Civitas Resources is offloading non-core interests in Colorado...
Civitas Resources is offloading non-core interests in Colorado as the company prioritizes investment in the Permian Basin.
Civitas divested $85 million of non-core acreage in the Denver-Julesburg (D-J) Basin during the fourth quarter—primarily non-operated interests with minimal production, the Denver-brd company reported in earnings after markets closed Feb. 27.
The company remains on track to reach a $300 million divestment target by the middle of the year. Civitas has been cleaning up its portfolio in Colorado and plowing billions of dollars into deals in the Permian Basin—the nation’s top oil-producing region.
The company plans to deploy roughly 60% of its total investment into the Permian this year, with the remaining 40% earmarked for the D-J Basin.
Last year, Civitas made a splashy entrance into the Permian with nearly $7 billion in M&A.
Several oil and natural gas companies, including Encino Energy Partners...
Several oil and natural gas companies, including Encino Energy Partners and Infinity Natural Resources, have received mineral rights from the Ohio Oil and Gas Land Management Commission allowing them to conduct fracking operations under state parks and wildlife areas. The decision drew widespread criticism and sparked protests over environmental conservation, transparency and the potential impact on public lands.
Drilling retreat likely in Haynesville amid price slump
The prospect of a drilling and production slowdown in the Haynesville...
The prospect of a drilling and production slowdown in the Haynesville Shale looms large as operators in the region, even the most efficient ones, start to feel the pinch of low natural gas prices. The price downturn may prompt operators, particularly privately-owned entities, to scale back drilling, potentially paving the way for a more favorable price environment next year.
U.S. crude stockpiles swelled last week, the API reported Tuesday, marking...
U.S. crude stockpiles swelled last week, the API reported Tuesday, marking the third-straight week of hefty gains, though product inventories including gasoline fell more than expected as U.S. refinery activity remains at near two-year lows.
U.S. crude inventories rose by about 8.4 million barrels for the week ended Feb. 25, compared with a build of 7.2M barrels reported by the API for the previous week. Economists were expecting an increase of about 1.5M barrels.
The API data also showed that gasoline inventories fell by about 3.3M barrels and distillate stockpiles fell by 523,000 barrels, compared with expectations for a draw of about 1.3M barrels and 2M barrels, respectively. The ongoing draw in product stockpiles has been spurred low domestic refinery activity amid maintenance and weather-related constraints.
U.S. economy's fourth-quarter growth rate lowered to 3.2%
The growth of the U.S. economy in the fourth quarter was downgraded slightly...
The growth of the U.S. economy in the fourth quarter was downgraded slightly to a 3.2% annual pace, reflecting a somewhat slower buildup of inventories or unsold goods.
The increase in gross domestic product in the fourth quarter was still quite robust and followed an even stronger 4.9% gain in the third quarter.
Nor does the economy appear to have slowed early in the new year. The latest forecasts suggest the U.S. is expanding at a 3%-plus clip in the first quarter. The economy’s top sustainable speed in the long run is generally seen at around 1.8%.
