IS - Senex brings Surat gas to plateau with 80 wells instead of 110 - June 2020Less than two years after sanctioning its 100%-owned Surat Basin gas development onshore Queensland, Senex Energy has completed the A$400 million ($280 million) project, which it says establishes the Brisbane-based company as an important domestic gas supplier in Australia. As a result of production outperformance, the Project Atlas and Roma North areas reached plateau output of 48 terajoules/day (45 MMcf/d) after drilling just 80 wells instead of the 110 planned when Senex made its FID in...
Jun 22, 2020
PS - Diversified arrests declines, grows output to record levels - May 2020Diversified Gas & Oil grew output to new highs in 2019, thanks to acquisitions and its Smarter Well Management program. Average annual volumes more than doubled YOY to 508.8 MMcfe/d, and the YE19 exit rate was up 35% YOY at 568.8 MMcfe/d. For the sixth consecutive quarter, output from legacy assets remained flat at 420 MMcfe/d in Q4. The SWM program returned 750 non-producing wells to production during 2019. The program employs multiple actions to offset natural declines, including...
May 13, 2020
ES - Diversified arrests declines, grows output to record - April 21, 2020Diversified Gas & Oil grew output to new highs in 2019, thanks to its acquisition activity and Smarter Well Management program. Average annual volumes more than doubled YOY to 508.8 MMcfe/d, and the YE19 exit rate was up 35% YOY at 568.8 MMcfe/d. For the sixth consecutive quarter, output from legacy assets remained flat at 420 MMcfe/d in Q4. The Smarter Well Management program returned 750 non-producing wells to production during 2019, including 190 in Q4. The program employs...
Apr 21, 2020
IS - Block Energy acquires assets in Georgia from Schlumberger - April 2020Block Energy is acquiring two of the three production sharing contracts held by Schlumberger in the former Soviet bloc country of Georgia: producing Block XI(B) and exploration Block IX. The two companies also agreed that the oilfield services giant will apply to relinquish Block X. The terms of the no-cash transaction will be satisfied by the issuance of share options. Block, which will add 2P reserves of 64 MMboe and initial production of 245 bo/d through the deal, described the...
Apr 15, 2020
A&D - Block Energy acquires assets in Georgia from Schlumberger - April 2020Block Energy is acquiring two of the three production sharing contracts held by Schlumberger in the former Soviet bloc country of Georgia: producing Block XI(B) and exploration Block IX. The companies also agreed that the oilfield services giant will apply to relinquish Block X. The terms of the non-cash transaction will be satisfied by the issuance of share options. Block Energy, which will add 2P reserves of 64 MMboe and initial production of 245 bo/d through the deal, described the...
Apr 07, 2020
A&D - Range shops Terryville as core Appalachia output rises - March 2020Range Resources revealed during a Feb. 28 conference call that it has opened a data room for its North Louisiana Terryville field asset. Last April, the company revealed that it was pursuing multiple asset sales to reduce debt. Range entered Terryville field by acquiring Memorial Resource Development for $4.4 billion in 2016. The assets cover an almost entirely operated leasehold of 105,000 net acres (124,000 gross, 31% undeveloped) with YE19 proved reserves of 866.1 Bcfe (26% liquids), which...
Mar 19, 2020
PS - EQT takes 4.3 Tcfe negative revision in YE19 reserves - February 2020In 2H19, EQT laid the groundwork to transition to a combo development focus that it says will transform the company into one of the lowest-cost natural gas operators in the US. The 100-day plan initiated in July was a significant success. It increased drilling efficiencies, as measured by horizontal feet drilled per hour, by 50% in the Pennsylvania Marcellus and by 20% in the Utica during 3Q19. The company expects organizational changes related to its transition plan to drive well costs, gross...
Feb 17, 2020
IS - Significant investments already underway in early 2020 - January 2020There is no rest for the weary in oil and gas, as companies are already making significant investments in the opening days of 2020. Woodside Petroleum took a financial investment decision on the Sangomar Phase 1 development (PG.1), and it is projecting capital investments 3x 2019 levels at $4.1-4.4 billion (PG.19). UK-based Premier Oil is expanding its North Sea portfolio in deals with BP and Dana Petroleum worth $816 million (PG.1). That deal manifested a theme the market saw...
Jan 21, 2020
CM - Legacy deregisters shares, signs new $1.5B facility post-Ch. 11 - January 2020Legacy Reserves filed a Form 15 with the US Securities and Exchange Commission to voluntarily deregister its common stock on Jan. 2, following the company’s midDecember emergence from Chapter 11 bankruptcy protection. The company had traded on Nasdaq until July, leaving the system for the OTC market after it fell out of compliance with listing standards. The company emerged from bankruptcy with $256.3 million of new capital from $189.8 million in backstopped equity commitments and a...
Jan 10, 2020
PS - People & Companies - January 6, 2020Baytex Energy announced that Mark Bly has been appointed chairman. Bly joined the board in 2017 and last March was appointed lead independent director and chair of the human resources and compensation committee. Bly is an independent businessman with over 35 years of experience in the oil and gas industry, primarily with BP. Chaparral Energy announced that its board has appointed Charles “Chuck” Duginski as president and CEO. Duginski succeeds K. Earl Reynolds in those roles as...
Jan 06, 2020
A&D - Warburg’s Citizen completes $1B Roan Resources acquisition - December 2019Midcontinent pure-play Roan Resources has been taken private by Warburg Pincus portfolio company Citizen Energy Operating in a $1.01 billion deal that was announced Oct. 1 and closed Dec. 6. Roan shareholders received $1.52/share for total cash proceeds of $234.2 million, with the rest of the value consisting of Roan’s $780 million net debt. The Roan assets cover 182,000 net acres across several counties in Oklahoma, primarily in the Merge play, with Q3 net production of 53,700 boe/d (53%...
Dec 19, 2019
A&D - Oxy closes Permian JV, expects to hit $10-15B target early - November 2019Occidental Petroleum continues pressing forward with its $10-15 billion divestment plan launched after the company’s $57 billion acquisition of Anadarko Petroleum in August. CEO Vicki Hollub said in a Nov. 13 update that it expects to achieve the upper end of its $10-15 billion divestiture target by the middle of next year, sooner than YE20 as originally expected. So far, the company has closed part of its sale of Anadarko’s African assets, the formation of a new Midland Basin partnership, and...
Nov 21, 2019
CM - People & Companies - November 15, 20193Bear Energy, LLC named Craig Harris CEO to succeed founder Bob Clark, who will remain as chairman of the board. Harris is former EVP and COO of Enable Midstream Partners, and has held various managerial roles at Columbia Pipeline Group, Ni Source, and El Paso Corp. Antero Resources Corp. elected Vicky Sutil and Tom Tyree as Class III and Class I directors, respectively. Sutil was VP of commercial analysis for a California Resources Corp. marketing unit and also worked with Occidental...
Nov 15, 2019
PS - Eastern Briefs - March 9, 2020CNX Resources’ proved reserves increased 7% YOY to 8.43 Tcfe. The company organically added 1.65 Tcfe proved through extensions and discoveries, which resulted in the company replacing over 300% of its 2019 net production of 539 Bcfe. Proved developed reserves were booked at 4.8 Tcfe, which is up 8% YOY. PUDs at YE19 represented 67% of the total wells the company expects to drill over the next five years. That low percentage of PUDs in the five-year plan implies meaningful upside in both the...
Mar 09, 2020
A&D - News Briefs - February 6, 2020Peregrine Energy Partners is acquiring producing and non-producing oil and gas royalties in Orange and Los Angeles counties, California. Production comes from 170 wells in the Brea-Olinda oil field, a legacy field that has been in production since the early 1900s and is operated by California’s Bridge Energy. Peregrine managing director Josh Prier said the properties fit within the company’s strategy to acquire assets with shallow declines and legacy reserves. The company expects Brea-Olinda to...
Feb 06, 2020