Unprecedented wildfire season singes Alberta oil production
Wildfires that have already scorched more than double the average annual fire destruction across Alberta forced the shut-in of more than 300,000 boe/d while threatening future shuttering of output from the so-far largely unaffected oil sands region. Record temperatures saw 92 active wildfires, 28 of which were out of control as of May 17, forcing […]
Appalachian E&Ps see opportunities for savings later this year
Natural gas prices have been trending downward since August, with Henry Hub spot dropping from more than $9/MMbtu to around $2/Mmbtu. Enverus Intelligence® | Research’s most recent monthly Macro Forecaster report, available to EIR subscribers, predicts continued weakness, with Nymex gas averaging around $2.50 this summer and remaining in the $2.50-$3.00 range until winter 2024-2025. […]
Coterra’s big Permian projects defy degradation worries
Completion data recently released by Texas regulators spotlights the strong productivity of Coterra Energy’s large-scale Permian projects. The data includes two wells completed early this year on the company’s 14-well Prewit-Justify/Authentic project in Culberson County. The Authentic 13 C State 3H was fractured with 1,804 lb/ft of proppant and 35 bbl/ft of fluid across a […]
Royalty M&A 2023 debut: Kimbell’s Midland Basin $143M buy
While there are plenty of potential big deals on the horizon hinting at a busy Q2 for U.S. upstream M&A, last week remained slow with just one deal announced with a price tag exceeding $10 million. That transaction did highlight an interesting development — more than three months into 2023, it was the first significant […]
Permian gears up for M&A bonanza as PE steers toward the exits
This article originally appeared in the Enverus Weekly Market Pulse Report. Last week’s $4.3 billion acquisition of three Midland Basin-focused EnCap portfolio companies by Ovintiv was the biggest Permian deal since ConocoPhillips bought Shell’s assets in September 2021 and kicked off 2Q23 M&A with a bang. Ovintiv shareholders didn’t seem to mind the scale and […]