In Good Company

In Good Company

Reese Energy Consulting today recognizes our newest producer and midstream clients who came on board with us in 2020. Besides the great projects we had the opportunity to tackle, they’re also a group of terrific folks—and that’s always a sweet bonus prize. Our thanks go out to:

Learn more about our own group of terrific folks and range of upstream, midstream, and downstream services at www.ReeseEnergyConsulting.com.

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Shovel, Meet Dirt

Shovel, Meet Dirt

It’s about as rare as a unicorn these days to watch an oil and gas stock price zoom into the stratosphere, but that’s exactly what happened today in pre-market trading for Houston-based Summit Midstream. Reese Energy Consulting is following the latest news from Summit, which yesterday received a FERC thumbs up to begin construction on the Double E Pipeline and associated midstream facilities. That’s all it took to send the company’s stock soaring by a whopping 51.7% before this morning’s opening bell and settling back to a still impressive 29%. Upon completion in 4Q, the 135-mile Double E will transport 1.35 BCFD of natural gas from the Permian’s Delaware to delivery points near the Waha Hub. Summit owns a 70% operating interest in the pipeline along with ExxonMobil at 30%. The project’s most recent advancement follows a rather smooth-sailing process compared with other proposed pipelines that have either been delayed indefinitely or outright cancelled out of sheer exhaustion from endless court battles. Godspeed, Double E.

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

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

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A Look in the Rear View, Part II

A Look in the Rear View, Part II

The oil and gas industry’s adaption of renewable energies quickened its pace in 2020 as producers, midstream operators, and refiners rolled out new initiatives and investments to power their operations and reduce emissions. Here’s a look at just a few. Houston-based Occidental, a longtime developer and investor of low-carbon technologies and fuels, announced this month it will design and build the world’s largest carbon capture facility in N.D. The company last Fall completed a 174-panel, 120-acre solar farm in the Permian, which now replaces all grid power and supplies all energy for Oxy’s Goldsmith oilfield operations. Tulsa-based midstream giant Williams in May announced it, too, would add solar to its natural gas transmission and processing operations in nine states. But oil refiners, in particular, have been left with little choice to accelerate their shift from fossil fuels to renewable sources. The fallout from COVID and ever-stringent emissions regulations have prompted the largest to the smallest refineries to convert feedstocks to biofuels, such as soybean oil, fats, and kitchen grease. Time to: adapt, re-think, survive.

What do you think? Learn more about our upstream, midstream, and downstream expertise at www.ReeseEnergyConsulting.com.

 

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Two Sweet Bites for Diamondback

Two Sweet Bites for Diamondback

Midland, Texas-based Diamondback Energy is as much at home in the Permian as its indigenous rattler namesake. Formed in 2007 with an initial acquisition of 4,174 net acres, Diamondback has continued to expand its presence in the Land of Crude Oil Honey, also known as the Midland and Delaware sub-basins. Following a $7 billion merger in 2018 with Energen, the company was suddenly thrust into the realm of large-cap Permian E&P independent with 390,000 net acres. Reese Energy Consulting today is following the latest strikes by Diamondback, which now has snatched up two more Permian rivals for a combined $3.2 billion. First up is Irving, Texas-based Guidon Energy in a cash-and-stock deal valued at $850 million that adds 32,000 net acres in the Midland. Next, Denver-based QEP Resources in an all-stock transaction valued at $2.2 billion that includes 49,000 net acres in the Midland with 3Q production of about 48.3 MBPD and a Williston Basin stepchild Diamondback most certainly will look to offload. Because for some E&Ps, there’s simply no place like home than the Permian.

 

Diamondback Energy

Diamondback Energy is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Midland, Texas.

diamondbackenergy.com

What do you think? Learn more about our range of producer and midstream services at www.ReeseEnergyConsulting.com.