STAGES Update: 6/11/2021

STAGES update for the week ending June 11, 2021

STAGES Pumped

The frac crew count added 6 this week to get to 230 for the first time since March of 2020.

STAGES Created

The horizontal rig count added 5 rigs this week, this included 4 in the Permian, 2 in the Eagle Ford, and an additional 3 in Wyoming.

STAGES Ratio

The STAGES Ratio increased to 55% this week.

STAGES News

This week Colgate Energy, a privately held operator located in Midland, announced it was purchasing the lease rights to 25,000 acres from Oxy. While Oxy described these as non-strategic acres, they supplement Colgate’s current acreage nicely. The land currently has 360 wells producing 10,000 bbl/day of oil equivalent. This represented 2.1% of Oxy’s production in the Permian Basin. Colgate has been pretty active this month. This announcement follows an announcement on June 1st that they would be acquiring Luxe Energy which included 22,000 acres and 17,000 bbl/day of oil equivalent. The resulting company is responsible for 82,000 acres and 55,000 bbl/day of oil equivalent, making it one of the largest private operators in the Permian. After the June 1st announcement, it was reported they had 4 rigs operating.