U.S. Energy Development Corporation (U.S. Energy) is broadening its presence in the highly productive Permian Basin. The company is set for substantial growth in one of the leading oil and gas regions in the United States.
Investment Plans
In the coming year, U.S. Energy plans to invest approximately $750 million, focusing the majority of this capital on projects within the Permian Basin.
Following the success of the JT Morris pad, U.S. Energy successfully brought its Westway 2122 two-well pad online in mid-June. Like the JT Morris project, the Westway project was completed ahead of schedule and under budget.
Future Drilling Activity
Looking forward, U.S. Energy intends to ramp up its drilling activities in the Permian Basin. Plans include acquiring a new rig in October 2024 to drill additional wells in the Delaware formation, continuing its collaboration with Atlantic.
Besides its operated projects, U.S. Energy has also been heavily investing in non-operated ventures in the Permian Basin. This year, the company has dedicated significant capital to these transactions, enhancing its influence and production capabilities through partnerships and joint operations.
Company Background
Established in 1980, U.S. Energy Development Corporation is a privately held exploration and production firm that manages assets for itself and its partners. The company has invested in, operated, and drilled around 4,000 wells across 13 states and Canada, deploying over $2 billion on behalf of itself and its partners.
Operational Excellence
“Having the right team on-site is crucial for successful development in the Delaware Basin. We were fortunate to secure an active rig to work alongside our experienced drilling consultants,” said Kevin Duncan, vice president of operations for U.S. Energy.
“Our completion team, with the support of our service providers, executed the completion design efficiently, resulting in excellent drilling and completion performance, as evidenced by our cost savings.”
“We are grateful to Rick Jennings and Atlantic Energy Partners for connecting us with the J.T. Morris prospect, which has extended our operational reach into promising territories,” added Duncan.