It’s the latest deal for Will Hickey and James Walter, the co-chief executive officers of Midland-based Permian Resources who have built up the company into a...
When Hickey and Walter took charge at Permian Resources, they forecast a 10% increase in shale oil production. They said at that time that they had a key competitive advantage by focusing exclusively on the Delaware Basin in Texas, the western and less developed part of the larger Permian Basin, America’s biggest oilfield.“If the U.S. is going to grow production, it’s going to be on the back of the Delaware Basin,” Walter told Bloomberg.
The Delaware, especially near the Texas-New Mexico border, is the country’s lowest-cost major production zone and has the highest number of top-quality well locations left to drill, according to S&P Global Commodity Insights. Initially, operations there were much costlier than in the Midland Basin, the eastern part of the Permian, because the area lacked infrastructure like pipelines and storage tanks, deterring some producers.
“The Delaware has more room to run and more top-tier undeveloped inventory than any other basin,” Walter said.Hickey and Walter started Colgate in 2015 while in their late 20s, just after the oil price crashed as OPEC flooded the market with crude in a bid to wrestle back control from the nascent U.S. shale industry.
“I’m not sure anybody has delivered the type of returns they have over the last six or seven years, especially on the large volume of dollars invested,” Quinn said. “There’s still a long way to go with this company. They’re not done yet.”
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