Chesapeake Energy Corporation (CHK), SandRidge Energy Inc. (SD): Five Companies That Brought Down Peak Oil

Pioneer Natural Resources (NYSE:PXD)
Not only have we seen many new oil fields such as the Bakken and Eagle Ford emerge, but older oil fields such as the Permian Basin continue to be the gift that keeps on giving. They’ve helped companies such as Pioneer Natural Resources (NYSE:PXD) enjoy double-digit production growth over the past few years. New technologies have helped it unlock additional areas of this prolific basin to the point where the company sees the potential for 40,000 future drilling locations and the potential to recover 7 billion barrels of oil equivalent. In fact, it’s believed the Sparberry/Wolfcamp field could be the second largest oil field in the world, with nearly 50 billion barrels of oil equivalent reserves.

In addition to all the great U.S. oil plays, we simply can’t forget about the massive oil finds by our neighbors to the North. Among the many examples, the Canadian oil sands helped Devon Energy Corp (NYSE:DVN) deliver 14% oil production growth last quarter. Looking ahead, the company sees its oil production from the oil sands growing by up to 19% annually through 2020. When combined with its strong position in the Permian, as well as an emerging position in the Mississippian, Devon Energy Corp (NYSE:DVN) has strong, highly visible future oil production growth potential.

Final Foolish thoughts
Oil production growth in North America has been truly amazing. Further, as seen from this handful of examples, these companies have very visible oil production growth opportunities to keep them busy for at least the next decade. It’s that growth potential that really is what has put Peak Oil out to pasture.

The article 5 Companies That Brought Down Peak Oil originally appeared on Fool.com is written by Matt DiLallo.

Fool contributor Matt DiLallo owns shares of SandRidge Energy and also has short September 2013 $5 puts on SandRidge Energy. The Motley Fool owns shares of Devon Energy and has options on Chesapeake Energy.

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