Thank you to all who joined us in Houston last week. It was a great and productive time.
Save The Date. May 8-9, 2024. Irving Convention Center. Oilfield Water Markets Conference. Link To Details & Registration.
If you visit the May conference website, you’ll notice some great companies have already joined to sponsor well in advance. Multiple other firms are discussing with us right now which package is right for them. If you plan to reach the decision makers at this event, let’s reserve the right sponsorship option for you now before someone else grabs it. There are exciting new opportunities shown on the website for what promises to be the top event of the year in the 2024 produced water business.
Here is this week’s industry news & analysis…
News Digest
Just Hours Ago... M 5.3 Quake In Stateline Area
M 5.3 - 37 km WSW of Mentone, Texas at 4:30am today.
Diamondback CEO Talks Deep Blue Deal, Says Water Midstream Is "Ripe For Consolidation"
On their earnings call, management said: "We felt it was an opportune time to monetize that in the hands of who we see as operational experts in Deep Blue and the Five Point team. I think they have already proven to have commercial success with third parties where if you have a Diamondback business card, you weren't going to have the same type of commercial success. I think that that sector is certainly ripe for consolidation as well, and I think they're the experts that can get that done. So, that's kind of why we retained the 30% equity interest in the business.
Congrats to Aris On Great 3Q Results
Last week in their earnings release, Aris raised 2023 EBITDA guidance to $166 – $170 million, the top end of previous guidance range.
Did You Miss the Event in Houston?
If you did miss it (or even if you were there!), check out some of the comments from people who were in the seats.
Oil sputters near three-month lows as demand concerns mount
WTI down to $76! Oil prices remained under pressure on Wednesday after sliding to their lowest in more than three months in the previous session, slipping further on concern over waning demand in the United States and China.
Summit Midstream Strategic Review Garners Interest
As previously announced, the Board of Directors launched a strategic alternatives review with the goal of maximizing unitholder value (including M&A). Last week, the company said: "we are very pleased with the continued level of interest from third parties for potential transactions, ranging from the sale of specific assets to consideration for the entire Partnership."
Water Midstream Private Company Power Hour Was A Big Success Thanks To The Great Participants
If you were at last week's oilfield water management conference, you saw an industry first. 6 top privately-held water midstream company CEOs pulled back the curtain and shared data and outlooks for their business platforms. It was a very unique and valuable session, and we wish to thank these leaders for sharing information we had not seen before: Michael Anderson from Layne, Rob Rice from Gravity, Matt Gabriel from XRI, Zach Neal from Pilot, Kevin Lafferty from Lagoon, and Jim Summers from H2O Water Midstream.
See Who Went To The Conference - Photos, Attendee List, and Slides Are Posted
Pictures and slides are posted for last week's Oilfield Water Industry Update Conference. Everyone can see the pictures at this link, and if you attended, you were given a password to download the slides and attendee list (let us know if you need a resend). The event was extremely well attended, with a significant E&P presence. The delegate list is the "who's who" of oilfield water management!
Special Thanks To Last Week's Ranch Water Reception Sponsor, WaterBridge!
Networking in the evening of the 5th Annual Oilfield Water Industry Update was supported by WaterBridge and we thank them for their participation in the event!
Texas Pacific Source Water YTD Sales Already Better Than All Of 2022…
A decrease in oil and gas royalty revenue was partially offset by a combined increase of $29.4 million in water sales and produced water royalties and an increase of $14.6 million in easements and other surface-related income.
EQT’s Toby Rice Says Industrial World Threatened by Pipe Lawsuits
EQT Corporation CEO Toby Rice says there is a “war on infrastructure” here in the U.S. (meaning a war against pipelines) that is sparking a “Europe-style energy crisis.”
Pennsylvania partners with natural gas driller on air and water monitoring amid new regulatory push
The state of Pennsylvania will work with a major natural gas producer to collect in-depth data on air emissions and water quality at well sites, enhance public disclosure of drilling chemicals and expand buffer zones.
Pa. industry leaders weighed gas wastewater as winter road treatment
The Pennsylvania Grade Crude Development Advisory Council’s agenda included consideration of two recent studies from Penn State University, the second published in July, that concluded such roadway treatments were ineffective and potentially unsafe.
Crystal Clearwater: Industry changes how it addresses produced water
Frisco-based Crystal Clearwater Resources has just announced the successful completion of its Series-A funding round, led by Elk Mountain Ltd.
TerraVest Announces the Acquisition of LV Energy Services
LV Energy Services, with locations in Grande Prairie and Rimbey Alberta provides water management and other related services in the Western Canadian energy industry.
Big Target Set By Exxon For Produced Water Reuse Post Pioneer Deal
The company expects to increase the amount of water sourced from oil and gas production used in its Permian fracturing operations to more than
90% by 2030.
CEO Darren Woods: Exxon’s Early Lithium Production Efforts ‘Promising’
The U.S. oil giant has quietly evaluated opportunities to produce lithium from subsurface brine water in Arkansas—a process Exxon says is an extension of its current upstream capabilities.
Why ExxonMobil Is So Excited About Its Nearly $70 Billion Acquisition Spree
CEO Darren Woods discussed why Exxon is so excited about those deals on the third-quarter conference call.
Overseas: Brazilian Government is Bullish on Fracking
The Mines and Energy Ministry is accepting bids on fracking projects, but faces an unlikely alliance of agricultural producers and environmentalists.
Colorado DNR Produced Water Consortium elects Messner chair, hires director
The Colorado Produced Water Consortium announced the unanimous election of the first chair of the consortium, Commissioner John Messner of the Colorado Energy and Carbon Management Commission. The consortium was created by the Colorado Legislature and signed by Gov. Jared Polis to help reduce oil and gas operation’s consumption of freshwater and access options to reuse and recycle produced water from those operations.
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