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NOG Successfully Acquires Utica Shale and Delaware Basin Operations
02/20/2024![NOG-Successfully-Acquires-Utica-Shale-and-Delaware-Basin-Operations](https://images2.rextag.com/public/blog/233Blog_NOG Closes Utica Shale, Delaware Basin Acquisitions.png)
Northern Oil and Gas (NOG) has successfully completed two acquisitions, investing $162.6 million in properties within the Utica Shale and the northern Delaware Basin.
In November 2023, NOG ventured into the Utica Shale by acquiring interests from a private seller, including less than one producing well and slightly over one well in development, spanning several counties in Ohio. These areas, primarily operated by Ascent Resources, focus on extracting oil and gas from the Point Pleasant Formation and the Utica Shale, with the Ohio assets being a significant part of this strategy.
Additionally, NOG expanded its presence in the Delaware Basin through another deal, adding interests in about 3,000 acres in New Mexico's Lea and Eddy counties. This addition complements NOG's existing stakes in the area, covering 90% of the leasehold.
Originally pegged at $174 million, the final investment was adjusted to $162.6 million, including closing costs and adjustments, paid over the end of 2023 and the start of 2024. The payment included a significant deposit made at the agreement signing, with the balance settled in early 2024, subject to final adjustments.
For the second quarter of 2023, NOG reported record quarterly production, highlighting a substantial year-over-year increase in both oil and natural gas production. This growth was part of their updated guidance, which forecasted an annual production range of 96,000 to 100,000 barrels of oil equivalent per day (Boe/d) and set a total budgeted capital expenditure between $764 million to $800 million.
About NOG
NOG stands out as a leading investor in non-operated energy assets across America, focusing on strategic acquisitions in the country's top hydrocarbon-producing regions. The company continues to focus on low-risk, high-return portfolio diversified by geography and commodity, primarily targeting premier regions of the United States such as the Permian, Williston, and Marcellus basins.
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Ain't Nothing Like a $2 Billion Deal: Oasis Sells Midstream Affiliate to Crestwood
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/Oasis_Petroleum_Crestwood_Equity_Partners_Oasis_Midstream_Partners.png)
Crestwood & Oasis Midstream merge to create a top Williston #basin player. $1.8 billion deal is expected to close during the Q1 of 2022. The transaction will result in a 21.7% ownership stake for Oasis in Crestwood common units. The remaining ownership of Oasis in Crestwood will also be of benefit to the company since it will create a diversified midstream operator with a strong balance sheet and a bullish outlook after this accretive merger.
Vital Energy Raises Production Outlook and Capital Spending with Significant Permian Basin Acquisition
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/166Blog_Vital Energy Closes $362MM Permian Deal Acquired Forge Assets.png)
Vital Energy’s deal adds 24,000 net acres and 100 gross drilling locations in Texas, growing its Permian Basin footprint to around 198,000 net acres. Vital Energy is revising its projections for oil and gas production and capital spending upward following the successful acquisition of a substantial area in the Permian Basin. The company has gained around 24,000 net acres and 100 gross drilling locations in Texas. As a result of this deal, Vital Energy is now increasing its full-year production and capital spending guidance.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/297_Blog_Keystone XL Pipeline Controversy and Wildlife Disaster From Trump's Green Light to Biden's Red Light on the 15 Billion Project.jpg)
The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/282_Blog_Renewable Natural Gas How RNG Changes the Industry.jpg)
The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/295_Blog_Renewable Efforts Lag as Global Oil and Gas Demand Continues to Rise.jpg)
Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.