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Upstream Production Report: 2022 vs. 2023 vs. 2024 – Main Basins, Operators, Oil vs. Gas

Rextag

This report analyzes upstream oil and gas production trends over the last three years, based on data from Rextag Energy DataLink. OXY (Occidental) is the top oil producer , while Expand Energy is a strong gas producer despite minimal oil output. in 2024. EQT is notable for its gas-heavy production profile.

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Permian Basin Economic and Energy Update: Q4 2024

Oil Gas Leads

The Permian Basin continues to demonstrate resilience and growth as we close out the fourth quarter of 2024. A combination of rising energy prices, stable production, and economic expansion has positioned the region as a key driver of the U.S. oil and gas sector. per barrel , marking a 5.2% quarter-over-quarter growth and a 5.7%

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SM Energy reports record proved reserves, including 34 percent in Midland Basin

Permian Basin Oil and Gas Magazine

SM Energy of Denver recently reported record oil production for 2024 and also a company record for yearend estimated net proved reserves. Estimated net proved reserves at yearend 2024 were 673 million barrels of oil equivalent, including 51 percent in south Texas, 34 percent in Midland Basin and 15 percent in Uinta Basin.

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ONEOK’s Expanding Footprint in the Permian Basin

Oil Gas Leads

The Permian Basin continues to be a driving force behind U.S. During its Q4 2024 earnings call , ONEOK outlined significant infrastructure expansions, acquisitions, and future growth opportunities in the Permian. Heres a breakdown of what was said about the companys investments and outlook for the basin. Bcf/d in 2025.

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Ring Energy divests non-core vertical wells after Lime Rock acquisition

Permian Basin Oil and Gas Magazine

The Woodlands-based Ring Energy said last week it divested non-core vertical wells with high operating costs for $5.5 Ring is in the process of bolting on central basin platform assets from Lime Rock and is divesting expensive, non-core vertical wells. For fullyear 2024, capital spending was $151.9

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African national oil companies (NOCs) partnering with independents to drive E&P

Oil & Gas 360º

Senegals Petrosen and Mauritanias SMH worked alongside bp and Kosmos Energy to develop the Greater Tortue Ahmeyim LNG project situated on the maritime border of the two countries and producing first LNG in January 2025. UNOC is also advancing exploration in the Moroto-Kyoga basins, with preliminary studies aimed at uncovering new oil fields.

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Strategies for Operators to Stay Ahead in a Hot M&A Market

Enverus

Kicking off the first large Permian deal of 2025, Diamondback Energy acquired part of the assets of Double Eagle IV for $4.1 Diamondback is one of the largest players in the Permian Basin, second only to Exxon Mobil, based on gross operated oil volumes. [1] 5] Look for opportunities in less consolidated areas or other basins.

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