E&Ps such as Diamondback continue to outperform their peers as larger, capitalized companies look to buy smaller companies and private equity is on the move, including a new Chinese-backed entrant.
In an area where Goodrich spends no capex, the company sold 2,850 boe/d in production in the Eagle Ford but apparently did not receive credit for its undeveloped acreage.
A Goldman Sachs analyst identifies targets for major oil companies that have failed so far to gain entry into shale plays and need to replace depleted reserves.
The top 10 frack sand suppliers claim 55% of total business, while more than 40 companies make up the remaining percentage.
Both companies said July 10 that they had agreed to extend the Department of Justice’s review of their merger while Halliburton readies divestment of billions of dollars in revenue-generating business divisions.
The $47 million transaction more than quadruples the Fort Worth, Texas-based company’s net acreage in the Permian Basin and ups production by 15%.