Full Speed Ahead in the Bakken

Full Speed Ahead in the Bakken

Denver-based Whiting Petroleum last April earned the dubious distinction as the first major U.S. oil producer to file for bankruptcy after crude prices fell into an abyss. But with new leadership at the wheel, Whiting has re-emerged, crafting strategic moves to reclaim its place as N.D.’s biggest producer. Reese Energy Consulting today is following the latest news from Whiting, which is waving goodbye to its sizeable assets in Colo.’s DJ Basin and going full throttle in the Bakken. The E&P has just announced duo deals totaling $458 million, putting the Rocky Mountains in the rearview and revving up in the Williston Basin. Whiting has sold its entire position in the DJ for $187 million to an undisclosed buyer with assets that include 67,278 net acres and 7,100 BOEPD in production. In a second transaction, the company has acquired 8,752 net acres in the Williston with production of 4,200 BOEPD for $271 million, this also from an undisclosed buyer. The acquisition adds to Whiting’s current portfolio of 478,000 net acres in the Bakken and Three Forks shale plays, making it the third-largest producer.

What do you think? Learn more about REC and our range of oil and natural gas marketing expertise at www.ReeseEnergyConsulting.com.

Whiting Petroleum

Whiting Petroleum Corporation is an independent exploration and production company with an oil focused asset base. We are a top crude oil producer in North Dakota and operate substantial assets in northern Colorado. Headquartered in Denver, Colorado, we lead the industry with our competitive assets, commitment to safety, dedication to technology and record-setting results. Whiting is a competitive company, with a strong, responsible plan to create long-term value.

whiting.com

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Weight Watchers

Weight Watchers

Houston-based Occidental Petroleum continues to shed pounds to reduce its debt load of $35.47 billion. Reese Energy Consulting today is following the latest news from Oxy, which now will sell 25,000 acres in the Permian’s southern Delaware to PE-backed Colgate Energy Partners for $508 million. This gives Midland, Texas-based Colgate about 83,000 net acres in the Delaware. The deal includes 10,000 BOEPD from about 360 wells but is a relative blip on Occidental’s Permian map. The company remains the largest producer there as well as in the DJ Basin and the country of Oman. Occidental in February announced a Q4 2020 loss of $731 million compared with a $1.3 billion loss in the same quarter 2019 following its $38 billion acquisition of Anadarko Petroleum. Oxy has since sold off many of its premium assets both domestic and international as it transitions to a future more weighted in global carbon capture and sequestration management. Watch for the company this year to offload another $2 billion to $3 billion in properties.

What do you think? Learn more about Reese Energy Consulting and our upstream, midstream, and downstream services at www.ReeseEnergyConsulting.com.

Occidental Petroleum Corporation

Occidental Petroleum Corporation is an American company engaged in hydrocarbon exploration in the United States, the Middle East, and Colombia as well as petrochemical manufacturing in the United States, Canada, and Chile. It is organized in Delaware and headquartered in Houston.

www.oxy.com

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Drilling Bonanza in the DJ

Drilling Bonanza in the DJ

Add one more to the crush of mergers and acquisitions this year in the nation’s most prolific oil and gas basins, this time out West. Reese Energy Consulting today is following the latest news from Denver-based Bonanza Creek, which will combine with Extraction Oil & Gas in a $1.1 billion all-stock merger of equals with an enterprise value of $2.6 billion. The merger creates the largest pure-play oil and gas operator in the DJ Basin and introduces a name change to the pairing now collectively known as Civitas Resources. Total assets include 425,000 net acres and 117 MBPD in production. Civitas also will become Colo.’s first net-zero producer at closing with an aggressive emissions reduction program. Sustainability initiatives will include a multi-year investment in emissions offsets, an EV fleet and charging stations, responsibly sourced natural gas, and community solar facilities.

What do you think? Learn more about REC and our upstream, midstream, and downstream expertise and services at www.ReeseEnergyConsulting.com.

Bonanza Creek Energy

Bonanza Creek Energy, Inc. is a Colorado-based exploration and production company. We are committed to the communities and environment in which we live and operate. The Company’s primary objective is to maximize shareholder returns by safely and responsibly developing our oil and gas resources. Bonanza Creek is traded on the NYSE under the symbol “BCEI.”

bonanzacrk.com

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