equity.
Blackbeard Operating is executing a low-cost redevelopment strategy in the Permian by drilling five vertical wells at ~8,000 ft in the Sand Hills field, supported by a centrally permitted tank battery. This facility-first, conventional approach highlights how operators are unlocking value from mature assets with simpler, repeatable development models instead of capital-intensive shale programs.
The air permit transfer in Loving County highlights how ConocoPhillips is divesting non-core Delaware Basin assets following consolidation, while Coterra Energy is strategically acquiring and integrating them to optimize its lease position. This reflects a broader Permian trend where operators are shifting from scale to capital efficiency through targeted asset optimization and bolt-on acquisitions.
Non-core asset sell-downs in the Barnett Basin—like BRG Lone Star transferring assets to Riverbirch Resources—highlight a growing shift where larger operators divest mature wells to smaller, more focused companies. This trend is critical to the Texas oil & gas industry because it extends the life of legacy assets, drives production optimization activity, and creates new opportunities for service providers.
BP’s Q1 2026 results and drilling data both reinforce the same theme: the U.S.—especially the Permian and Eagle Ford—is a world-class, capital-attracting core that is driving operational performance and future growth. Activity is concentrated in these basins with strong reliance on key contractors like Nabors and H&P, highlighting a focused, efficiency-driven U.S. strategy.
Oklahoma drilling activity remains concentrated among a handful of operators, led by Mewbourne Oil Company and Continental Resources, with contractors like Patterson, H&P, and Cactus dominating rig activity. The majority of recent spud activity is clustered in Grady, Custer, and Roger Mills counties, reinforcing a tight geographic focus for ongoing development.
Louisiana drilling activity remains steady, with a slight rig count decline driven by softer Haynesville gas activity, while offshore and South Louisiana operations hold firm. Over the past 30 days, spud activity has been concentrated among a handful of operators—led by Apex Natural Gas and Expand Energy—and heavily focused in De Soto Parish, reinforcing its position as the core of development.
This group consists of small, low-frequency U.S. oil and gas operators and midstream entities that manage mature, low-production assets and only occasionally file new well permits. They represent the long tail of the industry—characterized by minimal drilling activity but significant cumulative well ownership—making them better suited for production optimization and cost-focused solutions rather than growth-driven services.
Devon Energy and Coterra Energy shareholders have approved an all-stock merger expected to close in early May 2026, creating a larger, more efficient shale operator. The combined company will leverage complementary assets across major U.S. basins to drive scale, improve margins, and increase free cash flow.
Flywheel’s buy-and-optimize strategy focuses on acquiring mature, producing oil and gas assets that are often non-core to larger operators. Instead of pursuing aggressive drilling growth, the company improves performance through cost reduction, operational efficiency, and production optimization. This approach generates steady cash flow by maximizing the value of existing infrastructure and known reserves.
