勘探与生产重心从昂贵的二叠纪盆地转移

据传,SM Energy、Ovintiv 和 Devon Energy 正在寻找二叠纪盆地的并购机会,但最终他们还是在价格更低的盆地达成了交易。专家表示,这是一个值得关注的趋势,因为生产商们对二叠纪盆地的高价格不屑一顾,转而选择威利斯顿、鹰福特、尤因塔和蒙特尼。

Precision Drilling 96 号钻机位于 Nathan Hale 4-25H 产油区附近的 Dakota-3 Bear Den 24-13H2 井上;北达科他州麦肯齐县(来源:Devon Energy)

在去年一系列令人瞠目结舌的并购交易之后,2025 年可能成为上游行业的重置之年。

与 2024 年不同,美国页岩盆地中很少有明显的组合引起分析师的注意。巨大的二叠纪盆地中最好的土地大部分已被占用,被锁定在一些世界上最大的石油生产商的投资组合中。

美国本土 48 个主要油田的其他增长引擎——威利斯顿油田、鹰福特油田、丹佛-朱尔斯堡油田 (DJ) 油田——均已出现停滞,并进入长期停滞状态。

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E&Ps Pivot from the Pricey Permian

SM Energy, Ovintiv and Devon Energy were rumored to be hunting for Permian M&A—but they ultimately inked deals in cheaper basins. Experts say it’s a trend to watch as producers shrug high Permian prices for runway in the Williston, Eagle Ford, the Uinta and the Montney.

Precision Drilling rig 96 on the Dakota-3 Bear Den 24-13H2 near the Nathan Hale 4-25H producer; McKenzie County, N.D. (Source: Devon Energy)

After a whirlwind run of eye-popping M&A transactions last year, 2025 could be a year of reset for the upstream sector.

Unlike in 2024, few obvious combinations in U.S. shale basins stand out to analysts. The best acreage in the mighty Permian Basin is mostly accounted for, locked up in the portfolios of some of the world’s largest oil producers.

The growth engines for other key Lower 48 plays—the Williston, the Eagle Ford, the Denver-Julesburg (D-J)—have sputtered and transitioned into long plateaus.

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