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- U.S. Energy Development Corp Expands Operations in Permian Basin
U.S. Energy Development Corp Expands Operations in Permian Basin
Slice of Energy Team
July 07, 2024
Key Highlights:
Strategic expansion into the prolific Permian Basin.
Completion of JT Morris and Westway projects under budget.
$750 million investment planned over the next 12 months.
Significant capital allocated to both operated and non-operated ventures.
Operational efficiency and strategic foresight driving growth.
Source (PR Newswire)
Notable Quotes:
"Having the right team on location is critical to development success in the Delaware Basin. We were very fortunate to contract an active rig to accompany our experienced drilling consultants and our completion team, with the support of our service providers, efficiently executed our completion design. This combination resulted in exceptional drilling and completion performance as illustrated with our cost savings."
"Jordan Jayson and his team at U.S. Energy have done a great job developing our Delaware Basin prospects on time, under budget and with wells hitting our type curves."
Our Take:
U.S. Energy Development Corporation’s strategic expansion into the Permian Basin is a testament to their robust operational efficiency and strategic foresight. By completing significant projects like the JT Morris and Westway pads under budget and ahead of schedule, U.S. Energy demonstrates a keen ability to manage costs and timelines effectively. Their planned $750 million investment over the next year, focused on both operated and non-operated ventures, positions them well to capitalize on the rich resource potential of the Permian Basin. This strategic growth not only enhances their production capacity but also mitigates risk through diversified investments, highlighting U.S. Energy's strong financial planning and execution capabilities.