XCL Resources Team Launches X2, Targets Multibillion-Dollar M&A
X2 Resources, led by the team that built XCL Resources, is targeting...
X2 Resources, led by the team that built XCL Resources, is targeting acquisitions of $500 million to multibillion-dollar value across “premier” oil and gas basins, backed by EnCap and other investors.
X2 Resources secured new equity capital commitments from EnCap Investments LP, Westlawn Group, Rice Investment Group (RIG) and its management team, the firms said April 24.
The X2 team is coming off a $2.64 billion sale in Utah to SM Energy and Northern Oil & Gas (NOG) in October 2024. NOG took a 20% non-operated stake in XCL’s Uinta Basin assets.
XCL was the leading developer in the Uinta’s waxy crude oil play, where the company grew production from 10,000 bbl/d to 60,000 bbl/d.
Its operations focused primarily on the prolific Uteland Butte bench, the basin’s most established targets.
XCL drilled 250 wells across 12 of the Uinta’s formations, including underdeveloped zones such as Douglas Creek, Castle Peak and the Wasatch, demonstrating early success in extending the boundaries of the play.
U.S. stocks end higher with Dow, S&P 500 and Nasdaq all scoring weekly gains
The U.S. stock market closed higher Friday, notching...
The U.S. stock market closed higher Friday, notching weekly gains as investors hoped for de-escalation with China in the global trade war.
The Dow Jones eked out a gain of around 0.1% on Friday, while the S&P 500 rose 0.7% and the Nasdaq Composite jumped 1.3%, according to preliminary data from FactSet. All three major U.S. equities benchmarks booked weekly gains.
For the week, the Dow rose 2.5%, the S&P 500 advanced 4.6% and the technology-heavy Nasdaq jumped 6.7%, the preliminary data show.
A new US policy mandating a gradual shift to American-built, flagged...
A new US policy mandating a gradual shift to American-built, flagged and operated vessels for exports is unrealistic and risks undermining the country's LNG market leadership, representatives of the US LNG industry warned. "There are no such vessels in existence today, and building them would take decades, making compliance impossible for the industry," said Center for LNG Executive Director Charlie Riedl.
U.S. supermajor Chevron, along with several other multinational...
U.S. supermajor Chevron, along with several other multinational energy firms, has exited its oil concession blocks in Egypt’s Red Sea region after failing to discover commercial oil or gas reserves.
Despite making substantial investments beyond their initial commitment, one company, which reportedly spent $34 million against an initial commitment of $ 10 million, did not find any viable resources. As a result, Chevron renounced 45% of its stake in Red Sea Block 1, located in the northern Red Sea. The block is jointly held by Chevron and Australia-based oil giant Woodside Energy Group.
Permian E&P Matador Resources has adjusted its drilling and completion...
Permian E&P Matador Resources has adjusted its drilling and completion (D&C) activity for 2025, CEO Joe Foran said in Matador’s first-quarter earnings released April 23.
The company plans to reduce its fleet to eight drilling rigs by mid-year, down from nine rigs at the start of 2025.
Declining D&C activity by Matador and on its non-operated assets will result in 6.7 fewer net wells this year. The pullback in activity should reduce Matador’s D&C spending by $100 million to $1.275 billion.
Matador holds 198,700 net acres spanning across the Delaware Basin of New Mexico and West Texas. Production averaged 198,631 boe/d in the first quarter.
