Sunya’s Post

FourPoint Resources Acquires Utah Uinta Basin Assets from Ovintiv for $2 Billion Ovintiv announced yesterday it's exiting Utah’s Uinta Basin with a $2 Billion sale to FourPoint Resources. FourPoint Resources will receive about 126,000 net acres and current production of about 29,000 barrels of oil per day. Ovintiv also announced yesterday it will acquire Montney Assets in Canada for $2.3 Billion. It is notable that Ovintiv moved forward with a $2.3 Billion purchase of Canadian assets instead of making additional Permian acquisitions. It seems Ovintiv felt it was best to diversify its asset base away from the Permian or it simply saw the Canadian acquisition as better value compared to the current price premium Permian assets come with. SM Energy recently in July acquired Uinta Basin assets from XCL Resources for $2.6 Billion. SM Energy’s Utah acquisition also appeared like a strategy to diversify away from the Permian. Oil production in Utah has increased 40% since the end of 2022. Does the Uinta Basin in Utah simply offer better value currently vs. the Permian or is there incredible upside in the Uinta or both? There has been a mad rush by companies to acquire Permian assets post Covid. Just yesterday, Coterra Energy made a $4 Billion Permian acquisition. Maybe these Utah acquisitions represent the start of revisiting the many US onshore basins which offer incredible value and have been overlooked in recent years? Don’t forget to refer me to your companies Hiring Managers and Executives for any hiring needs they can use recruiting assistance with. We can help identify candidates in Engineering, Accounting/Finance, Land, Geoscience, EHS, Field roles and all other positions. Oliva Consulting Group is the leading US Oil & Gas E&P focused recruiting firm with a database of 40,000+ candidates. Over the past 10 years we’ve placed professionals at over 70 Oil & Gas companies.   Follow me by clicking the "FOLLOW" button on my LinkedIn Profile to keep updated on any new Oil & Gas job openings.   Michael Oliva Oliva Consulting Group LLC

Permian Resources acquires $818 Million Delaware Basin assets from OXY OXY announced today it’s selling $818 of Delaware Basin assets in Texas and New Mexico to Permian Resources. OXY is selling Permian Resources approximately 27,500 net acres in the Barilla Draw Field of the Texas Delaware Basin and approximately 2,000 net acres in the New Mexico Delaware Basin. OXY reiterated its plans to divest $4.5 billion-$6 billion of assets to be completed within 18 months of closing its acquisition of CrownRock, which is expected to occur in August. It’s interesting to see a trend of US Oil & Gas companies making large acquisitions followed by significant divestitures. Apache sold $700 Million in assets in May 2024 after its $4.5 Billion acquisition of Callon Petroleum in April. EQT is currently marketing a significant portion of non-operated Marcellus assets after its recent acquisition of Equitrans Midstream. I would expect more opportunities going forward for smaller private operators to pick up assets from larger companies looking to reduce their debt loads and focus on their core acreage. This is also a nice window of opportunity for new capital to invest in US Oil & Gas. With the current reasonable Oil & Natural Gas commodity prices and world Oil demand still increasing at 1-2% per year and world Natural Gas demand expected to increase at a 3% rate, this is an excellent time to invest in Oil & Gas in the US. Make sure to refer me to your companies Hiring Managers and Executives for any hiring needs they can use recruiting assistance with. We can help identify candidates in Engineering, Accounting/Finance, Land, Geoscience, EHS, Field roles and all other positions. Oliva Consulting Group is the leading US Oil & Gas E&P focused recruiting firm with a database of 40,000+ candidates. Over the past 10 years we’ve placed professionals at over 70 Oil & Gas companies. Follow me by clicking the "FOLLOW" button on my LinkedIn Profile to keep updated on any new Oil & Gas job openings.   Michael Oliva I Oliva Consulting Group LLC

Chevron’s operations in the Permian Basin reached new production highs, contributing significantly to the company’s 7% increase in total U.S. oil-equivalent production compared to the prior year. As one of the most prolific oil and gas fields globally, the Permian Basin continues to be a centerpiece of Chevron’s production growth strategy. Chevron’s output from this region has been bolstered by enhanced operations that allow for greater productivity from existing wells and optimized drilling techniques that maximize daily output rates. https://lnkd.in/gGicKWqY

𝙀𝙭𝙭𝙤𝙣 𝙈𝙤𝙗𝙞𝙡 𝘿𝙞𝙫𝙚𝙨𝙩𝙨 𝙋𝙚𝙧𝙢𝙞𝙖𝙣 𝘼𝙨𝙨𝙚𝙩𝙨 𝙩𝙤 𝙃𝙞𝙡𝙘𝙤𝙧𝙥 𝙞𝙣 $1 𝘽𝙞𝙡𝙡𝙞𝙤𝙣 𝘿𝙚𝙖𝙡 ExxonMobil is set to divest some of its conventional oil assets in the Permian Basin, selling to Hilcorp Energy for approximately $1 billion. This move is part of Exxon’s strategic shift toward higher-margin shale operations, particularly after its significant $60 billion acquisition of Pioneer Natural Resources Company. The transaction, expected to close in early 2025, marks Exxon's further concentration on lucrative shale assets in the Permian's Delaware and Midland basins. Hilcorp Energy has shown a pattern of acquiring mature assets from more prominent industry players, with this deal following its recent acquisitions in Alaska and from Apache Corporation. For Exxon, the sale aims to streamline its portfolio, focusing on core assets and enhancing its balance sheet amid its expanded Permian operations, projected to reach production levels of 2 million barrels per day by 2027. #EnergySector #OilAndGas #PermianBasin #ExxonMobil #HilcorpEnergy https://lnkd.in/gCaWyHpD

Permian Resources Announces Divestiture of Midstream Gathering Systems - Permian Resources Corporation announced a definitive agreement to sell its natural gas and oil gathering systems in Reeves County, Texas to Kinetik Holdings Inc. for $180 million, subject to adjustments. - The divestiture includes both recently purchased and legacy midstream infrastructure but excludes water infrastructure and surface acreage. - The sale is part of Permian Resources' strategy to streamline operations and focus on becoming the Delaware Basin's lowest cost operator. - The transaction is expected to reduce the company's exposure to in-basin Waha pricing by increasing the amount of residue natural gas sold at Gulf Coast pricing. - Permian Resources anticipates the divestiture will have minimal impact on its operating costs. - The deal is expected to close in the first quarter of 2025, pending regulatory approval. - Jefferies LLC served as the financial advisor, while Kirkland & Ellis LLP acted as the legal advisor for the transaction. - Permian Resources is an independent oil and natural gas company focused on the responsible acquisition and development of high-return properties in the Delaware Basin. - The company is the second largest pure-play exploration and production company in the Permian Basin. https://lnkd.in/g4R8r2tP

Geopulse Exploration announces acquisition of Permian Basin-based ATC Services Geopulse Exploration (OTCPK:$GPLS) on Wednesday announced a reorganization agreement with Advanced Technology Construction d/b/a ATC Services for the acquisition of all the outstanding membership interests of ATC, to take place in two closings. ATC Services is headquartered in the Permian Basin of Texas and is engaged in the business of oil and gas construction, maintenance, and fabrication services. Geopulse Management was attracted to the acquisition because the Permian Basin produced nearly 6 million barrels of oil a day in 2023, the company said. The deal is expected to add about $12M in run-rate revenue to Geopulse in 2024 on an annual basis, with a positive net income. In the first closing, which took place on April 9, Geopulse acquired fifty percent of the outstanding ATC membership units. At the second closing, which would take place on a date no later than 180 days after the first closing, Geopulse will acquire the remaining fifty percent (50%) of the outstanding ATC membership units. In addition, after the second closing, two members of ATC, namely Shawn Rye and Chris Bishop, would be appointed to the Geopulse board of directors. * * * * * * * #investor #investors #privateequity #publiccompany #ipo #crowdraise #fundraise #venturecapital #vc #familyoffice #ria #money #investments #capitalraise #oilandgas #oilindustry #oil #naturalgas #oilinvestments #oilprice #investing #investment #invest #realestate #texas #texasoil #cleanenergy #esg #hydrogen #privateplacement #regd #accreditedinvestor #registeredinvestmentadvisor #public https://lnkd.in/eKjG_KcD

APA Corporation (Apache) Announces $950 million Permian Basin Asset Divestiture According to an APA Corporation (parent company of Apache) press release put out this afternoon, APA has entered into an agreement for the sale of non-core producing properties in the Permian Basin to an undisclosed buyer for $950 million. The properties are located in the Central Basin Platform, Texas and New Mexico Shelf, and Northwest Shelf and currently represent estimated net production of 21,000 barrels of oil equivalent per day (boe/d), of which approximately 57% is oil. John J. Christmann IV, CEO of APA Corporation stated, “The net impact of our acquisition of Callon Petroleum and the follow-on asset sales is that APA has increased its onshore U.S. production by approximately 66,000 boe/d in 2024.” Pro-forma fourth-quarter U.S. production guidance for APA is 307,000 boe/d which is 34% above the company’s fourth-quarter 2023 production. Don’t forget to refer me to your companies Hiring Managers and Executives for any hiring needs they can use recruiting assistance with. We can help identify candidates in Engineering, Accounting/Finance, Land, Geoscience, EHS, Field roles and all other positions. Oliva Consulting Group is the leading US Oil & Gas E&P focused recruiting firm with a database of 40,000+ candidates. Over the past 10 years we’ve placed professionals at over 70 Oil & Gas companies.   Follow me by clicking the "FOLLOW" button on my LinkedIn Profile to keep updated on any new Oil & Gas job openings.   Michael Oliva Oliva Consulting Group LLC

Coterra Energy makes $4 billion in Permian Basin acquisitions - Coterra Energy Inc. announced two acquisitions for a total of $3.95 billion, consisting of $2.95 billion in cash and $1.0 billion in common stock. - The cash portion will be funded through existing cash and borrowings. - The acquisitions are expected to close in the first quarter of 2025 with an effective date of October 1, 2024. - Coterra aims to expand its core area in New Mexico with these acquisitions, which are expected to add significant oil volumes. - The deal is projected to be more than 15% accretive to estimated 2025-2027 per share discretionary cash flow and free cash flow. - The company plans a disciplined reinvestment strategy with a 50% pro forma reinvestment rate for 2025. - Pro forma production is anticipated to range from 150 to 170 mbod and 720 to 760 mboed. - Coterra expects to maintain a robust balance sheet with a projected net leverage ratio of 0.6x by year-end 2025. - The acquisitions will increase Coterra's New Mexico net locations by approximately 75% and its Permian net locations by approximately 25%. - The company will acquire approximately 49,000 contiguous net acres, expanding its footprint to around 83,000 net acres. - The estimated capital expenditures for the acquired assets are projected to be between $400 million and $500 million in 2025. - Financial advisors for the transaction included JPMorgan Chase, PNC Capital Markets, and TD Securities for Coterra, with Jefferies advising Franklin Mountain Energy. - A live conference call about the acquisitions is scheduled for November 13, 2024. https://lnkd.in/gUqDtwMQ

Arrow Exploration Corp. (TSX-V:AXL, AIM:AXL, OTC:CSTPF) today reported results for its third quarter, described by chief executive Marshall Abbott as the firm’s ‘best on record’. Revenue was up 53% to $21.3 million as production grew 64% thanks to new wells coming online. Year-over-year comparatives reflect these successes, despite oil and gas prices being a bit softer than last year. Earnings (adjusted EBITDA) rose 62% from last year at $15.96 million. Horizontal drilling in the Carrizales Norte (CN) field is at the heart of the strong performance with recent wells exceeding expectations and the active drill campaign continuing with a pipeline of 23 further wells in the coming months. "The third quarter of 2024 was the best quarter on record for Arrow,” Abbott said in the statement. More at #Proactive #ProactiveInvestors http://ow.ly/hqWM105Q6zu

Midcon Momentum: SCOOP/STACK Plays, New Zones Draw Interest The past decade has been difficult for the Midcontinent, where E&Ps went bankrupt and pulled back drilling activity. But bountiful oil, gas and NGL resources remain untapped across the Anadarko, the SCOOP/STACK plays and emerging zones around the region. Click the link below to read more: https://lnkd.in/g8Ht9mue