November 2018

E&P Momentum

Think of the digital oil field as a weather analog. Everyone talks about it but, at the end of the day, little is done.

Feature

With the spotlight on the Permian Basin’s vast resources and the downturn depressing activity, the Williston Basin has quietly racked up transactions and grown faster than any of its peer plays, without the headaches of steep differentials.

More than 60 operators, many funded by private equity, are solving for better pay in this horizontal Texas play.

The number of energy IPOs will likely not increase in the near-term as oil and gas companies wait for investor appetite to return, analysts say.

What are the opportunities, and can they compete with U.S. onshore?

Matt Steele’s privately held Bruin E&P joined the big league in the Williston Basin with last year’s $1.4 billion acquisition, and he’s not feeling intimidated at all.

As with all plays, low commodity prices in 2015 prompted change in the Eagle Ford Shale.

E&Ps in the greater Green River Basin are mixing horizontals into their drilling programs, helped by higher liquids production. Vertical wells pay their way, but the search is on for resource plays.

Even transactions that seem transparently well-conceived are facing harsh investor reactions, leading private operators to conclude that someone else— like themselves—will have to step up when opportunities emerge.

The industry has come full circle since the initial discovery of the Eagle Ford Shale in South Texas, when natural gas was king.

Bright Spots

Like many Indian-born American immigrants, Raj Mistry’s parents had always dreamed of him becoming “Dr. Mistry.” However, he ended up going in a different direction.

On the Money

They say patience is a virtue, but it’s been a testing time to watch E&P metrics inch ever so slowly higher as the third quarter concluded.

From the Editor-in-Chief

Mike Kelly, managing director and senior analyst for Global Hunter Securities, gets perturbed by his self-confessed pet peeve.

A&D Trends

Legacy Reserves LP’s pitch to investors used go something like this: “We buy ugly houses.”

At Closing

Global scientists and the U.N. have spoken. Governments must follow, but their policies are lagging.

Cover Story

For years, the hinterlands of the Permian Basin have suffered, yet E&Ps in the Delaware and Midland basins are returning to the periphery of the play, and many of them have something to prove—or at least prove up.