SilverBow Resources Inc. has successfully executed a horseshoe lateral in the Austin Chalk formation of South Texas, transforming a one-mile well into an 8,900-foot U-shaped hole.
The agreement includes the deployment of two FORCE electric hydraulic fracturing fleets, wireline, and pumpdown services on ExxonMobil’s Permian operations in the first half of 2024, with an option for a third FORCE fleet with wireline and pumpdown services to commence operations in early 2025.
ExxonMobil continues to expect that the U.S. antitrust authority will give the green light to its proposed $60-billion all-stock acquisition of Pioneer Natural Resources by the end of the second quarter
While production is at record levels, productivity per well in the Permian basin has declined 15% since 2020, due to factors like interference with underground pressure from extensive drilling. However, innovations like longer lateral wells and simultaneous fracking (simul-frac) are improving efficiency and lowering costs.