David Ranucci’s Post

Permian Resources picks up Oxy’s Barilla Draw in $818MM deal "Net production from the acquired assets is expected to be 15,000 boe/d (55% oil) with low decline. PR will also gain more than 200 gross operated drilling locations with about 80% NRI. The Barilla Draw properties come with more than 100 miles of oil and gas pipelines, a saltwater disposal system, a 25,000 bbl/d water recycling facility and more than 10,000 surface acres for midstream systems. With closing expected in Q3, PR plans to begin developing the Reeves County acreage in Q4."

After a significant round of selling, re-funded private equity teams are ramping back up their hunt for assets and expanding the search for opportunities in an increasingly consolidated shale landscape. That is leading teams away from the core of plays where they have seen past success as they look for more attractively priced entry points. Last week, Reuters reported Validus Energy has a deal in place to buy Warburg Pincus-backed Mid-Continent producer Citizen Energy III for more than $2 billion, making it one of the largest deployments of private capital in the last few years. The Mid-Continent is one of the areas getting a close look from private equity firms as poor outcomes in a previous bout of buying left public companies skittish on redeploying capital into the region. The Citizen assets, with the main operated position in the Merge area of the SCOOP-STACK, featured in several deals during that time. Citizen II contributed its assets to a JV with Linn Energy to form Roan Resources in 2017. The company achieved a public listing in late 2018 but was taken back private by Warburg as Citizen III in 2019 after about an 11-month public run that saw the equity lose about 90% of its value. After holding the portfolio company for five years—pretty typical for a PE commitment—Warburg has found a buyer in Validus.

"You guys think we can just turn a dial..." Capital efficiency and resource optimization are two opposing forces in the capital markets. Overcapitalized pads with too many wells and excessive capex can lead to poor returns. Resolute's WCB's destroying their A's, Encana's rab davidson pad, the list goes on. We had a recent meeting with a private E&P company CEO who put it well, "Everyone thinks we can just turn a dial, it's not that easy with the amount of planning & contracting that has gone on ahead of time." Planning for development optimization is a moving target. Certain mid sized public E&P's are especially stuck because the high IP's their investors have come to expect only come from parent well drilling. Diamondback Energy on the other hand as an example, swallowed the hard pill in 2019 and switched to co-development. At FLOW, one small thing we've done is generated a multi-million-point set of NPV maximization scenarios across all basins at different price decks. We use this to help our subscribers make informed decisions when putting capital to work in upstream. Our experience on the buy side, and our experience drilling wells reads through in the conclusions we deliver to our subscribers. We don't always deliver the popular answers, but they're founded in creating returns. #CapitalMarkets #ResourceOptimization #NPVMaximization #UpstreamIntelligence #DataDrivenInsights

🛢️Hey oil & gas community⛽ 📊 We recently explored the process of generating type curves using our Analytics for Energy Decline Curve Fitting Workflow. This feature offers a streamlined approach for reservoir engineers to create accurate type curves from historical production data, enhancing decision-making in oil and gas analysis. ⚙️ 🎯In the demonstration, we utilized a well set from the Bearcat Lease, selecting multiple wells from Glasgow County for analysis. Using Spotfire, we applied the type curve model controls to aggregate production data based on elapsed time. ⏳ This method normalizes well production from time zero, ensuring consistency across the dataset. 🔑A key feature discussed was the minimum curve count threshold, which addresses survivorship bias. 📉 By setting this threshold at 50%, we ensure that the type curve isn’t skewed toward long-lived wells, creating a more representative production model. 💪Once configured, the type curve was generated, with options for further normalization and analysis using the Markov Chain Monte Carlo (MCMC) diagnostics. 🔄 This provides insights into uncertainty across various parameters, offering a deeper understanding of potential production outcomes. 📈 💰This workflow exemplifies how easy it is to generate reliable type curves while addressing critical factors like data normalization and uncertainty, empowering professionals to make more informed economic evaluations. Check out the video right here 👇👇👇 https://lnkd.in/gXnVvGTv 💡 #OilAndGas 🛢️ #Analytics 📊 #DeclineCurveAnalysis 📉 #Spotfire 🔍 #TypeCurve 📈 #MCMC 🔄 #ReservoirEngineering ⚙️ #EnergyTech 💡 #DataAnalysis #oil #gas

Exciting advancements are happening in the deepwater Gulf of Mexico! Chevron's Anchor project, which achieved its first oil in August 2024, is a testament to the industry’s unwavering commitment to innovation, safety, and efficiency. As the first deepwater high-pressure development to begin production, Anchor utilizes cutting-edge subsea technology to access reservoirs at remarkable depths. This remarkable achievement was made possible through the collaboration of numerous companies. Notably, Chevron partnered with Transocean, utilizing their newly built Deepwater Titan, an advanced drillship, to drill and complete the project’s subsea high-pressure production wells. The Deepwater Titan and its sister ship are the first rigs globally equipped with state-of-the-art hoisting and well control systems. A special thanks to Greg Kusinski of Chevron for presenting on this remarkable achievement and sharing his direct experiences and insight of the development of Anchor at the National Ocean Industries Association Fall Meeting, as well as Joe Leimkuhler of Beacon Offshore Energy. They presented during the timely session, 20k Projects: The Next Frontier in the Gulf of Mexico and Around the World. Looking ahead, other frontier high-pressure, high-temperature projects, such as Beacon Offshore Energy's Shenandoah Project and bp's Kaskida Project, are set to build upon the Gulf region’s impressive resilience and status as a premier global energy basin. #EnergyInnovation #DeepwaterTechnology #Collaboration #SafetyFirst #Efficiency #OilAndGas #GulfOfMexico

🚀 The Enverus Trading & Risk Team is so pumped to be at Energy Trading Week Americas! Come see us at booth #43 in The Woodlands, TX, and let’s talk about how we can elevate your trading strategy with our solutions! 💡✨ #EnergyTradingWeek #Enverus #TradingAndRisk

Looking to enhance your upstream oil and gas production processes? Don't miss out on upcoming webinar where industry experts will delve deep into the strategies and techniques aimed at minimizing errors during production. Join the webinar to more effective decisions and minimize expenditure over the asset lifecycle : https://okt.to/pdseyT #SimulationTechnology  #DigitalTwin  #OilGas  #BringingDecarbonizationToLife

A Closer Look at 8 Analyst Recommendations For Civitas Resources https://ift.tt/5GXOL2E Latest Ratings for CIVI Date Firm Action From To Jan 2022 Keybanc Maintains Overweight Nov 2021 Truist Securities Maintains Buy Dec 2018 Canaccord Genuity Downgrades Buy Hold View More Analyst Ratings for CIVI View the Latest Analyst Ratings read more via Benzinga - Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals https://ift.tt/9yc4Wza June 13, 2024 at 09:01AM

🚀 Struggling with RFT/MDT data preparation & analysis? Check out this web-based tool that simplifies the process and helps you save time and effort. 🎉 👉 https://bit.ly/3Bh1NvZ (MDT data preparation) 👉 https://bit.ly/3XuaU3J (MDT data analysis) 🔍 Key Benefits: No software installation needed. Fast, efficient real-time analysis. #oilandgas #exploration #development #oilandgasindustry #oilandgasexploration #gas #oil #DataAnalysis #Efficiency #RFT #MDT #WebTools #Productivity

Our Q1 Financial Result Report, announced on May 1, highlighted strong financial results despite market pressures in the first quarter thanks to our disciplined operating strategy, operational density in the resilient Permian Basin and prudent investments in next-generation equipment. “We are excited to start off 2024 with strong financial results and positive momentum. Our results reflect a strategy that is working. Thanks to the dedication and discipline of our teams across our service lines, we continue to deliver strong performance and advance our strategic priorities toward industrializing our business.” - Sam Sledge, ProPetro Chief Executive Officer 🔴 Total revenue of $406 million increased 17% compared to the prior quarter. ⚫️ Net Income was $20 million ($0.18 income per diluted share) as compared to a net loss of $17 million in the prior quarter ($0.16 loss per diluted share). 🔴 Adjusted EBITDA of $93 million was 23% of revenue and increased 45% compared to the prior quarter with 50% incremental margins. ⚫️ Incurred capital expenditures were $40 million. 🔴 Awarded a long-term contract from ExxonMobil for two FORCE electric-powered hydraulic fracturing fleets with the option for a third FORCE fleet coupled with our Silvertip wireline and pumpdown services. ⚫️ Four FORCE electric fleets are now under contract with leading customers with three FORCE electric fleets currently operating. 🔴 Increased share repurchase program by $100 million for a total of $200 million and extended the program to May 2025. ⚫️ Effective frac fleet utilization was 15.0 fleets compared to 12.9 fleets in the prior quarter. 🔴 Repurchased and retired 3.0 million shares during the quarter with total repurchases of 8.8 million shares representing approximately 8% of outstanding shares since plan inception in May 2023. ⚫️ Net cash provided by operating activities was $75 million with Free Cash Flow of $41 million. View full press release here: https://lnkd.in/dvDaFR5q