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...Today, as a multibillion-dollar wave of consolidation washes over the Permian Basin — the engine room of America’s oil industry — that landscape has been transformed....
...The deal will give the company a substantial position in the Permian basin, which straddles Texas and New Mexico....
...The stock and cash transaction will combine two significant players in the Bakken Shale of North Dakota and Montana, after a string of deals in the more prolific Permian Basin....
...The cash and stock transaction, announced on Monday, will transform Midland, Texas-based Diamondback into one of the biggest participants in the sprawling Permian Basin of Texas and New Mexico, the biggest...
...On Monday, Diamondback Energy swooped in to buy Endeavor Energy Resources for $26bn, including debt....
...“The new Permian is less volatile, meaning a steadier level of activity,” said Dan Pickering of Pickering Energy Partners....
...Basin, the engine room of the US oil industry....
...But whereas other basins, such as the Permian, in Texas and New Mexico, have recovered in many ways from that downturn, the Bakken hasn't....
...It is buying CrownRock, a privately held shale driller in the Permian basin oil and gasfield for $12bn, including debt. Oxy is already one of biggest producers there....
...Much of the production growth has focused on the sprawling Permian Basin, which stretches across Texas and New Mexico....
...The Dallas Federal Reserve released its quarterly survey of oil and gas companies yesterday, highlighting increased uncertainty and frustration with Biden administration policies across the Permian Basin...
...CrownRock is one of the leading private operators in the sprawling Permian Basin of Texas and New Mexico, the US’s most prolific oilfield....
...BP, which dialled back its own climate targets last year, touted the potential to grow its oil and gas operations in the US’s Permian Basin at the conference....
...It has also recently announced a $60bn deal to buy Pioneer Natural Resources, with large acreage in Texas’s Permian basin. This area accounts for more than half of onshore US output....
...Occidental produced 968,000 barrels of oil equivalent a day in the Permian in August, according to consultancy Rystad Energy, leaving it second only to Pioneer....
...In the past decade Pioneer helped revive the moribund Permian Basin of Texas into a critical source of global energy supply....
...Gas output growth will also decelerate as a result of a drop-off in production that comes as a byproduct of oil drilling in the Permian Basin, the vast field stretching between Texas and New Mexico....
...This week’s variant — Diamondback Energy’s $26bn swoop for Endeavor Energy Resources — is the latest in the quest to snap up prime assets in the US Permian Basin....
...In the Pioneer deal, Exxon will become the dominant operator in the Permian Basin, the largest oilfield in the US....
...Mewbourne Oil, Endeavor Energy Resources and CrownRock are the biggest privately owned producers in the Permian Basin of Texas and New Mexico, the engine room of America’s oil industry....
...“We view the deal as neutral for [Energy Transfer] as it expands its footprint in the Williston [Bakken] and Permian basins and adds the Powder River Basin,” said Elvira Scotto, an analyst at RBC Capital...
...The other is the Permian Basin — the vast oilfield that stretches across west Texas and New Mexico — where production increases have slowed....
...The US energy supermajor’s $59.5bn deal to acquire Pioneer Natural Resources will make it the dominant producer in the oil and gas-drenched Permian Basin of Texas and New Mexico....
...Growth has been strongest in the Permian Basin of Texas and New Mexico, the most prolific oilfield in North America and the scene of a flurry of corporate dealmaking that points to further production gains...
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