Repsol Makes Strategic Move in the Marcellus

Repsol Makes Strategic Move in the Marcellus

Spain’s global energy behemoth Repsol has invested more of its euros in U.S. shale with a bankruptcy purchase in the Marcellus. Reese Energy Consulting today is following the latest news from Repsol, whose U.S.-based oil and gas operations include Pa., Alaska, the Eagle Ford, and offshore the Gulf of Mexico. Repsol now will add to its existing position in Pa., with the purchase of Rockdale Marcellus, which filed for bankruptcy last September. The $222 million deal includes 42,897 net acres with 100% working interest, 66 wells, 110 MMCFD in gas production, and more than 100 future drilling locations. Rockdale acquired the assets from Shell in 2017. Repsol is fattening up its natural gas presence at a time of soaring energy prices and demand in Europe. The company last August snapped up the remaining 25% for now 100% control of Saint John LNG (neé Canaport LNG) in Canada’s New Brunswick. And let’s not forget, Repsol in 2018 signed a 20-year, $4.5 billion agreement with Venture Global to buy 20 million tons of LNG from Venture’s Calcasieu Pass export terminal expected to begin commercial service by year end. Wonder where all that gas will come from. Hmm.

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

Repsol

Repsol S.A. is a Spanish energy and petrochemical company based in Madrid. It is engaged in worldwide upstream and downstream activities. In the 2020 Forbes Global 2000, Repsol was ranked as the 645th-largest public company in the world. It has more than 24,000 employees worldwide.

www.repsol.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.

 

Delaware Producers, Meet the Double E

Delaware Producers, Meet the Double E

Right on time and right on the money, the Double E Pipeline is now open for business to bring added transportation capacity to the Permian’s Delaware where 80 rigs currently operate. Reese Energy Consulting today is following the latest news from Houston-based Summit Midstream, which will operate the 135-mile natural gas pipeline designed to flow 1.35 BCFD from southeast N.M., and west Texas to multiple delivery points in and around the Waha Hub. The $400 million Double E was developed under a 70:30 joint venture between Summit and Exxon’s XTO of which XTO will become a foundation shipper with 500 MMCFD of capacity for 10 years. Summit in January broke ground on the project after announcing final FERC approval that sent its stock price into orbit at a whopping 51.7% in pre-market trading before settling at a still impressive 29% for the day. Formed in 2009, the company operates extensive natural gas, crude oil, and produced water midstream infrastructure in the Marcellus/Utica, Barnett, Permian, DJ, and Piceance basins.

What do you think? Learn more about REC and our natural gas marketing services at www.ReeseEnergyConsulting.com.

Summit Midstream

Headquartered in Houston, Texas, Summit Midstream Partners, LP (NYSE: SMLP) is a value-driven master limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States.

www.summitmidstream.com

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