Matador Resources Company has announced a significant acquisition in the Permian basin. A subsidiary of Matador is set to purchase a subsidiary of Ameredev II Parent, LLC, which includes oil and natural gas properties in Lea County, New Mexico, and Loving and Winkler Counties, Texas.
Once oil rivals Diamondback Energy and Endeavor Energy Resources announced Monday (Feb. 12) that they are merging to create a $50 billion oil giant in the Permian Basin. The deal is just the latest in a wave of consolidation in the US energy sector.
The Permian has more oil in place to allow output growth for the next few years, Occidental’s president and CEO Vicki Hollub said this week, commenting on mounting concerns among analysts that well productivity in the top oil-producing U.S. shale basin is dropping off.
One of my 2023 energy predictions was that the U.S. would set a new annual oil production record this year. As we approach the midpoint of the year, this prediction is still tracking toward being accurate.
Crude oil production in the United States stayed the same at 12.1 million bpd in the week ending July 29, according to the latest EIA data.
Oil and gas producers in the Utica and Marcellus shale plays are expected to boost output in July, according to the latest report from the U.S. Energy Information Administration.