Dan Eberhart, CEO of Denver-based service company Canary LLC, spoke candidly with Hart Energy’s Jessica Morales about the role oilfield service providers can play as oil and gas producers work to manage the new price environment.
“To the extent [service providers] can get skinnier with our pricing, I think that helps [operators] keep drilling,” he said. “Also, I think us [service companies] just being around on the other side of this is going to be helpful.”
Overall, Eberhart said the industry will get through this, adding: “There will be an oil boom at some point. ... That’s the history of this industry. Service companies being around are what will make that possible for the oil companies on the other side.”
Additionally, Eberhart spoke on his decision to testify against prorations during a Texas Railroad Commission public hearing on April 14. “I think it's a bad idea,” he explained. “I understand where Commissioner Sitton was coming from but I am a big believer the free market will solve and the free market will frankly get there quicker.”
Texas Railroad Commissioners erred on the side of caution April 21, opting at the moment not to force oil companies to collectively cut 20% of their production. Instead, regulators said they will take time to consult legal counsel, get unanswered questions answered and meet with other oil-producing states and countries battling today’s oil market crisis.
Recommended Reading
Ovintiv Names Terri King as Independent Board Member
2025-01-28 - Ovintiv Inc. has named former ConocoPhillips Chief Commercial Officer Terri King as a new independent member of its board of directors effective Jan. 31.
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Confirmed: Liberty Energy’s Chris Wright is 17th US Energy Secretary
2025-02-03 - Liberty Energy Founder Chris Wright, who was confirmed with bipartisan support on Feb. 3, aims to accelerate all forms of energy sources out of regulatory gridlock.
The Private Equity Puzzle: Rebuilding Portfolios After M&A Craze
2025-01-28 - In the Haynesville, Delaware and Utica, Post Oak Energy Capital is supporting companies determined to make a profitable footprint.
Artificial Lift Firm Flowco Seeks ~$2B Valuation with IPO
2025-01-07 - U.S. artificial lift services provider Flowco Holdings is planning an IPO that could value the company at about $2 billion, according to regulatory filings.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.