U.S. Energy Development Corporation (USEDC), an exploration and production company, has announced plans to invest nearly $1 billion in operations within the Permian Basin.
According to a news release, USEDC disclosed that it had already spent $800 million on both operated and non-operated projects. The company evaluated over 220 opportunities and completed 29 transactions in 2024, marking an increase from the previous year when it closed 19 transactions and deployed nearly $600 million.
The news release further states that USEDC optimized cost efficiency by reducing costs per lateral foot while maintaining productivity levels. In 2023, the majority of USEDC's investments were concentrated in the Permian Basin, with additional projects located in the Barnett, Haynesville, and Powder River basins.
Jordan Jayson, CEO of U.S. Energy Development Corporation, commented on the company's strategic approach: "Despite global price volatility and market uncertainty, the energy market remained relatively stable, and our reputation for completing deals resulted in a record flow of successful transactions and capital deployment in 2024."