The Hottest Ticket in Town This Week
And by “Town,” we mean Acquisition-ville in the Permian Delaware whose gravitational pull has resident operators seeking more of its oily-rich magic to call their own. Reese Energy Consulting today is following the latest news from two of those E&Ps landing back-to-back deals this week in the land o’ plenty. And it’s only Tuesday.
Over the last 15 months, Tulsa-based Permian pure player Vital Energy has proven it is no doubt B-12 shot-energized to grow its Delaware position, scoring three asset pick-ups just last year. The company now will further stretch its legs there with a $1.1 billion acquisition of Fort Worth-based Point Energy Partners, increasing its Delaware foothold by 25% for a total 84,000 net acres. Vital will share the all-cash deal—which includes 16,300 acres, 30 MBOED, 68 gross inventory locations, and sizeable midstream assets—80-20 with non-operator Northern Oil and Gas.
Meanwhile, Midland-based Permian Resources continues to build its own superpowers in the Delaware where the company in short order has become the Permian’s second-largest pure player helmed by two of its youngest operators. In an $818 million dollar with Houston-based OXY, which is now on a $4.5 to $6 billion divestment mission following last December’s $12 billion purchase of CrownRock. PRC will add 29,500 net acres in the Texas and N.M. Delaware, 9,000 net royalty acres, 15 MBOED, and midstream assets to its current 400,000 net acres and 68,000 net royalty acres across the Permian.