Oklahoma is snapping up oil and gas headlines this week for new acquisitions and record-breaking achievements this quarterly season.
Reese Energy Consulting today is following the latest from Tulsa Permian producer Vital Energy (neé Laredo Petroleum), which has snatched up another 11,200 net acres in the Midland, adding to its current 163,000 net acres, and 5.5 MBOED to its current 79.6 MBOED. The cash-and-stock deal is valued at $215 million. Calif.-based Foothills Energy is on the hunt for more bolt-on buys in the Granite Wash, where it has picked up 21 wells in Comanche County.
Home-based operators like Continental and Devon are making impressive gains in Okla.’s Anadarko Basin, which is expected in March to top 445 MBPD and 6.9 BCFD in production. And speaking of rockstars, Devon today announced 4Q results that could set a boardroom on fire, describing its 2022 financial performance as the absolute best in its 52 years of business. For the year, the company reported a 74% increase in cash flow and doubled its dividend payout. Net earnings for the quarter totaled $1.2 billion with an all-time high in crude production of 316 MBPD. Devon operates in the Permian Delaware, Eagle Ford, Anadarko, Williston, and Powder River.