Oil and Gas Investor Magazine - July 2023
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NOV AND THE NATURE OF REINVENTION
CEO Clay Williams breaks down the energy transition and his company's role in the industry's evolution.
RING ENERGY'S CONVENTIONAL WISDOM
The purchase of Stronghold Energy II allows Ring to keep its focus on mature, conventional assets in the Permian's Northwest Shelf and Central Basin Platform.
HOW THE DEBT BILL RESCUES MVP AND SPEEDS UP PERMITTING
The Fiscal Responsibility Act did more than avert economic disaster—it allowed a critical gas pipeline to be completed and for future projects to gain approval faster.
EQUITRANS CEO: MVP'S APPROVAL CAN BE 'CANARY IN THE COAL MINE'
Tom Karam said he's thrilled with the definitive approval of Mountain Valley Pipeline, which could lead to further reform of U.S. permitting regulations.
ELON MUSK: PERMITTING HOLDING AMERICA BACK
The serial entrepreneur covered a wide range of topics, including EVs, the battery supply chain and the need for permitting reforms during the EEI 2023 conference.
SUPER IS AN UNDERSTATEMENT
For three days in May, 2,000 attendees packed the Fort Worth Convention Center at SUPER DUG to network, learn from the top names in the energy field and have a ton of fun.
GEN. CLARK: OIL AND GAS KEY TO WINNING THE 'NEXT BATTLE'
"Oil and gas production is U.S. national security—it's that simple," retired four-star Gen. Wesley Clark told SUPER DUG conference attendees.
LIBERTY CEO PEARSON'S 'GAS-RICH HUFF AND PUFF' EOR PROGRAM
To get more Bakken oil, Liberty Resources reinjected Bakken gas into a well and pumped up productivity by 25%.
DEVON ENERGY'S LONG-TERM APPROACH
COO Clay Gaspar said he is look at the future of Devon Energy with "a 2030 and a 2040 mindset."
QUANTUM ENERGY'S VANLOH TALKS INFLATION AND INNOVATION
The CEO "never will bet against human innovation," but neither is he all in on geothermal.
Cover Story
NOV and the Nature of Reinvention
CEO Clay Williams breaks down the energy transition and NOV’s role in the industry’s evolution.
Feature
Anatomy of a Deal: Ring Energy’s Conventional Wisdom
The purchase of Stronghold Energy II allows Ring to keep its focus on mature, conventional assets in the Permian’s Northwest Shelf and Central Basin Platform.
Elon Musk: Permitting Holding America Back
The serial entrepreneur covered a wide range of topics, including EVs, the battery supply chain and the need for permitting reforms during the EEI 2023 conference.
Exclusive: Equitrans CEO – MVP’s Approval Can Be ‘Canary in the Coal Mine’
Equitrans CEO Tom Karam said he’s thrilled with the definitive approval of Mountain Valley Pipeline, which could lead to further reform of U.S. permitting regulations.
Gen. Clark: Oil, Gas Industry Key to US Winning ‘Next Battle’
“Oil and gas production is U.S. national security–it’s that simple,” retired four-star Gen. Wesley Clark said during Hart Energy’s SUPER DUG conference.
Passage of Debt Bill Clears Way for MVP, Swifter Permitting for Infrastructure
The MVP natural gas pipeline and a swifter permitting process win as debt ceiling legislation weathers resistance from senators.
SUPER DUG 2023: Devon Energy's Clay Gaspar Emphasizes Long-term Approach [WATCH]
Devon Energy's Clay Gaspar said he is looking at the future of Devon Energy with 'a 2030 and a 2040 mindset.'
SUPER DUG: Liberty CEO Pearson Talks EOR in the Bakken
At the SUPER DUG conference in Fort Worth, Texas, Liberty Resources CEO C. Mark Pearson sat down with Hart Energy's Jordan Blum to discuss his company's usage of Bakken-produced gas and EOR in the Bakken.
SUPER DUG: Quantum Energy Partners' Wil VanLoh Talks Inflation, Geothermal [WATCH]
Quantum Energy Partners' Wil VanLoh says there is some merit to geothermal today, but that he doubts it will "supply a significant portion of our electricity domestically."
The OGInterview: NOV and the Nature of Reinvention [WATCH]
In July's OGInterview, CEO Clay Williams breaks down the energy transition and his company’s role in the industry’s evolution.
A&D Watch
Chevron to Acquire PDC Energy for $6.3 Billion
Chevron’s acquisition of PDC Energy is complementary to its portfolio and strengthens its position in the D-J and Permian Basins.
Chord Energy Divests Permian Assets to Private E&P
Chord Energy is selling non-core acreage and wells, primarily in the Central Basin Platform, to private E&P BCP Resources, which is focused on developing and optimizing legacy assets.
E&Ps’ Siren Song to Investors: Free Cash Flow
Regaining investor trust–and access to their cash–is on the horizon as the E&P sector returns record profits to investors, a panel of experts said during Hart Energy’s SUPER DUG conference.
Exclusive: Mesquite Sells Eagle Ford’s Catarina Ranch to Black Mountain O&G
In a transaction likely worth about $300 million, Mesquite Energy made its second divestiture of Eagle Ford assets in a month following a deal with Crescent Energy.
Exclusive: VTX Energy Adds More Southern Delaware Acreage, CEO Says
VTX Energy Partners, backed by Swiss energy trader Vitol, is expanding its southern Delaware Basin footprint to 47,000 net acres through a bolt-on acquisition, CEO Shepherd says.
Rockies Gas Producer PureWest Acquired for $1.84 Billion
A private consortium of family offices and financial institutions acquired ownership of Wyoming natural gas producer PureWest for $1.84 billion.
Commentary
Can LatAm Really Revert Its LNG Import Mentality?
The Latin America and Caribbean region has the potential—in theory—to revert its dependency on LNG imports amid rising production and bilateral trade.
Howard: Midstream Investors Say ‘Don’t Tread on ‘MMP’
ONEOK’s purchase of Magellan has irked some stakeholders, so the deal between the titans of Tulsa is not a sure thing.
Is Change Overdue for Overtime Wage Law?
Paying well won’t shield companies like Helix Energy that run afoul of the Fair Labor Standards Act.
Market Watchers: Global Demand–Not OPEC+’s Latest Cuts–Will Have the Biggest Impact
Dennis Kissler of BOK Financial examines the potential net effect of market manipulation in a Hart Energy exclusive
Permitting Reform Gains Momentum
Federal compromise on NEPA legislation has cleared some longstanding ambiguities.
Energy Transition
Exxon Mobil, Steelmaker Nucor Sign CCS Deal
Exxon Mobil plans to capture, transport and store up to 800,000 metric tons per year of CO2 from Nucor’s direct-reduced iron manufacturing plant in Convent, Louisiana.
SUPER DUG: Why Carbon Capture Remains Up in the Air
Permitting sites, pipelines and getting projects profitable remain conundrums as CCUS projects work to cross the finish line.
TES Americas CEO: Electric Natural Gas Bigger Than Shale
Green molecules and green electrons, such as electric natural gas, present a potential investment opportunity in the U.S. that promises to be three to four times that of the shale revolution, according to TES Americas CEO.
Finance & Investment
Family Offices Step Up to Fund Oil, Gas
Insiders say family offices are increasingly willing to take on oil, gas investment risks as returns skyrocket.
From the Editor-in-Chief
Energy Transition: It Takes More than a Village
Western goals of lowering global emissions require raising the standard of living for billions who live in energy poverty.
Global Energy
Argentina Goes for LNG Exporting Glory
Argentina, after recently achieving World Cup triumph, is now chasing LNG exporting glory as it looks to monetize the massive Vaca Muerta Formation—but much needed foreign investment remains a challenge.
Poten Execs Talk Driftwood’s Customer Problem, Permian Gas for Asia
The proposed 27.6 mtpa Driftwood LNG LLC project has one fundamental problem: a lack of customers, according to Poten & Partners senior adviser Gordon Shearer, who also highlighted the potential for Permian gas to reach Asia via Mexico.
MidContinent & Permian Basin
To Flare or Not to Flare?
Permian midstream mismatch has consequences for the ESG-minded oil and gas industry.
Midstream
Earnings Grow, Projects Push Forward…Investors Shrug
Midstream companies continue to post strong earnings combined with steady stock buybacks, yet fears of a gas production slump keep a lid on share prices.
Water Management in Shale Basins No Waltz
Water management and ESG goals move in tandem across the Permian, Eagle Ford, Bakken and Appalachian regions.
Waves of North American Gas Infrastructure Needed for Supplies and LNG
Long-haul pipe coming on this year and next will meet current needs, but a new wave of LNG export terminals will require significant further investment.
Technology
Automatic for the People: Drillers Chase Consistency
Panelists at Hart Energy’s SUPER DUG conference emphasized automation’s ability to bring about much-needed reliability and consistency in the drilling space.
Baker Hughes CEO on ‘Unsung Hero’ of the Energy Transition
Experts, including Baker Hughes Chairman and CEO Lorenzo Simonelli, called for increased collaboration and more investment in digital tech during the AWS Energy Symposium.
E&Ps Push AI, but Will AI Push Back?
From quicker data processing and predictive maintenance to the end of humanity, panelists at SUPER DUG discussed oil and gas developments using AI and machine learning.
EQT Walks the Walk in Mission to Curb Emissions
EQT’s promotion of natural gas as low-carbon energy transition fuel has focused the company on delivering fully auditable net zero products to its customers by 2025.
From Siloed to Optimized: How Exxon Mobil Juiced Its Technology Approach
One year after integrating technology and engineering functions, the supermajor’s EMTEC encourages collaboration and improves problem solving.
Generative AI Speeding Up Seismic Imaging Workflow
Computer vision is generating subsurface images using a tiny fraction of the seismic shot data that has traditionally been required.
New Bit Fills Need for Drilling Speed, While Tool Brings MPD Onshore
A faster bit and an integrated MPD system aim to improve onshore drilling.
Produced Water Producing Results
After years of skepticism surrounding the reuse of produced water, experts say it’s a new day and age for the water midstream sector.
Solving the Sludge Problem
Greentech company Envorem’s new waste management technology offers sustainable and cheap sludge solutions.