2Q17 operational highlights
A majority of the following companies saw more than one-third of their total production come from the Permian Basin in 2Q17: Pioneer Natural Resources (PXD), Occidental Petroleum (OXY), Apache (APA), Concho Resources (CXO), Chevron (CVX), Cimarex Energy (XEC), ExxonMobil (XOM), and Parsley Energy (PE).
Barring Apache, all these companies have seen YoY (year-over-year) growth in their production volumes. This trend was exhibited by Apache in 1Q17 as well. (To know how all these companies had performed in 1Q17, see Market Realist’s Key Permian Oil and Gas: Company Production Profiles. For more on Apache, read Alpine High: The Motor Driving Apache’s Permian Growth Engine?)
Average realized prices
Almost all the companies listed above saw higher realized crude oil prices on a YoY basis in 2Q17. CXO’s realized crude oil prices were the highest in 2Q17.
Notably, the Permian Basin boasts one of the lowest break-even prices. We’ll discuss this further in the next part of our series.