What's Working, What's Not & What's Next for Permian Producers
At ~$40 WTI, West Texas' Permian could very well be the last basin standing. With superior wellhead economics and a deep bench of productive formations, the Permian Basin has become a safe haven for many E&Ps. But even the nation's most prolific oil province is challenged by the current downturn.
Armed with efficiency-focused technologies and strategies, producers are digging deep to protect margins.
If your business is oil and gas in West Texas, you can't afford to miss this year's DUG Permian Basin conference and exhibition! Thousands of industry professionals are converging in Fort Worth to hear from the region's most-active producers and midstream operators. Don't miss this once-a-year chance to explore the latest strategies and technologies with 35+ senior-level speakers and 100+ exhibitors.
Plays covered: Wolfcamp, Spraberry, Bone Spring, Leonard, Avalon, and Yeso
EVP, Permian Operations Pioneer Natural Resources
Q: How is your company navigating today's market challenges and capitalizing on opportunities?
A: Pioneer has the largest Spraberry/Wolfcamp acreage position with decades of drilling inventory. We are well positioned to weather the current low commodity price environment with a strong balance sheet, strong derivatives positions to protect cash flow through 2016, and a capital program funded through 2017 with no incremental debt required.
In response to the outlook for continuing weak oil prices, Pioneer is reducing its horizontal drilling activity by 50% while still growing 2016 production and preserving the company's strong balance sheet and cash position. Our Permian team has realigned to meet the challenges of this downturn and position itself to be the strongest operation in the basin when commodity prices return.
Free Exhibit Hall Access for Operators
Hart Energy invites employees at E&P companies, pipeline operators, refineries and utility companies to enter the DUG Permian Basin exhibit hall at no cost. Plus, you have the option to upgrade to a full conference pass to attend the 15+ conference sessions.
To submit your qualifying application and register, click here.
J. Ross Craft
Founder, Chairman, President and CEO Approach Resources
Chairman Petrie Partners
President Three Rivers Operating Co. LLC
President Matador Resources
Senior Vice President - Permian Basin EnLink Midstream
Founder, President and CEO Silver Hill Energy Partners
Chairman of the Board Energy Security Council
Germany's Fracking Limits Will Ban The Process From Clay Formations Germany imposed limits on fracking on June 24, dealing a blow to efforts to develop shale gas. Under legislation passed by its lower house of Parliament, fracking will be banned in clay formations, which typically lie between 1,000 meters (m) and 2,500 m deep.Scientific test drilling will be allowed, but only with the permission of the relevant state government and under the watch of independent experts.Fracking for deep-lying or "tight" gas, typically 4,000 m to 5,000 m deep, which has been done for more than 30 years in Germany, will continue, but under more stringent regulation.
Lilis Closes Merger With Brushy Resources Denver-based Lilis Energy Inc. closed its merger with San Antonio-based Brushy Resources Inc., the company said June 24. The company also filed for relisting on the NASDAQ stock exchange.In connection with the merger, Lilis completed a substantial recapitalization by which it completed a private placement of preferred stock for gross proceeds of $20 million, converted its outstanding shares of Series A preferred stock, outstanding debentures and some outstanding convertible notes, and also executed a reverse stock split.Lilis said that these transactions strengthened the balance sheet and focused the company on its Delaware Basin acreage. There, the company has 3,458 core net acres with more than 500 multistack potential drilling locations including 320 in the Wolfcamp Formation.