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 Story Worth Repeating

A Story Worth Repeating

Far and few between is the number of U.S. oil and gas companies that not only can claim a banner year in 2020, but the most successful in a 40-year history. Reese Energy Consulting today is following the latest news from Texas-based U.S. Energy Development, which recently reminisced on its ability to remain free cash flow positive, increase its credit base, acquire more assets, and grow its total production by 15%. All this despite an industry caught in a pandemic freefall. Formed in 1980, U.S. Energy is a privately held E&P that also ranks as one of the largest sponsors of direct energy investments. The company operates in every major basin in the nation and has drilled more than 2,400 wells in 13 states and Canada. U.S. Energy attributes its ability to survive last year’s gale-force headwinds to delaying well completions and deferring production of its more than $50 million in assets until oil prices began to improve. The company reduced completion costs by 25% on new operated wells and acquired $40 million worth of ownership interests on more assets in the Permian and Powder River basins.

 

U.S. Energy Development

U.S. Energy has achieved long-term growth through aggressive acquisition and development of oil and natural gas projects throughout North America. Since 1980, the company has invested in, operated, and/or drilled more than 2,400 wells in 13 states and Canada; deploying over $1.5 billion on behalf of their partners.

usedc.com

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

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Wyoming Preps for a Drilling Bonanza

Wyoming Preps for a Drilling Bonanza

Little more than six years ago, five independent E&Ps signed on to propose a drilling project in the Powder River Basin. But these were no ordinary producers and what they collectively proposed was no ordinary project. With the approaching dawn of a new Administration, E&Ps are scarfing up $10,000-apiece drilling permits on federal lands, especially in N.M., and Wyo., where the oil crash has seriously bruised the states’ economies. Then there’s The Magnificent Five whose Converse County Oil and Gas Project has received a final nod from the BLM to drill 5,000 wells over 10 years. EOG Resources, Occidental, Chesapeake, Northwoods Energy, and Devon each have a seat at the board of what will be one of the largest oil and gas projects in Wyo., history. Extending across 1.5 million acres, the venture will include 1,500 miles of gathering pipe, hundreds of miles of water pipeline, numerous roads, and power lines. More than 8,000 jobs are expected to be created along with $18-$28 billion in tax revenues.

What do you think? Learn more about Reese Energy Consulting and our range of upstream, midstream, and downstream services at www.ReeseEnergyConsulting.com.

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