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Permian-Resources-Secures-a-Major-Deal-in-the-Thriving-Delaware-Basin

Permian Resources bolsters dominance in the Delaware Basin with strategic land acquisitions, expanding its portfolio by over 5,000 net leasehold acres and 3,000 royalty acres.

In a stunning display of growth and strategic maneuvering, Permian Resources Corp., based in Midland, Texas, has made waves in the first quarter by securing a series of deals worth over $200 million in the highly sought-after Delaware Basin. This move solidifies their position as a player in the region.

One of the highlights of Permian Resources' quarter was the acquisition of a substantial 4,000 net acres, comprising 3,300 net royalty acres with an average net production of 1,100 barrels of oil equivalent per day (boe/d). This bold move cements its foothold in the energy landscape, bolstering its portfolio with promising assets and strengthening its overall market position.

What we already know 

Permian Resources recently announced a major transaction, adding to its already substantial acreage in Lea County. The company successfully executed a strategic acreage trade during the first quarter 2023. This trade involved: 

  • Approximately 3,400 net acres in Eddy County, New Mexico.
  • About 3,200 net acres of lower working interest acreage. 
  • Among these transactions were grassroots acquisitions that resulted in an impressive addition of approximately 530 net acres to Permian Resources' portfolio. The company secured around 20 net royalty acres, further strengthening its position in the market.
  • Permian Resources didn't limit its transactions solely to upstream activities and made divestments in its saltwater disposal wells and the corresponding produced water infrastructure located in Reeves County, Texas.

Co-CEO James Walter enthusiastically shared the impact of this trade during a recent analyst call, stating, "This trade significantly enhances our working interest in high-return locations and paves the way for the creation of several newly operated drilling units." He further revealed that development activity is expected to commence in about half of the inbound acres over the next 12 months. Such a transaction promises remarkable growth and value for shareholders, making it a highly accretive move.

Permian Resources demonstrated its commitment to expansion by executing over 45 transactions in the first quarter alone. 

Path to A&D Success

Permian Resources, the result of a successful merger between Colgate Energy Partners II LLC and Centennial Resource Development Inc., has emerged as the pure-play E&P company in the Delaware Basin. With a strategic focus on efficiency and cost reduction, the company has achieved remarkable progress since its inception a year ago.

Permian Resources portfolio of mineral and royalty interests in the Permian’s Delaware Basin.

Co-CEO Will Hickey highlighted the achievements resulting from the combination and integration process, emphasizing significant operating cost reductions, improvements in drilling and completion costs, and overall operational efficiencies. This commitment to excellence is a testament to the talented team driving Permian Resources' success.

Looking ahead, Hickey expressed the company's determination to enhance capital efficiency further and reduce costs, enabling incremental free cash flow that can be returned to shareholders. Permian Resources recognizes the importance of maximizing value for its investors and remains dedicated to identifying new opportunities for growth.

Notably, the company's royalty-focused entity is currently generating over $50 million of annual free cash flow, solidifying Permian Resources' position as a formidable player in the industry.

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Riley Permian Secures $330 Million Acquisition in Thriving New Mexico: A Strategic Move with Promising Returns

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In a big move for Riley Permian, the company has just closed a deal to acquire top-of-the-line oil and gas assets in the heart of New Mexico. The acquisition, which was made in February, saw Riley Permian snapping up these highly sought-after resources from none other than Pecos Oil & Gas LLC for $330 million.

Multi-Billion Dollar Deal: Ovintiv to Expand Midland Basin Portfolio with EnCap Acquisition and Exit Bakken

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Ovintiv Strikes Billion-Dollar Oil Deal, Doubling Production in Permian Basin with EnCap's Black Swan, PetroLegacy, and Piedra Resources. The deal, which was approved unanimously by Ovintiv's board, is slated to close on June 30. With over $5 billion in transactions announced on April 3, Ovintiv is set to expand its oil production by snatching up 65,000 net acres in the core of the Midland Basin. The deal with EnCap will give them a strategic edge in Martin and Andrews counties, Texas, with approximately 1,050 net, 10,000-ft well locations added to their inventory.

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Baytex Energy Corp., a prominent oil and gas company, has struck a deal to sell part of its Viking assets located in Forgan and Plato, southwest Saskatchewan. The transaction sealed at CAD 153.8 million (approximately US$113.23 million).

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This summer, J.P. Morgan Securities highlighted Endeavor Energy Resources as the Midland Basin's standout in mergers and acquisitions, suggesting its value might approach $30 billion. Endeavor Energy Resources, a privately-owned entity in Midland focusing solely on its operations, has seen a significant uptick in production. It now boasts a production rate of 331,000 barrels of oil equivalent per day (boe/d), marking a 25% increase from the previous year.

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WhiteHawk Energy has recently completed a significant acquisition in the Marcellus Shale, investing $54 million. This deal has effectively doubled their mineral and royalty ownership in the Marcellus Shale, particularly in Greene and Washington counties in Pennsylvania. This region is noted for its high-quality natural gas reserves. WhiteHawk’s Marcellus assets now encompass approximately 475,000 gross unit acres, featuring production from about 1,315 horizontal shale wells. In addition to this, they own interests in 72 wells-in-progress, 64 permitted wells, and nearly 900 undeveloped Marcellus locations. This acquisition is expected to double WhiteHawk's net revenue interest in each well within its Marcellus holdings​​.

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