Operation Bullseye

Operation Bullseye

ESG plans throughout the nation’s oil and gas industry continue to make headlines these days, and while the end goal is the same—net zero greenhouse emissions by 2050—the journey to get there has many different roadmaps. Reese Energy Consulting today is following the latest ESG report from Houston-based EagleClaw Midstream, the largest gathering and processing operator in the Permian’s Delaware. EagleClaw expects to achieve single-digit reductions in its carbon emissions level by 2025 with a plan that includes converting its fleet to electric vehicles, expanding electric compression, investing in CCS technologies, and tying 20% of employee bonuses to the company’s annual ESG goals. Okla. City-based Devon also has announced emissions-reduction plans that sweep its operations in the Delaware, Eagle Ford, Anadarko, Powder River and Williston basins. Actions will include reducing and ultimately eliminating flaring by 2030, electrifying facilities, adding air-driven pneumatic controllers, and minimizing freshwater use. Bold moves ahead.

What do you think? How can REC help you along your energy transition journey? Contact us or learn more at www.ReeseEnergyConsulting.com.

 

EagleClaw Midstream

EagleClaw Midstream is strategically located in the heart of the Delaware Basin in the Permian, one of the fastest growing areas for oil and gas development in the world. They provide the gathering, compression, processing, transportation and water management services required to bring natural gas, natural gas liquids and crude oil to market and are dedicated to providing the best service and netback for their customers.

www.eagleclawmidstream.com

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A New Deal for Mach

A New Deal for Mach

A year after snapping up the Mid-Continent assets of now defunct Alta Mesa, Okla. City-based Mach Resources is back in the acquisition game with a shiny new prize. Reese Energy Consulting today is following the latest news from BCE-Mach III, which has signed a purchase and sale agreement with Denver-based Cimarex Energy for producing properties in Western and Southern Okla., and the Texas Panhandle. The deal also includes two gas gathering and processing systems in Southern Okla. Financial details weren’t immediately disclosed. Led by private equity firm Bayou City Energy and Mach CEO Tom Ward, BCE-Mach III in 2020 bid an initial $320 million for Alta Mesa’s producing and midstream assets in the Mid-Continent, ultimately paying a million less after crude oil prices nosedived. The company’s portfolio includes a sprawl of oil, natural gas, and water assets across 46 counties in Okla., Texas, and Kans. Ward was the cofounder of Chesapeake Energy along with the late Aubrey McClendon.

Mach Resources

Mach is an independent oil and natural gas producer focused on acquiring, exploring and developing high-return, low-cost products. Founded in January 2017, the company pursues assets with production history and development opportunity. Mach is located in Oklahoma City.

machresources.com

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

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Sooner Than Later

Sooner Than Later

Marathon Oil’s ties to Okla., date back more than 100 years when in 1915 the oil giant drilled its first well here near the town of Cushing. Since then, the Anadarko Basin has been good to Marathon, most recently yielding 53 MBPD in Q1 production from the SCOOP/STACK. As a comparison, 2020 crude production from the two plays hit a total 488 MBPD. While Marathon’s activity here took a decidedly backseat last year to the company’s larger shale operations in the Bakken, Eagle Ford, and Delaware Permian, Marathon says it’s headed back to the Sooner State with a new drilling program focused on natural gas and NGLs. Reese Energy Consulting today is following the latest news from Houston-based Marathon—the fourth-largest operator in the SCOOP/STACK with 300,000 net acres—which looks to drill five but uncompleted wells in the second half to take advantage of favorable gas pricing. More Anadarko activity is planned in 2022. Marathon has earmarked 10% of its $1 billion CAPEX budget for Okla., operations.

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

Marathon Oil

Marathon Oil Corporation is an American company engaged in hydrocarbon exploration incorporated in Ohio and headquartered in the Marathon Oil Tower in Houston, Texas. The company is ranked 534th on the Fortune 500 and 1900th on the Forbes Global 2000.

www.marathonoil.com

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