Permian Resources expands in New Mexico with $175 mln deals
Jan 30 (Reuters) - Permian Resources executed two transactions worth $175 million to buy acreage in New Mexico, the oil and gas firm said on Tuesday.
The company has acquired about 11,500 net leasehold acres and 4,000 net royalty acres located in Eddy County from undisclosed third-parties.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Eddy and Lea County accounted for 29% of crude oil production in the Permian - the largest oil producing basin in the U.S. - in the first quarter of 2023, averaging 1.7 million barrels per day.
Permian Resources had acquired Earthstone Energy for $4.5 billion last year, boosting the shale producer's presence in the Delaware Basin.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Sriraj Kalluvila)