Oilfield Water Weekly

Wednesday August 11, 2021

Over the next two weeks, we will be releasing the majority of the agenda for the Oilfield Water Industry Update Conference happening at the Houstonian this October 15th. Please stay tuned for that exciting news in our upcoming newsletters. We’ve been working on some interesting topic angles that will advance the industry’s narrative in important new directions at this conference.

Related to the conference, if you are coming in from out of town, please consider bringing your spouse to the Houstonian with you! Our hotel room block’s great rates are available through the weekend following the event (this conference is on Friday). As most of you probably know, the Houstonian is a world-class spa / resort / retreat. This is a great opportunity to get BOTH business done with industry leaders at the event AND enjoy a memorable getaway with your spouse.

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And now this week’s news…


News Digest

Chesapeake Buys Vine For $2.2 Billion, Building Haynesville Gas Position, But CEO Says "We're Not Going Back To Our Old Ways"

Chesapeake and Vine today announced that they have entered into a definitive agreement pursuant to which Chesapeake will acquire Vine, an energy company focused on the development of natural gas properties in the over-pressured stacked Haynesville and Mid-Bossier shale plays in Northwest Louisiana. Headlines on Bloomberg during the company's 8am conference call to discuss the deal this morning stated: *CHESAPEAKE CEO: THIS IS NOT A RETURN TO THE CHESAPEAKE OF OLD...

Callon Petroleum to buy Delaware Basin assets from Primexx for $788 mln

Callon Petroleum said last week that it would buy assets in the Delaware Basin from Primexx Energy Partners for $788 million, as it looks to expand its presence in the westernmost shale field within the Permian.

Summit Midstream Agrees To Resolution On 2015 Bakken Produced Water Release

Summit has entered into criminal and civil agreements to resolve previously disclosed government investigations into the discovery, in January 2015, of a discharge of produced water into Blacktail Creek, near Marmon, North Dakota, and failure to report the spill on a timely basis.

DOJ RELEASE ON SUMMIT NEWS: Pipeline Company to Pay $35mm in Criminal Fines and Civil Penalties for Largest-Ever Inland Spill of Produced Water from Oil Drilling

The Department of Justice today filed criminal charges under the Clean Water Act against Summit Midstream Partners LLC, a North Dakota pipeline company that discharged 29 million gallons of produced water from its pipeline near Williston, North Dakota, over the course of nearly five months in 2014-2015.

Chevron, Oxy Share Details on Better Mouse Traps for Permian Completions

Interesting simulfrac observations inside this JPT report...

Oilfield challenges aired

“Labor is becoming a source of inflation because companies have to pay workers more, particularly those with special skill sets like the frac crews and wireline crews," Triepke said.

Permian Basin Gets Vote of Confidence With Infrastructure Plan

Shale drillers, others to drop $844 million on roads, projects - investment viewed as ‘ensuring a thriving energy industry’...

H2O EARNINGS SEASON: Listening To The Customers – Cliff Notes On Nearly 20 E&Ps That Talked About D&C Programs Last Week

A whole host of E&Ps held conference calls over the past 7 days. With an eye on takeaways relevant to the drilling and completions market, here’s a quick run down of what we heard, operator-by-operator, from 19 of this past week’s calls.

H2O EARNINGS SEASON: Exterran Confident In Water Business Growth

We are confident that our water business is poised for growth that will drive enhanced financial performance and compelling value creation.

H2O EARNINGS SEASON: Cimarex Recycling 3/4ths Of Frac Water Used

XEC reported 73% recycled water utilization rate in Permian Basin completions operations.

H2O EARNINGS SEASON: Select Energy Services

WTTR's Water Services segment revenue was up nicely in 2Q to $76.7mm from $64.2mm in the prior quarter. Water infrastructure revenue declined slightly to $33.3mm and oilfield chems revenue was up nicely to $51.1mm.

H2O EARNINGS SEASON: NGL Reports Record Water EBITDA

Record quarterly Adjusted EBITDA of $81.5 million in the Water Solutions segment as produced water volumes approach pre-pandemic levels

H2O EARNINGS SEASON: TPLT Water Sales & Royalties Rise

Water sales and produced water royalties increased $4.1 million and $2.3 million, respectively, for the second quarter of 2021 compared to the second quarter of 2020. The increase in water sales for the second quarter of 2021 compared to the same period of 2020 is principally due to a 70.8% increase in the number of barrels of sourced and treated water sold.

WATER TALENT POOL: Walter Dale To Select

Walter Dale, one of the speakers at our May conference and a veteran with oilfield water experience at both Halliburton and ChemTreat, has joined Select Energy Services as SVP - Industrial Solutions.

Data ties series of West Texas earthquakes to oil and gas

Since January, the Permian Basin saw a increases in earthquakes tied to wastewater disposal as oil and gas production boomed.

How Quickly Has Seismic Activity Accelerated?

Let's talk about induced seismicity. What do we know vs. what we think we know?

Plans Drop Almost 30% for New SWD and Injection Wells in the Permian in July

The top operators driving July notices include: Mewbourne Oil Company, Pioneer Natural Resources, Rattler Midstream Operating, Anthem Water Solutions, Apache Corporation, Juno Operating Company, Kinder Morgan Production, Texland Petroleum, Unitex Oil & Gas, Permian Oilfield Partners...

NRC staff issues approval recommendation for high-level nuclear waste storage in Permian Basin

High-level nuclear waste could still be stored in Andrews County despite a signed resolution in opposition from the county.

MRT: Landowners, operators must form partnership to stay ahead of ESG

Landowners and oil and gas operators have worked hand-in-hand since the beginning of the nation’s oil and gas industry.

EOG makes $907M in second quarter

EOG Resources turned a gigantic profit in the second quarter as reopening economies lifted oil prices.

The U.S. Maintains Its Natural Gas Dominance

Natural gas production had been in decline in the U.S. until the fracking boom that began to boost production in 2005. Production grew in the U.S. by an astounding 86% from 2005 to 2020, which pushed the U.S. back into the global lead among natural gas producers.

Texas oil regulator floats tax credits for natural gas projects

The natural gas industry should receive tax incentives similar to those provided for renewable energy projects, according to one of Texas’s top oil and gas regulators.

De Nora completes one of the world’s largest produced water recycling projects

ClorTec electrochlorination systems lead oil and gas industry into a new era of water reuse treating more than 140,000 barrels of produced water per day

“DUCs Down” Has Made Shale’s Post-COVID Bed Softer…so Far

US shale producers dramatically cut investment when oil prices collapsed last year, and – under pressure from investors – have remained exceptionally disciplined even with oil prices now above pre-COVID levels.

A Glance At U.S. Land Drilling Market Share As Rig Count Climbs Again

The US land rig count per Baker Hughes is flat or up in 48 of the past 52 weeks as we are now nearly one year removed from the rig count bottom. It’s likely to keep moving as E&P operators battle DUC inventory exhaustion now and try to set up 2022 completions programs with enough well inventory to not miss a beat.

Oilfield Service Experts See Continued Innovation Ahead in US Shale

Experts in emissions detection, water management and sand logistics share insight about the next potential leading-edge technology in U.S. shale.

Forget About Peak Oil - We Haven’t Even Reached Peak Coal Yet

As the pushers of Peak Oil demand theory try in vain to revive their own always-wrong narrative, it now appears that the world has yet to even meet the peak of demand for the least environmentally friendly fuel of all, coal.

Oil, brine spill at McKenzie County well site

The New Town-based Slawson Exploration Company reported that around 11,000 gallons of crude oil and more than 16,000 gallons of produced water spilled on Sunday, with all of the product contained to the well pad.

Project Bowie Complete – NexTier Takes Over The Alamo!

Alamo Pressure Pumping has sold out to NexTier in a big frac’ing deal announced late last Wednesday afternoon. The deal was code named “Project Bowie” per the IR deck title (seriously, check it out: https://investors.nextierofs.com/download/Project_Bowie_Investor_Presentation_FINAL_v7.pdf) – and we must admit that is a very, very cool M&A project code name (Piper Sandler advised on the deal, hat tip there perhaps?).

The US Shale Revolution Reaches New Lows

Downhole technology and surface efficiencies have made the cost to produce a barrel of US Shale Oil lower than ever.

Oil and gas bankruptcies slow as crude recovers

Fewer oil and gas companies filed for bankruptcy in the second quarter as demand increased and crude prices climbed to past $70 a barrel.

Hyliion plans bigger battery to stay relevant in electric truck race

Shares under pressure, but CEO says startup in good shape financially.

Regulators reach $1M settlement with company over CWA violations at Colorado oil facilities

Noble Energy, Inc., Noble Midstream Partners LP, and Noble Midstream Services, LLC have agreed to pay $1 million and implement enhanced containment measures and electronic sensors at tank batteries operating in Colorado floodplains.

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