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.

 

X Marks the Spot in Oklahoma

X Marks the Spot in Oklahoma

Snapping up underperforming oil and gas assets in Texas may have been the initial target for Xfuels to enter the biz from its native Alberta, but Okla., is soon to become the energy company’s first landing zone. Reese Energy Consulting today is following the latest announcement from Xfuels whose new U.S. subsidiary Cycle Oil and Gas has picked up 516 wells across 10 counties in northeast Okla., and southeast Kans. The stock-and-cash deal with Ardmore, Okla.-based Jubilee Exploration marks Xfuel’s largest acquisition to date and includes 375 pumping stations and a wide range of other equipment valued at $15 million. Most wells are currently low-producing or shut-in, making them ideal to leverage the company’s inhouse well services team and proprietary and licensed technologies to return distressed assets to profitability. First order of business will be to increase gas production from a cluster of 142 Jubilee wells in Okla., to 2.5 MMCFD within a year and 7.5 MMCFD in two. Xfuels expects to achieve revenues between $4.5 and $13.5 million from its Phase I development assuming a market price at or near $5 per MCF.

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

Xfuels Inc.

Xfuels, Inc. designs, builds, and operates regionally-integrated, small-to-midcap electricity and petroleum production facilities.
 

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