Permian Basin 2017

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PERMIAN BASIN: KEY PLAYERS 34 | November 2017 | Occidental Petroleum Corp. Occidental Petroleum Corp. (OXY) is the largest operator and oil producer in the Permian Basin with about 12% net share of the basin's total oil production as of year-end 2016, according to the company. An international oil and gas E&P company with operations in the U.S., Middle East and Latin America, OXY manages its Permian operations through two businesses: Perm- ian Resources, which consists of growth-ori- ented unconventional opportunities, and Permian EOR, which utilizes EOR tech- niques, including CO 2 and water fl oods. Com- bined average produc- tion volumes for both Permian businesses were 284,000 boe/d in second-quarter 2017, up nearly 4% from the previous quarter, according to the company. Produc- tion volumes for Permian Resources jumped 9% over the same period due to increased drilling activity and well productivity, which have been benefi tted from data analytics and other advanced technologies. OXY has been active in the Permian for more than 30 years. In 2016 and 2017 the company made a series of bolt-on acquisitions that were accretive to and synergistic with existing assets, enhancing its acreage position and providing immediate produc- tion and free cash fl ow, OXY said. As part of those deals, in June 2017 OXY acquired working interests in the Seminole-San Andres Unit, a premier CO 2 fl ood in Texas that is now the company's largest operated, domestic oil-producing EOR operation, while concurrently completing transactions to divest nonstrategic acreage in Pecos, Andrews and Martin counties and adding incremental acreage to enhance a future core development area in Glass- cock County, Texas. Parsley Energy Inc. Parsley Energy focuses on the Permian Basin with operations in the Midland and Southern Delaware basins. The company spudded 49 gross horizontal wells in the second quarter while completing 27 Occidental's Permian Basin operations in Gaines County, Texas, are shown. (Photo by Ken Childress, courtesy of Occidental Petroleum) A Parsley Energy employee is shown working at John Denny Battery Facility in Midland County in July. (Photo courtesy of Parsley Energy)

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