Exxon’s Christmas Diet Plan (Without All the Gas)

Exxon’s Christmas Diet Plan (Without All the Gas)

Pound for pound, ExxonMobil has borne the weight of a large primate on its back this year to speed up its ESG goals and slash an estimated $60.6 billion in debt. Now, in the waning twilight of a take-no-prisoners debt reduction campaign launched in 2018, the mega major looks to raise $15 billion by the end of this month. And the clock, as they say, is ticking. Reese Energy Consulting today is following the latest news and murmurs coming out of Exxon, which wrapped up bids yesterday on a swath of gas assets in the Barnett Shale valued as high as $500 million. After announcing in August plans to shed its Fayetteville gas position, Exxon may have found a buyer in Fort Worth-based startup Presidio Petroleum. Should the stars align, Presidio would gain up to 5,000 wells for workovers and recompletions across 416,000 net acres in Ark., and 217+ MMCFD in production. A potential deal also would expand Presidio’s presence outside the Anadarko Basin where it operates 743,00 net acres.

What do you think? Learn more about Reese Energy Consulting and our natural gas marketing and producer services at www.ReeseEnergyConsulting.com.

ExxonMobil

Exxon Mobil Corporation, stylized as ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller’s Standard Oil, and was formed on November 30, 1999, by the merger of Exxon and Mobil.

corporate.exxonmobil.com

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The Only Constant Is…

The Only Constant Is…

If you missed his quote this morning, Halliburton’s CEO predicted “For the first time in a long time, we will see a buyer looking for a barrel of oil, as opposed to a barrel of oil looking for a buyer.” Just one more reminder that none of us choose a career in the oil and gas industry because nothing much ever happens. The Reese Energy Consulting team in our Okla. City, Tulsa, Austin, and Houston offices are currently at work for energy majors, independents, and midstream operators to help them keep steps ahead of the changes that impact their bottom lines. We are revenue chasers and project tacklers with the heart of a quarterback. Here’s a quick look at what we’re up to now.

  • Oil and gas marketing
  • Midstream contract auditing ($20+ million uncovered)
  • Scheduling, nominations, and balancing
  • Gas measurement and sampling audits
  • Gathering, treating, compression
  • Field asset design and commissioning
  • Midstream and purchaser vetting and planning
  • Large client base in virtually every basin

We invite you to review our client list at https://reeseenergyconsulting.com/clients/ then send us an email or give us a shout at 405.216.8855 to discuss the changes facing you.

 

Continental Dives In

Continental Dives In

Was it only a matter of time before Okla. City-based Continental Resources jumped into the Permian pool? Founded in 1967, the company until now has kept its E&P activity squarely in the Bakken and Anadarko, along with a small acquisition earlier this year in the Powder River Basin. But some deals may be just too good to pass up, especially when the free cash-flow fire is as hot as oil prices. Reese Energy Consulting today is following the latest news from Continental, which came off its 3Q earnings report to announce a $3.25 billion all-cash deal with the Permian’s largest operator, Pioneer Resources. The acquisition includes drilling rights across 92,000 net acres in the Delaware and 50 MBOEPD in production, allowing Continental to generate an extra half-billion dollars in annual free cash flow next year at current prices. Now, by all accounts it’s difficult to separate this company from the man who created it—billionaire wildcatter Harold Hamm who retired his CEO role last year to chair the board. His self-described “heart of a geologist” led him to the Bakken in 1995 where he introduced the combination of horizontal drilling and fracking. Now it’s leading him to the Permian. And while analysts have expressed uncertainty over the company’s latest move into a basin it doesn’t know, we’ll happily put our bucks on Continental.

What do you think? Learn more about REC at www.ReeseEnergyConsulting.com.

Continental Resources

Continental Resources, Inc. is an American petroleum and natural gas exploration and production company based in the Continental Oil Center in Oklahoma City. The company was founded by Harold Hamm in 1967 at the age of 21 as Shelly Dean Oil Company, originally named for Hamm’s two daughters.

www.clr.com

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