We have more good news for you today than you might be expecting!
Our news digest below starts off with a half dozen articles / analyses that will motivate and empower you. This downturn is happening super fast and big opportunities lie in wait on the other side.
Also, our “downturn dialogues” series continues today with more good news. B3 Insight CEO and co-founder Kelly Bennett shares the news of a new product launch first with Oilfield Water Connection readers in this newsletter.
Launching anything in this environment is a Herculean task, for these are uncharted waters. So we commend the B3 team for an exciting new expansion that advances their mission to provide high-caliber oilfield water market data – many of our readers will be interested in their brand new Oklahoma platform!
Kelly’s team will have a big presence at our postponed Oilfield Water Markets Conference when it is able to convene. Here’s the scoop straight from Kelly on how they are bringing new resources to market during these challenging times:
“Next week we are launching the B3 Oilfield H20 Platform for Oklahoma, a result of ongoing collaboration with the many customers who rely on us for timely, accurate oilfield water information. New product launches are exciting but typically announced after months of complex plans for marketing and sales. Our internal prototypes for this new product came to fruition while oil prices fell and the realities of our collective battle with COVID-19 set in, so we took a moment to ask ourselves how we wanted to launch something requested by so many in the B3 Community at a critical time for us all.
Instead of the traditional launch route, which would have kept this product off the market for several more months, we decided to accelerate the release of the Oklahoma OilfieldH2O Platform, which is currently being tested by a small group of client advisors. Nicole Bynum, Business Development Manager at Spitfire Energy Group LLC, has been part of the scope and design group as well as a tester. She recently shared, “B3 hosts a large range of Injection Well data that no other platform offers at this time for Oklahoma. This groundbreaking software allows us to determine optimal placement of future injection wells to help serve our customers best. We are excited for the use of this revolutionary software.” This feedback is exactly why we decided to support our customers in this challenging market with early access to our Oklahoma platform.
We want to thank our customers for their continued partnership by making access to our beta launch available to each of them at no cost. Our plan has evolved from a standard launch, but our support of and commitment to our customers is constant. Even as we launch this product, I am incredibly excited about our product roadmap over the next couple of months as we release significant new software and user workflows, always laser focused on adding new value for our B3 Community.”
-written by Kelly Bennett, CEO and Co-Founder of B3 Insight, April 8, 2020
And now for this week’s news and analysis…
When We Make It To The Other Side… The Top 10 Debates For When The NAM Oilfield Bottoms [Free Trial Unlocks]
One beaten-down reader told us last week that we need to start a virtual happy hour after every update we write these days. It's indeed depressing. But here's one that will make you want to grab a cup of coffee, and head to the white board to map out strategies for when things stabilize...
"Why I Know We Will Rebound From This" - A Message From A Midstream Exec
It is really dark out there right now. It is being driven by fear. We have seen our economy beat up. If you are in the energy industry we have been hit hard by low commodity prices. We are in the midst of a pandemic and it doesn't matter if it is manmade or not it's here....
Q&A With Nick Hines: How OWL is Succeeding During Tough Economic Times
Actually when you look at OWL today, it was built in a time similar to this. We are optimistic and excited for what is to come, but like everyone else, we are hoping to see it rebound quickly....
One Driller in Texas is Still Buying Assets Amid the Oil Rout
Amid the largest oil rout in a generation, a pair of shalennials are planning to use a $750 million war chest to make acquisitions in the Permian Basin...
A Seismic Investigation Of The Recent 5.0 Magnitude Permian Earthquake [$]
Quakes often lead to hasty and uninformed conclusions about causes involving oilfield activity. Today’s guest post from Laura Capper dispels the myths with facts, figures, and science.
WATER TALENT POOL: Still Hiring!
Business Development Manager – Houston or Denver. 3+ years sales experience in the oilfield and heavy equipment industry. Strong background in midstream/pipe or water infrastructure...
Last Time The US Rig Count Fell This Much In Two Weeks, Richard Nixon Was President
In the past 70 years of drilling history, the total US rig count has only registered a two-week drop exceeding the past two-week's 14% decline on 3 occasions, most recently a half-century ago... free trial unlocks
Keep Your Head On A Swivel For Oil Price Volatility: Prices Spike On Hopes Of OPEC Deal
Oil climbed on Wednesday, reversing most of the prior session's losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid the coronavirus pandemic....
Keep Your Head On A Swivel For Oil Price Volatility: Prices Dive on Output Cut Worries
Oil sank to the weakest level since the start of the month on Tuesday, as investors weighed whether the world’s biggest producers will be able to strike a deal that cuts enough output to offset an unprecedented demand loss from the coronavirus outbreak....
Lame-duck Railroad Commissioner Ryan Sitton is U.S. face in global oil battle
Railroad Commissioner Ryan Sitton, who lost his bid for re-election in the GOP primary, is now a central figure in the global battle over oil production cuts...
A Big Permian Cut From Exxon Takes US Spending Reduction Up To $22 Billion [Real-Time NAM E&P Capex Budget Monitor]
Exxon said they’d cut total 2020 capex by $10bn, or a 30% reduction. Exxon hasn’t quantified how their 30% total capex cut would be allocated, but said that... [free trial unlocks]
Oil billionaire Dan Wilks acquiring stakes in hard-hit U.S. service firms
Oil billionaire Dan Wilks this week took a large stake in a struggling U.S. shale fracking company days after his Wilks Brothers investment group took over a frack sand provider...
Mobile Mini Sand Mines Need Water. They May Buy It From E&P Operator Frac Ponds? [$]
Mobile sand mining, think if it like mines on wheels that follow frac crews, will need make-up water near remote well pads if they take off. Some are considering buying this water from the E&Ps they'll be selling sand to...
Big Cut At Plains All American As Downturn Stings Midstream
Capex cut 33% and divvy cut 50%...
Service companies lead energy bankruptcy filings so far this year
Record-low oil prices continue to take their toll on the energy industry where oil-field service companies are leading a flurry of new bankruptcy filings this year, data from the law firm Haynes & Boone show....
A Dystopian 2020 US Oilfield. Day-By-Day E&P Budget Cuts & A Look Ahead… [Chart Of The Day] $
Monday, March 9, 2020. It was the oilfield’s “Black Monday.” It may feel like 4 years ago, but it was only 4 weeks ago. On that fateful day, the OPEC+ deal broke apart. WTI prices sank 33%. And the US onshore oilfield awoke to a grim new reality....
Supreme Court of Pennsylvania Weighs in on Hydraulic Fracturing and Subsurface Trespass
In January of this year, the Supreme Court of Pennsylvania tackled an issue that has been confronted by few other courts—whether the rule of capture precludes a claim for subsurface trespass due to hydraulic fracturing....
Unsurprisingly, Permian Producers Say 2020 Is A Year To Produce More While Spending Less
Permian Basin oil and gas producers are approaching 2020 with caution, according to responses from the Reporter-Telegram’s annual outlook survey... well, no surprise there!!
Texas Oil Company to pay $115,000 Civil Penalty to resolve violations of Oil Pollution Prevention Regulations
The U.S. Environmental Protection Agency (EPA) recently announced a proposed settlement with Citation Oil & Gas Corp. (Citation) of Houston, Texas, to resolve alleged violations of federal regulations intended to prevent oil pollution. The Clean Water Act violations...
North Dakota has second company interested in constructing a slurry well for TENORM disposal
An alternative means for disposing of TENORM has a second company interested in constructing a slurry well in North Dakota, according to reports heard during a recent NDIC Commission meeting...
BLM Win In Hydraulic Fracturing Rescission Rule Case
BLM received a favorable decision out of the Northern District of California in the Hydraulic Fracturing Rescission Rule case today...
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