TGIF -- September 15, 2023

Locator: 45658B. 

 UAW on strike. This should help the Fed cool the economy. I always forget if there are two "c's" in recession.

Oil continues to climb. This should help the Fed cool the economy. For some, there's no such thing as a soft landing.

Bonds, inverted. Flashing red. Recession obsession. If one has predicted a recession since 2019, and it's now 2023, and if we have a recession in 2024 -- five years since the advent of "recession-obsession" -- is that a confirmation of the "business cycle" or a confirmation of really bright analysts?

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Back to the Bakken

WTI: $90.54.

Sunday, September 17, 2023: 90 for the month; 292 for the quarter, 537 for the year
39559, conf, CLR, Fuller 12-2HSL,
39028, conf, Liberty Resources, Overdorf 158-96-1-12-3MBH,

Saturday, September 16, 2023: 88 for the month; 290 for the quarter, 521 for the year
None.

Friday, September 15, 2023: 88 for the month; 290 for the quarter, 535 for the year
39623, conf, Crescent Point Energy, CPEUSC Matillda May 6 29-32-158N-100W-MBH-LL;
28831, conf, Petro-Hunt, Arsenal Federal 149-1002-17A-20-2H,

RBN Energy: E&Ps are taking different approaches to getting bigger.

The M&A boom in the Permian and Eagle Ford continues unabated. Lately, a multitude of E&Ps have built scale and increased profitability by acquiring other producers that control acreage and produce crude oil, natural gas and NGLs themselves. But it’s also possible for an E&P to boost its holdings by acquiring incremental working interests in its operated assets or by having an affiliate acquire royalty and mineral interests in acreage the producer plans to develop. In today’s RBN blog, we discuss the most recent M&A activity in two of the U.S.’s leading production areas, including Viper Energy Partners’ planned $1 billion purchase of mineral and royalty interests in the Permian; Crescent Energy’s plan to acquire incremental working interests in South Texas; and an old-school, bolt-on acquisition by Magnolia Oil & Gas, also in the Eagle Ford.

It’s been hard to keep up with all the upstream M&A in South Texas, West Texas and southeastern New Mexico — it’s not just the summertime temperatures that have been scorching hot in this part of the world. Just a couple of weeks ago, in Eat or Be Eaten, we examined the plans by Permian Resources to acquire Earthstone Energy; Civitas Resources to buy assets in the Permian’s Delaware and Midland basins from Tap Rock Resources and Hibernia Resources, respectively; and SilverBow Resources to scoop up Chesapeake Energy’s last remaining assets in the Eagle Ford.