The economics of the Permian unconventional play, which runs across western Texas and southeastern New Mexico, are more attractive than most other options for new investment in the global upstream hopper, according to Wood Mackenzie.
Occidental Petroleum has posted a fourth quarter 2017 net profit of $497 million or 65 cents a share, due largely to its successful Permian Basin drilling and its OxyChem chemical business, Kallanish Energy reports.
Pioneer Natural Resources is moving to become a Permian Basin-only energy company, Kallanish Energy reports. The company announced plans to sell off all of its non-Permian Basin acreage and infrastructure to focus solely on the Permian Basin in West Texas and New Mexico.
Double Eagle Energy Holdings III, an independent oil and gas producer centered in the Permian Basin, said the Texas-based company has secured equity commitments of more than $1.0 billion, anchored by commitments from funds managed by affiliates of Apollo Global Management.
Newly formed exploration and production company Ridge Runner Resources said Monday it’s received a line of equity financing of up to $300 million from funds affiliated with private equity giant Warburg Pincus.
Atlas Sand and BlackGold Capital Management announced last week the closing of a $150 million credit facility to fund a portion of the ongoing construction of Atlas' Kermit and Monahans hydraulic fracturing sand plants in West Texas and for general company purposes.