WorldOil EIA reports sharp decline in drilled but uncompleted shale well count The decline in DUCs in most major U.S. onshore oil-producing regions, especially in the Permian region, reflects more well completions and, at the same time, less new well drilling activity. Reveal Energy Services to commercialize ConocoPhillips’ hydraulic frac pressure diagnostic tech Reveal Energy Services has entered into a technology licensing and development agreement to commercialize ConocoPhillips’ patented poroelastic response measurement [PRM] technology, and the companies will perform joint research and development in the PRM technology space. Shaletech: Bakken-Three Forks Shale The titular “cash engine” that is the Bakken-Three Forks shale has been running on fumes. But most of the operators left standing after a wave of consolidations are gearing up for what promises to see the Williston basin play regain some of its grit, as the year unfolds. Devon Energy sets net zero 2050 emissions targets, ESG performance goals Devon Energy announced it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain. Permian oil output nears pre-pandemic levels as crude prices build driller confidence Crude production in the Permian basin will reach 4.466 million barrels a day in May, the most in a year, and rig counts have touched a one-year high, according to the latest data from the Energy Information Administration. U.S. keeps Dakota Access Pipeline open during environmental review The Biden administration’s decision to allow the line to keep operating is a victory for pipeline owner Energy Transfer LP and drillers such as Continental Resources Inc. that use it transport crude from North Dakota’s Bakken oil field. Hess to reduce Bakken acreage in $312 million Enerplus deal The sale consists of approximately 78,700 net acres, which are located in the southernmost portion of Hess’ Bakken position and not connected to Hess Midstream infrastructure. U.S. oil output plunges as Arctic air freezes Permian shale fields U.S. oil production has plunged by more than 2 million barrels a day as the coldest weather in 30 years brings havoc to key producing states that rarely have to deal with frigid Arctic blasts. Oil prices rally as record winter storms hit Texas shale supplies The Arctic blast gripping the central U.S. may threaten crude exports from one of the world’s top producers, amid rapidly-normalizing global stockpiles that point to the success OPEC has had in draining a surplus left in the wake of the pandemic. Diamondback to buy QEP Resources in $2.2 billion all-stock deal Diamondback Energy and QEP Resources have entered into a definitive agreement under which Diamondback will acquire QEP in an all-stock transaction valued at approximately $2.2 billion, including QEP’s net debt of $1.6 billion as of September 30, 2020.