U.S. Energy Development Corporation to invest $750 million on Permian projects

June 30, 2024

(WO) – U.S. Energy Development Corporation (U.S. Energy) is expanding its operations in the prolific Permian basin. U.S. Energy is poised for significant growth and development in one of the most productive oil and gas regions in the United States.

Over the next 12 months, the company expects to deploy upwards of $750 million, with the majority of this capital earmarked for projects in the Permian.

Following closely on the heels of its success with the JT Morris pad, U.S. Energy brought its Westway 2122 two-well pad online in mid-June. Similar to JT Morris, the Westway project was completed under budget and ahead of schedule.

Looking ahead, U.S. Energy will accelerate its drilling activity in the Permian basin, with plans to pick up a rig in October 2024 for additional Delaware wells, again partnering with Atlantic.

In addition to its operated projects, U.S. Energy has been actively investing in non-operated transactions in the Permian basin. Year-to-date, the company has allocated substantial capital to these ventures, leveraging partnerships and joint operations to expand its influence and production capacity in the region.

Founded in 1980, U.S. Energy Development Corporation (U.S. Energy) is a privately held exploration and production firm that manages assets for itself and its partners. U.S. Energy has invested in, operated and/or drilled approximately 4,000 wells in 13 states and Canada and deployed more than $2 billion on behalf of itself and its partners.

“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,” said Kevin Duncan, vice president of operations for U.S. Energy.

“We appreciate Rick Jennings and Atlantic Energy Partners for providing and connecting our company with the J.T. Morris prospect, as it expands our operated footprint deeper into opportune territories.”


Connect with World Oil
Connect with World Oil, the upstream industry's most trusted source of forecast data, industry trends, and insights into operational and technological advances.