Parsley Energy
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In another all-stock transaction, one of the largest operators in the Permian Basin is set to add nearly 250,000 acres to its portfolio and swell oil production to more than 300,000 B/D. -
Oil companies large and small have pulled out the stops to stay on solid ground. Devon, Diamondback, and Parsley post latest cuts in production.
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The Texas Railroad Commission finally ended its uncomfortable flirtation with limiting production by declining to set quotas, but it changed rules to speed oil storage construction and allow companies to conserve cash by giving them more time to plug wells and clean up waste pits.
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US shale operators are cutting deeper, with some eliminating drilling and completions activity altogether.
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The move will bolster Austin-based Parsley’s holdings in the Delaware Basin, giving it a contiguous 120,000 net acres opposite of its original Midland Basin focus area.
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The industrial Internet of Things (IoT) is changing the way the oil and gas industry operates, but are companies leveraging it to its full potential? What strategies are being employed to handle the obstacles to implementation? Finding value in people plays a role in integrating IoT into operations.
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Oilfield flares are a bright indicator of rapidly rising oil production that exceeds pipeline capacity. And it raises the question: Why are oil companies in such a hurry?
