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Oil & Gas Industry Earned Record Profits In 2022 as Momentum is Expected to Continue for 2023

Palm Beach, FL – February 22, 2023 – News Commentary  – The North American Oil & Gas industry is looking like 2023 will be an ever better year than 2022. The Oil & Gas industry will be investing in the future of energy according to a report from Deloitte. Deloitte took a look at the industry in 2023 and saw growth in 2023. It said: “The oil and gas (O&G) industry earned record profits in 2022, providing ample cash flow to fund their strategies in 2023. And while O&G companies recognize geopolitical and macroeconomic uncertainty in the year ahead, they’ve also been given a clear mandate to secure supply in the short term while transitioning to cleaner energy in the long term. Our 2023 outlook explores… trends that can help shape the path forward for O&G companies.  While the oil and gas industry isn’t new to supply disruptions and price volatility, the situation today is unique. A confluence of economic, geopolitical, trade, policy, and financial factors have exacerbated the issue of underinvestment and triggered a readjustment in the broader energy market. As a result, all three components of a balanced energy equation—energy security, supply diversification, and low-carbon transition—are now facing a “trilemma” of concerns… the immediate impact of this imbalance is high energy prices and record cash flows for O&G companies…”  Active companies in news today include:  Permex Petroleum Corporation (OTCQB: OILCD) (CSE: OIL), Ring Energy, Inc. (NYSE American: REI), Occidental (NYSE: OXY), Matador Resources Company (NYSE: MTDR), Diamondback Energy, Inc. (NASDAQ: FANG).


It continued: “The O&G industry will likely enter 2023 with its healthiest balance sheet yet and with continued capital discipline. The positivity of this situation is reflected in our survey, in which 93% of O&G executives state they’re positive about the industry in the coming year. This momentum could help companies overcome the energy underinvestment of recent years and help enable an accelerated energy transition.”  The report focused on several trends, saying: “Healthy balance sheets (will) create opportunities for oil and gas in the Upstream. By practicing capital discipline and focusing on cash flow generation and payout, the global upstream industry is projected to generate its highest-ever free cash flows… Now all eyes are on upstream companies to see if they will continue to prioritize shareholder payouts or increase their hydrocarbon reinvestment rate, driven by the urgency to provide affordable energy to the world.“


Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCD) BREAKING NEWS: Permex Petroleum Provides Updated Reserve Report Confirming 27 Million Barrels of Oil Equivalent on its Permian Basin Assets  Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCD) (FSE: 75P) (“Permex” or the “Company”), an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties on private, state and federal land in the United States, has completed its updated independent reserve evaluation, effective November 21, 2022, in compliance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas activities and in accordance with the Canadian Oil and Gas Evaluation Handbook.


Reserve Evaluation:


The net present value of net future revenues, (net of royalties, operating costs and capital expenditures, including asset retirement obligations) before income tax, discounted at 10% (“NPV 10%” or “PV10”) of the total proved plus probable reserves is estimated at $428 million, or $221.53 per outstanding share (basis).


  • Reserves comprised of 93% light oil, and x7% natural gas
  • Total Proved Reserves of 9.2 million BOE and PV10 value of $198 million, an increase of 51% Year-over-Year
  • Total Probable Reserves of 17.8 million BOE and PV10 value of $230 million, an increase of 46% Year-over-Year
  • Total Proved & Probable Reserves of 27.0 million BOE and PV10 value of $428 million, an increase of 48% Year-over-Year


Summary of Net Oil and Gas Reserves and Net Present Value of Revenue:


Before Income Taxes as of September 30, 2022 – Forecast Prices and Costs

Reserves Mboe NPV 10%
($ thousand)
NPV per BOE $/boe
Proved Developed Producing 730.8 12,057.6 16.50
Total Proved 9.238.3 198,619.1 21.49
Proved Plus Probable 27,014.2 428,186.5 15.85
  1. Natural Gas: 5.98 Mcf/boe
  2. Report used McDaniel’s & Associates price forecast effective September 30, 2022


“This independent report reconfirms the large reserves in place, and we remain focused on drilling and developing while redeploying the expected strong cash-flow from the completed wells back into drilling programs,” said Mehran Ehsan, President and CEO of Permex. “We look forward to providing additional updates as we continue to ramp up our drilling operations to drive organic growth for our company and sustainable value for our shareholders.”  CONTINUED…  Read this and more news for Permex Petroleum by visiting:     


In other mining/energy industry news of note:


Ring Energy, Inc. (NYSE American: REI) recently announced that it has issued its 2022 Sustainability Report, which is available on the Company’s website at under the “Sustainability” tab.  The report provides comprehensive information about Ring’s Environmental, Social and Governance (“ESG”) initiatives and related key performance indicators. In the creation of the document, the Company primarily consulted the Sustainability Accounting Standards Board’s (“SASB”) Oil and Gas Exploration and Production Sustainability Accounting Standard, as well as considered the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”), the Sustainable Development Goals (“SDGs”) promulgated by the United Nations, and other reporting guidance from industry frameworks and standards.


Occidental (NYSE: OXY) will announce its fourth quarter 2022 financial results after close of market on Monday, February 27, 2023, and will hold a conference call to discuss results on Tuesday, February 28, 2023, at 1 p.m. Eastern/12 p.m. Central.


The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at may pre-register for the conference call at


Fourth quarter 2022 financial results will be available through the Investor Relations section of the company’s website. A recording of the webcast will be posted on the website within several hours after the call is completed.


Matador Resources Company (NYSE: MTDR) recently announced that its Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock payable on March 9, 2023 to shareholders of record as of February 27, 2023. In accordance with the Company’s amended dividend policy announced on December 6, 2022, this quarterly dividend of $0.15 per share is a 50% increase from the prior quarterly dividend of $0.10 per share.


Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.


Diamondback Energy, Inc. (NASDAQ: FANG) recently announced that it has completed its previously announced acquisition of all leasehold interests and related assets of Lario Permian, LLC, a wholly owned subsidiary of Lario Oil & Gas Company, and certain associated sellers (collectively “Lario”).


Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.


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