Occidental has signed four agreements to divest select Permian basin assets, generating approximately $950 million in proceeds to support continued debt reduction.
Mach Natural Resources today announced its expansion into the Permian and San Juan basins with two acquisitions valued at a total of $1.3 billion. The assets purchased from Sabinal Energy and IKAV Energy will nearly doubles Mach’s production from 81 Mboed to approximately 152 Mboed, the company said in a news release.
As part of a massive, pre-holiday weekend document dump by the Biden administration on June 30, the domestic oil and gas industry received an unwelcome gift from the U.S. Fish & Wildlife Service (USFWS), one that shifts Mr. Biden’s continuing war on oil and gas to the Permian Basin.
A $141 million acquisition in the Permian Basin became the latest sale to close in the region as it was expected to continued growing in production of both oil and natural gas.
An oil and gas producer based on the Texas side of the Permian Basin looked to capitalize on growth in the New Mexico portion of the region, looking to buy lands in the southeast corner of the state.