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Permian Resources (NYSE: PR) is an independent oil and natural gas company focused on driving sustainable returns through the responsible acquisition, optimization and development of high-return oil and natural gas properties. The Company’s operations are focused in the Permian Basin, with assets concentrated in the core of the Delaware Basin. Permian Resources is headquartered in Midland, Texas. This E&P firm is a leader in innovative drilling/fracking technology. They are managed by very experienced drillers and claim to have the lowest cost per linear foot of drill stem installed. They utilize "Bi-fuel" electrical generators (powered by Caterpiller Tier II bi-fuel diesel engines). These engines blend diesel with natural gas to minimize the carbon footprint of their drilling and fracking operation. It is estimated that for 1000 hours of operation, over a million Dollars is saved. Recent acquisitions from OXY have benefitted PR with large acquisitions of acreage that is contiguous to their existing fields. PR is a concentrated operation in the largest and last growing shale deposit in the US, The Permian. They are more concentrated in the least drilled portion of the Permian - The Delaware section. Our operations are concentrated in the core of the Delaware Basin and include over 450,000 net leasehold acres across the Permian Basin, making us the second largest pure-play E&P in the Permian Basin. The majority of our assets are concentrated within the Delaware Basin in Eddy and Lea Counties, New Mexico and Reeves and Ward Counties, Texas. Although small vs. the supers, they are hanging with the big boys in terms of production: ExxonMobil leads U.S. and Permian Basin in drilling rig countJanuary 10, 2025 by PBOG Leave a Comment  According to a report this week from Enverus, ExxonMobil remains the leading operator of oil and gas drilling rigs in U.S. and Permian Basin. As of Jan. 3, the latest weekly average in U.S. for ExxonMobil was 36.0 rigs followed by ConocoPhillips at 34.6, Occidental with 30.7, Mewbourne Oil with 25.1, EOG Resources with 23.3, Continental Resources with 21.4 and Devon Energy with 20.7. Permian leaders were ExxonMobil with 35.0, Occidental with 25.7, Diamondback Energy with 19.3, Mewbourne with 16.7, ConocoPhillips with 15.9, EOG Resources with 15.7, Devon with 14.3, Chevron with 12.6 and Permian Resources with 12.0 Although very conservative and with a relatively strong balance sheet, they like to hedge 50% of their production when geopolitical events create a spike in prices. Lastly they make no bones about the existing acreage in the Permian will continue to be merged and bought up by drillers that have the ability and wealth to gain scale by acquisition. Scale is what now allows efficiency with 3-4 mile long laterals. Accordingly they claim an interest in maximizing shareholders equity via selling their operation to a willing buyer. Management holds a good position in the shares outstanding. These boys are the new HI TECH rough necks in the best shale deposit in theUSA! | ||||||||||||||
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