Permian Basin oil and gas deals getting bigger as market recovers from COVID-19

There are three recent acquisitions of oil- and gas-producing assets in the Permian Basin. And yes, it moved more than $1 billion in the last week! This is as the market for fossil fuels in the U.S. grows along with production in the basin. This is one of the nation’s most active.

Domestic oil was trading at about $88 per barrel. It goes up from about $85 a barrel a week ago, per data from Nasdaq.

The increased value in oil was followed by growth in oil and gas rigs with the Permian Basin adding one rig in the past week for a nation-leading total of 293 rigs – an increase of 101 from a year ago, as of Friday per the latest data from Baker Hughes.

New Mexico and Texas, which share the Permian, had 94 and 294 rigs, respectively – holding the top two rig counts in the nation, Baker Hughes reported.

Amid that growth more companies sought to increase their presence in the leading basin in early 2022.

Earthstone Energy announced Monday it acquired lands in the eastern Midland Basin, a section of the greater Permian in West Texas, for about $860 million from Bighorn Permian Resources.

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Source: Carlsbad Current-Argus

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