Done, done, and done. The Exxon-Pioneer cliffhanger has reached its dramatic conclusion and both CEOs have hit the airwaves to discuss the nearly $60 billion energy merger that’s set to trigger more surprises in the Permian. What follows now—or rather, who’s next in this year’s consolidation frenzy—is whipping up the chatter among speculators. Reese Energy Consulting today is following the latest from the nation’s most prolific oilfield where three other independents may be looking darn right delicious for bigger fish on the hunt to build up reserves. Here’s a look.
Midland, Texas-based Diamondback Energy, a Permian pure-player since 2007, operates upstream and midstream assets in the Midland and Delaware, along with a mineral rights subsidiary that recently acquired $1 billion in royalty interests in the Permian. A darling of Wall Street, the company in 2Q reported 263.1 MBPD (449.9 MBOED) and revenues of $1.51 billion.
Permian Resources, also based in Midland, Texas, is a rising superstar among its peers. Among the basin’s youngest operators formed in 2015 and helmed by two childhood chums, PR claims the Delaware’s top spot following a $4.5 billion acquisition last month that doubled its size to more than 400,000 acres and a projected 300 MBOED. The company in 2Q reported 165.85 MBOED and $623.39 million in revenues.
The third independent considered a potential catch is Dallas-based Matador Resources formed in 2003, which operates primarily in the Delaware with 155,000 acres. The company has recently muscled up its midstream assets there with a $75 million acquisition in June. Matador reported 2Q production of 130.68 MBOED and $164.7 in revenues.