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.