January 2019

Cover Story

From the biggest operators with multinational portfolios to basin-specific smaller producers with motivation to grow. Investor showcases the 50 most-valued U.S. independents.


In January 2016, three E&P executives met at a Panera Bread in Houston and contemplated what had brought them to this point.

The intermediate financing tool is getting investors’ attention in “log-jammed” A&D and equity markets.

These private equity firms fund both conventional- and unconventional-resource ideas and oil and gas producers needing less than $200 million to make their plays.

Publicly held E&Ps are settling in for a long cold spell, lest they be burned. Forego deals for fear of shareholder reprisal? Or press ahead despite market backlash?

At 100 years old, “Big Red” oilfield-services company Halliburton has weathered the industry’s ups and downs, ultimately conquering the world in its reach. At the top of its game, it’s positioning for another 100.

We remember this oil and gas dealmaker extraordinaire, financial innovator and philanthropic leader.

Old-time conventional E&P is yielding big profits in South Louisiana for these operators familiar with bypassed potential.

Cautious optimism prevails in the findings of the fall 2018 edition of the Grant Thornton/Hart Energy survey of the state of the oil and gas industry.

E&Ps are voluntarily banding together to rein in methane losses along the value chain. They’re hitting remarkable targets—and far earlier than anticipated.

Specialization works—until it doesn’t. Specialists would be wise to consider these hidden risks.

Stratas Advisors conducts a game of trivia on 2018 unconventional resources dealing with production, drilling and field activity in U.S. shale.

Exchange-listed trading of light, sweet delivered to the Houston Ship Channel has begun.

A&D Trends

2019 begins much as last year did: with uncertainty—the great deal-killer—lurking ahead.

At Closing

As the U.S. approaches 84 Bcf/d of gas production, we can look to the Fayetteville Shale as an example of a play who has already peaked but still has production left.

E&P Momentum

Smaller independents find the western Anadarko Basin attractive with pre-existing infrastructure for access to hydrocarbon-processing and to the larger, national marketplace.

From the Editor-in-Chief

The advent of a New Year brings reflection of old vs. new: What old habits of last year do we discard and which new ideas do we embrace?

On the Money

As of late November, crude prices had slid for seven consecutive weeks, and energy stocks had once again been taken to the woodshed.