Here is this week’s industry news & analysis…
News Digest
Permian Resources Divests $125mm Of In-House Water Assets To Unnamed Midstreamer...
Permian Resources Corporation announced yesterday a divestiture of a portion of its water infrastructure assets in Reeves County, Texas. The Company signed definitive agreements with an undisclosed third-party that result in Permian Resources divesting a portion of its saltwater disposal wells and associated produced water infrastructure in Reeves County for total consideration of $125 million. The full consideration will be received at closing with $60 million subject to repayment if certain thresholds tied to Permian Resources’ future drilling activity in the service area over the next several years are not met. The Company expects to retain the full consideration based on its current development plan. The counterparty has a strong record of operating midstream assets, and the divested infrastructure has ample additional capacity to service the Company’s future produced water disposal needs. The transaction is expected to close during the first quarter of 2023, subject to regulatory approval.
...Twitter Guesses At Who The Buyer Might Be
Energy FinTwit is a lively bunch and they are talking about this "Infra" M&A deal, in the replies you'll see a couple of guesses on the hidden buyer's identity.
INDUSTRY SURVEY: What Are The Biggest Oilfield Water Trends In 2023?
Chime in here and we'll compile the responses and share them in a February oilfield water weekly news digest...
Seismicity Regulations Cheat Sheet
Newly Updated in December - download a free, data-packed summary of the recent seismicity regulations in the Permian Basin compiled by the experts at B3.
Surge Energy America Announces Milestone of Conserving 100 Million Barrels of Freshwater
Surge Energy announces it has conserved over 100 million barrels, or 4.2 billion gallons, from the inception of using recycled produced water for completion operations in 2017. Surge's water team will be speaking at our May 17-18 Conference in Fort Worth... registration is open on our website.
Phoenix Services Wins Lawsuit Against NextSource Water Solutions
Lawsuit over cost of pipeline system construction project settled.
Oil money windfall pushes New Mexico spending proposals to $9.4B. Lawmakers warned of bust
Bolstered by a surging oil and gas industry in the state, New Mexico lawmakers and the Gov. Michelle Lujan Grisham aligned in recommending $9.4 billion in spending for the next fiscal year for the legislature to consider in the upcoming session starting next week.
WATER TALENT POOL: Infinity Natural Resources Hiring Regulatory Compliance
Infinity Natural Resources, LLC is #hiring additional staff to complement and support its continued growth within the Appalachian Oil & Gas sector
ISCO To Host An Open House For Their New Midland Facility
The ribbon cutting and open house was Tuesday, February 14.
Pace For Water Savings In New Construction
Texas Property Assessed Clean Energy (TX-PACE) enables commercial property owners to obtain affordable, long-term financing covering up to 100 percent of the cost for energy efficiency, water conservation, water reuse and on-site generation technologies.
Energy Industry Expecting Delayed Oil, Gas Permitting with Updated Federal GHG Guidance
Federal guidance updating how climate impacts should be assessed during environmental reviews for permitting energy infrastructure is drawing criticism from the oil and natural gas industry.
Pennsylvania's gas industry waits for Shapiro's agenda as governor
The state’s natural gas industry is waiting to see how the Shapiro administration will tackle energy-related challenges, including permitting delays and regulatory roadblocks.
Appalachian Companies Launch Methane Coalition to Give World Window to Natural Gas Operations
Three of the Appalachian Basin’s leading upstream and midstream operators on Wednesday announced a new coalition aimed at better monitoring and reducing methane emissions throughout the Marcellus and Utica shales.
23 New Shale Well Permits Issued for PA-OH-WV Jan 2-8
New shale permits issued for Jan. 2-8 in the Marcellus/Utica included 14 new permits in Pennsylvania, 8 new permits in Ohio, and just 1 new permit in West Virginia.
Amanda Finn Elected Chairperson of Ohio Oil & Gas Association
Finn is (1) the youngest individual to serve as Chair, (2) the first female to serve in that role, and (3) the first person representing a shale operator to serve in that role. That’s quite a list! Very impressive.
Oklahoma City Suing Oil Company For Alleged Water Theft
The city of Oklahoma City filed a lawsuit against an oil company that stole water from the city, according to city officials. City officials said Revolution Resources and contractor Select Services asked for permits to build a road and pipeline, but were denied by the city utilities department. The lawsuit said the company did it anyway, allegedly stealing water being pulled from Canton Lake to Oklahoma City and damaging the Stinchcomb Wildlife Refuge in the process.
Ex-Pennsylvania DEP secretary: Agency’s underfunding will test its new leader
Patrick McDonnell, former DEP secretary under Gov. Tom Wolf, said good management will be critical to show that the agency can handle the workload the public expects.
Texas oil patch gears up for more growth and spending with the Permian leading the way
U.S. projects record production of crude oil in ‘23, but inflation and supply bottlenecks temper optimism.
VIDEO: Scottsdale Water Recycling Facility (SWRF) In The Permian
Aureus showcases their Scottsdale Water Recycling Facility (SWRF) in the Permian with a Zero Atmospheric release (ZA) system.
Now Hiring: Led by Texas, U.S. OFS Employment Hits Post-Pandemic High
Employment in the U.S. oilfield services and equipment (OFS) sector last month reached its highest level since a pandemic-induced reduction in the job count that began in March 2020, according to the Energy Workforce & Technology Council.
What the end of the US shale revolution would mean for the world
Fracking catapulted America to the top of the energy hierarchy, but low yields and a lack of reinvestment threaten that position.
API president says Biden's oil policies threaten national security
American Petroleum Institute President Mike Sommers said administration policies contributed to the "biggest imbalance between energy supply and demand in a generation."
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