Permian Basin 2017

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PERMIAN BASIN: KEY PLAYERS 36 | November 2017 | gross horizontal wells, according to Parsley's sec- ond-quarter 2017 report. Roughly half of the wells Parsley brought online in the second quarter tar- geted new zones or were drilled and completed with new spacing configurations, the report stated. As of June 30, net production averaged 64.7 Mboe/d, up 18% vs. the first quarter and 81% year-over-year, and daily net oil production increased 14% vs. the first quarter and 82% year- over-year. In April Parsley acquired undeveloped acreage and producing oil and gas properties in the Mid- land Basin from Double Eagle Energy Permian LLC for about $2.8 billion, a press release stated. In addition, according to the second-quarter report, the company "executed several acreage trades that enhance the development potential of its Midland Basin footprint. …Parsley added more than 500,000 net lateral feet to the company's hor- izontal drilling inventory through trades executed since its last quarterly update in May. Including this footage, Parsley has added approximately 1.4 million net lateral feet through acreage trades since announcing the acquisition of Midland Basin assets from Double Eagle Permian LLC and certain of its affiliates in February, while consolidating key development areas." Pioneer Natural Resources Pioneer Natural Resources is a large, independent E&P company focused on developing two oil-rich shale plays in Texas: the Spraberry/Wolfcamp in the Permian Basin and the Eagle Ford Shale in South Texas. Pioneer maintains a strong, investment-grade balance sheet, with net debt to 2017 operating cash flow of 0.2x, the company said. It is the larg- est producer in the Spraberry/Wolfcamp, with a resource potential of more than 11 Bboe and an inventory of more than 20,000 untapped horizon- tal drilling locations. Pioneer's total Spraberry/Wolfcamp produc- tion increased by 12 Mboe/d, or 6%, vs. the first quarter, according to the company's second-quar- ter 2017 earnings report. The company placed 61 horizontal wells on production in the second quarter in the Spraberry/Wolfcamp region in addition to operating 18 horizontal rigs in the area. Pioneer also exported about 1 MMbbl of its Permian oil to Europe. QEP Resources QEP Resources is an independent crude oil and natural gas E&P company. Permian Basin net production averaged about 21.2 Mboe/d (89% liquids) during the second quarter, a 38% increase compared with the first quarter and a 23% increase compared with sec- ond-quarter 2016 and a record for the company in the Permian Basin, according to QEP's sec- ond-quarter 2017 report. Pioneer Natural Resources is focused on developing the Spraberry/ Wolfcamp in the Permian Basin. (Photo courtesy of Sands Weems for Pioneer Natural Resources)

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