In a recent market update**, the combined company of ExxonMobil and Pioneer Natural Resources will have the highest total net production in the Permian this year.
The combined 2024 net production of Exxonmobil and Pioneer Natural Resources is slightly below the region's 1.4 million barrels of oil equivalent per day, with nearly 53% of production in the form of **.
Chevron's net production is slightly higher than that of the combined Diamondback Energy-Ende**or Energy, which expects to produce $81 per day in the Permian950,000 barrels of oil equivalent. Octidental-Crownrock's combined business is second only to Diamondback-Ende**or, with ConocoPhillips in fifth place, producing less than 800,000 barrels of oil equivalent per day. Chevron produces about 47 percent, Diamondback-Ende**or and Conocophillips 57 percent, and Octidental-Crownrock produces just under 50 percent.
In the latest drilling productivity report released earlier this month** by the U.S. Energy Information Administration (EIA), Permian oil production will reach 607 in February10,000 barrels per day, reaching 608 in March50,000 barrels per day. In the report, the EIA expects the region to produce 246 natural gas this month2.8 billion cubic feet, and 247 percent of natural gas per day in March6.2 billion cubic feet.
ExxonMobil announced a definitive agreement to acquire Pioneer Natural Resources in a statement published on its ** in October 2023. At the time, the company noted that the merger was an all-merger transaction valued at $59.5 billion, or $253 per share, based on Exxonmobil's price on October 5, 2023. Under the terms of the agreement, Pioneer Natural Resources shareholders will receive 23,234 shares of Exxonmobil. Exxonmobil said in a statement that the total implied enterprise value of the transaction, including net debt, was approximately $64.5 billion.
In December 2023, Occidental announced that it had entered into a purchase agreement to acquire Midland-based oil and gas producer Crownrock in a deal valued at approximately $12 billion, including taking on Crownlock's debt.
Earlier this month, Diamondback Energy and Ende**or Energy announced in a joint statement that they had entered into a definitive merger agreement under which Diamondback and Ende**or would merge in a transaction valued at approximately $26 billion, including Ende**Or's net debt.
Andrew Dittmar, senior vice president of Enverus Intelligence Research (EIR), said in an earlier statement that the Diamondback Energy-Ende**or Energy combination has created an Permian-pure-play field with an enterprise value of approximately $60 billion and is expected to produce $81. per day60,000 barrels of oil equivalent.
"When ExxonMobil announced its $64.5 billion acquisition of Pioneer Natural Resources in October, Rystad Energy highlighted that the deal ushered in an unprecedented new era of trading for the shale industry, which we called 'Shale 4.,'" Matthew Bernstein, senior analyst at Rystad, said in a market update0' era. The months since, have not disappointed in this regard, with the number and scale of 'big deals' announced by the Permian rapidly accelerating the consolidation timeline for the most prolific onshore basin in the United States since early October. The merger frenzy intensified as two regional heavyweights, Diamondback Energy and Ende**or Energy, announced that they would merge, valuing Ende**or at $26 billion. According to Rystad Energy's estimates, the move will create the most productive pure Permian stand-alone drill zone, while also having the second largest undeveloped drill area after Exxonmobil-Pioneer. ”
In the update, Rystad representatives noted that following Octidental's acquisition of Crownrock for approximately $12 billion in December, it is "clear that public producers are willing to pay the maximum dollar for the acquisition of private E&P companies, which can both boost the size of the total inventory and position itself in the Permian business hub for the long term." (Compiled by Xiao Chen).
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