Permian Basin 2017

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PERMIAN BASIN: KEY PLAYERS | November 2017 | 41 newly formed upstream operating company began operations with the acquisition of an established, long-life waterflood asset in the Clearfork Forma- tion in Crosby County, Texas. In November 2015 Surge Energy completed a second acquisition of about 78,000 net acres in the Northern Midland Basin in Howard and Borden coun- ties, the website stated. Surge Energy's premier acre- age position offsets several recent acquisitions and includes more than 1,200 drilling locations in the Wolf- camp and Spraberry formations. On Surge Energy's website, the company reported average daily production of 7,275. WPX Energy WPX Energy has about 100,000 net acres in Permian's Delaware Basin with the majority of this land in Loving County, Texas, and Eddy County, N.M. The company operates more than 700 wells in the basin and also owns an interest in 900-plus wells that are operated by other companies, accord- ing to a company fact sheet. Capex of $596 million during first-half 2017 included $32 million for Delaware infrastructure, accord- ing to WPX's second-quarter 2017 earnings report. The company participated in six gross (1.06 net) nonoperated wells in the Delaware Basin. WPX reported average produc- tion in the Delaware Basin of 20.2 Mbbl/d of oil, 8 Mbbl/d of NGL and 75 MMcf/d of natural gas in the sec- ond quarter, according to the report, with total Delaware production of 40.7 Mboe/d (a 49% increase from the previous quarter). In June WPX and Howard Energy Partners partnered to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Permian's Delaware Basin, a press release stated. The 50:50 joint venture with Howard is designed to support WPX's drilling operations in the Stateline area, rep- resenting 50,000 net acres, or 37% of WPX's roughly 135,000-acre (net) position in the Delaware. n

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