Oil producers focused on the most-prolific U.S. oil field are outperforming more wide-ranging peers this year as the Permian -- a multi-layered stack of crude-soaked rocks beneath West Texas and New Mexico -- still turns a profit amid depressed oil markets. A bidding war has broken out among Permian explorers, driving up prices for drilling rights. In the latest deal, SM Energy Co. spent $980 million on Monday to buy access to almost 25,000 acres in the region, joining Diamondback Energy Inc., Callon Petroleum Co. and QEP Resources Inc. in expanding Permian portfolios.
Before it's here, it's on the Bloomberg Terminal. LEARN MORE