American Oil and Gas Reporter - October 2024 - 23

IndustryDigest
acquired assets located in some of the
highest quality subregions prospective for
multiple proven formations. " ❒
Devon Energy Completes
Williston Basin Purchase
OKLAHOMA CITY-Devon
Energy Corp. has completed the
acquisition of Grayson Mill Energy for
a transaction valued at $5 billion. The
deal was announced in July.
The company says the transaction
transforms the company's Williston
Basin business, with the addition of
307,000 net acres, 500 undrilled gross
locations and 300 high-quality
refracture candidates.
" We are excited to announce the
completion of our acquisition of Grayson
Mill Energy. This strategic transaction is
an excellent fit for Devon, enabling us to
efficiently expand our operating scale
and production, " says President and
Chief Executive Officer Rick Muncrief.
" I would like to thank the teams working
together for their hard work and look
forward to the successful integration. " ❒
SM Energy Co. Closes On
Uinta Basin Acquisition
DENVER-SM Energy Co. has
closed the Uinta Basin acquisition of an
80% undivided interest in the oil and
gas assets of XCL Resources LLC and
affiliated entities, which includes the
exercise of its option to acquire certain
additional assets adjacent to XCL
Resources position. The deal was
announced in August.
SM President and Chief Executive
Officer Herb Vogel says the company is
excited to add a third core area of highquality
assets to the company's portfolio.
" We look forward to welcoming new
employees to the SM team from XCL
Resources and Altamont Energy and to
working in our new Utah communities, "
he says. " The Uinta acquisitions add
significant scale and long-term value
creation opportunity for SM Energy via
high-quality, oily stacked pay with
outstanding well economics. "
According to SM, the Uinta
acquisitions include:
· Approximately 63,300 net acres;
· An initial estimate of 465 net
locations normalized to 10,000 foot
laterals;
OCTOBER 2024 23
· High oil content production of
86%-87%;
· Estimated net proved reserves of
approximately 110 million barrels of oil
equivalent; and
· A centrally located sand mine
(on company-owned surface acreage)
that initiated operations in late
September 2024.
The Uinta acquisitions totaled $2.1
billion and have an effective date of May
1, SM says. Cash paid at closing on Oct.
1 totaled $1.9 billion, which is net of the
$102 million previously paid deposit. ❒
September Gas Storage
Pushes Past 3.5 Tcf
WASHINGTON-Underground
natural gas storage in the United States
stood at 3.547 trillion cubic feet on
Sept. 27, 5.7% above the five-year
average, according to the U.S. Energy
Information Administration. That was
127 Bcf more than a year ago, when gas
storage stood at 3.420 Tcf.
Gas storage in the East Region was
846 Bcf on Sept. 27, 3.8% above the
five-year average, and 6 Bcf more than
a year ago, EIA reports.
In the Midwest, gas storage stood at
1.013 Tcf on Sept. 27, 11.4% above the
five-year average and 30 Bcf more than
a year ago.
In the Mountain Region, EIA
continues, gas storage was 283 Bcf on
Sept. 27, 44.1% above the five-year
average and 45 Bcf more than a year ago.
The Pacific Region's gas in storage
was 293 Bcf on Sept. 27, 6.5% above
the five-year average and up 41 Bcf
from a year ago.
In the South-Central Region, gas
storage levels on Sept 27 were 1.113
Tcf, 2.4% above the five-year average
and up 28 Bcf from a year ago. ❒
View the industry's latest
leading indicators at
www.aogr.com!
http://www.aogr.com http://www.resfrac.com
American Oil and Gas Reporter - October 2024

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