Full Speed Ahead in the Bakken

Full Speed Ahead in the Bakken

Denver-based Whiting Petroleum last April earned the dubious distinction as the first major U.S. oil producer to file for bankruptcy after crude prices fell into an abyss. But with new leadership at the wheel, Whiting has re-emerged, crafting strategic moves to reclaim its place as N.D.’s biggest producer. Reese Energy Consulting today is following the latest news from Whiting, which is waving goodbye to its sizeable assets in Colo.’s DJ Basin and going full throttle in the Bakken. The E&P has just announced duo deals totaling $458 million, putting the Rocky Mountains in the rearview and revving up in the Williston Basin. Whiting has sold its entire position in the DJ for $187 million to an undisclosed buyer with assets that include 67,278 net acres and 7,100 BOEPD in production. In a second transaction, the company has acquired 8,752 net acres in the Williston with production of 4,200 BOEPD for $271 million, this also from an undisclosed buyer. The acquisition adds to Whiting’s current portfolio of 478,000 net acres in the Bakken and Three Forks shale plays, making it the third-largest producer.

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

Whiting Petroleum

Whiting Petroleum Corporation is an independent exploration and production company with an oil focused asset base. We are a top crude oil producer in North Dakota and operate substantial assets in northern Colorado. Headquartered in Denver, Colorado, we lead the industry with our competitive assets, commitment to safety, dedication to technology and record-setting results. Whiting is a competitive company, with a strong, responsible plan to create long-term value.

whiting.com

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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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The Right Bite

The Right Bite

Where others zig, Texas-based Permian pure player Diamondback Energy isn’t afraid to zag. Case in point: Diamondback’s $3.2 billion double acquisition last December of Permian rivals Guidon Energy and QEP Resources that lifted investor eyebrows. The combined deal added the company 81,000 acres in the Midland for a total 276,000 and a 95,000-net-acres stepchild in the Williston Basin, which it looked to offload early. In hindsight, this was a bold strike given an environment still gripped by COVID, $34 per barrel oil prices, and a debt-reduction drumbeat. Reese Energy Consulting today is following the latest news from Diamondback, which now has sold its Williston assets along with 8,300 net non-core acres in both the Midland and Delaware to Houston-based Oasis Petroleum for $745 million. The company, now about half the size of Pioneer Natural Resources, generated Q1 free cash flow of $624 million, drilled 41 wells completing 42 in the Midland, drilled 8 wells completing 25 in the Delaware, and announced a CAPEX budget of $1.75 billion. Zag on, Diamond.

What do you think? Learn more about Reese Energy Consulting and our energy project services at www.ReeseEnergyConsulting.com.

Diamondback Energy

Diamondback Energy is a company engaged in hydrocarbon exploration and headquartered in Midland, Texas. As of December 31, 2020, the company had 1,316 million barrels of oil equivalent of estimated proved reserves, of which 58% was petroleum, 20% was natural gas, and 22% was natural gas liquids.

diamondbackenergy.com

Out of the shale revolution, wastewater production, disposal and recycling have birthed a midstream industry all its own. One barrel of oil extracted generally yields half a barrel of wastewater. To put this in perspective, between 2011 and 2016 the volumes of wastewater from fracking rose an extraordinary 1,440%. And in areas like Texas and N.M. where one well can require millions of gallons of water to frack in the mostly desert climes, advanced wastewater solutions have become big business.

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