George A. Romano

M&A chatter lately has it that inventory is scarce, the pool of potential U.S. shale targets are drying up and consolidation is slowing. But deal making may be poised to shift from the recent epicenter of M&A, the Permian Basin to the Bakken, Marcellus and elsewhere. Research firm Rystad Energy said $80 billion worth of North American assets remains on the market, with the U.S. shale sector expected to be the engine driving activity. Shale assets account for 66%, slightly more than $52 billion, of total assets on the market. Some potential deals up for grabs include Bakken-focused Grayson Mill Energy, Uinta-focused XcL Resources, Exxon Mobil's Bakken portfolio, EQT's remaining non-operated Marcellus portfolio and certain Haynesville assets from Shell and BP, Rystad said in an April 28 report. Globally, the first quarter saw the biggest dealmaking tab in five years as deal M&A value crossed the $64 billion threshold. By value, deals were up 145% compared to first-quarter 2023. The primary fuel for M&A: U.S. shale consolidation. For the remainder of the year, Rystad said the industry could see another $150 billion in M&A. “The Permian Basin has dominated recent dealmaking, but other shale plays look set to attract significant investments in the near future, with about $41 billion of non-Permian opportunities on the market,” Rystad said in an April 28 report. In some cases, deals already announced will spawn other deals. Exxon Mobil, Chevron, Occidental Petroleum and Diamondback Energy are set to make divestitures that could “invigorate short-term M&A activity,” Rystad said. With significant recent acquisitions, the companies are planning to divest non-core assets, “paving the way for growth among regional upstream players,” Rystad said. Chevron, for instance, has plans to divest approximately $10 billion to $15 billion worth of assets by 2028. Occidental’s divestiture target ranges between $4.5 billion and $6 billion. “The Permian has been the focal point for M&A activity in recent times, but that focus is waning as available assets in the basin become scarce,” said Atul Raina, vice president of upstream research at Rystad. “But with appetite still strong, deal-hungry players are looking outside the basin for acquisitions. A power shift could be on the cards, with non-Permian assets taking center stage in the future North American deals pipeline.” Outside of the U.S., deal activity has remained strong in the first quarter of 2024, with $10.5 billion changing hands at a 5% year-on-year increase, Rystad reported. Upstream majors BP, Chevron, Shell and TotalEnergies collectively accounted for $5.2 billion in deals. Rystad said demand for gas-producing resources has been high, representing about 66% of total resources bought and sold in first quarter 2024. 

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and more dashboards & performance reporting in the works for Thru Tubing, Wireline and Multi Stage Frac.......

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April: TXOGA Month in Review - Texas Oil & Gas Association: Check out our Month in Review for September below to see how TXOGA was busy advocating for the Texas oil and natural gas industry The post April: TXOGA Month in Review appeared first on Texas Oil & Gas Association.

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#Mergers in #Midstream : Elevation Midstream to merge with... Read More https://lnkd.in/gswDJ4kD #pipeline #pipelines

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Bridge the gap in your lubrication program with SFM Reliability Solutions' Gap Analysis service. Dial 281-766-3455 to identify improvements that will substantially increase your MTBF/MTBR and production uptime – a smart move for any profitability-focused facility. #GapAnalysis #MTBF #ProductionUptime #ProfitabilityFocused https://lnkd.in/gwP-u96u

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Facing Title V permit challenges? A West Texas refinery found success by choosing Vapor Point's flaring alternative during a complex unit turnaround. By choosing Vapor Point, you can boost your refinery's efficiency and ensure compliance with environmental regulations. We can tailor our solution to meet your specific needs and help transform your operations. https://buff.ly/3uYmqdd #Refinery #EmissionControl #VaporPoint #Innovation #TAR #VaporControl #VaporCombustion #TitleV #JA #FlareMinimization

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PRESS RELEASE: Spoked Solutions signs supplier agreement with Baker Hughes for completion tools HOUSTON, May 28, 2024 -- Spoked Solutions, an engineering company that manufactures downhole tools, and energy technology company Baker Hughes, have signed a global supply agreement for the Jettisonable Ball Seal (JABS) tool. JABS is a bi-directional gas tight barrier that combines fluid loss and formation isolation into a seamless integral package increasing the efficiency and reliability of completion operations. It is a custom, single-acting (one-time) valve for use in single-zone completions or the lower zone in a multiple-zone completion. Its simple design makes it reliable and mitigates the risk of expensive contingency options. “Baker Hughes provides full deepwater completion solutions for operations worldwide.  This latest addition to our barrier valve portfolio strengthens our offering and supports our customers to optimize their deepwater completion designs.” said Nathan Holland, Global Portfolio Director of Completions and Well Intervention at Baker Hughes. “In 2017, we highlighted JABS’ simplicity and effectiveness, predicting a shift in how operators tackled completion challenges. Baker Hughes recognized the tool’s value for customers, and we appreciate their support to grow this technology’s reach.” said Bryce Randle, Partner, Business Development Manager, and Inventor at Spoked Solutions. Under the terms of the agreement, Spoked Solutions will design, manufacture, and supply the JABS tool components for Baker Hughes to use in completion applications in the field worldwide.   To learn more about this offering, click here https://lnkd.in/giiy8tmK.   About Spoked Solutions Spoked Solutions has been in business since 2014 and provides 360 degrees of engineering, technology and manufacturing solutions for a more efficient and cost-effective oil and gas industry. Spoked Solutions services include manufacturing, surface equipment, downhole tools, custom solutions, and services other industries outside of oil & gas. Spoked Solutions Alliance is a minority owned business certified by the National Minority Supplier Development Council (NMSDC).   About Baker Hughes Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner, and more efficient for people and the planet. Visit us at bakerhughes.com.

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Oil pdc cutter with shape. Customization supported

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1 more day to register for the first episode in the webinar series titled "Know Pressure" Looking forward to seeing you folks on there! #compressorfleetmanagement #webinar #detechtiontechnologies #compression #recip #screw #remotemonitoring #optimization #gaslift #vru #midstream #upstream #gasgathering #naturalgas

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Want a copy of our latest paper, download below.

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Update on K-Factor Testing!! We have looked at several different items that effect your K-Factor. Now to put it to the test!! Barrett Meigs was at Houston Fastener (Birmingham Fastener, Inc.) using UT to test our hypothesis. Our goal is to determine the what and how much certain practices effect K-factors. Not only on the Skidmore, but also flanges! More to come!!!

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ONEOK is buying a set of NGL pipelines for $280 million. The announcement says a lot about contemporary oil & gas strategy. Let’s start with the corporate speak: ====== "This strategic acquisition provides the quickest pipeline connectivity to and within the critical supply and demand centers for our NGLs, refined products and crude oil assets in the Gulf Coast," said Pierce H. Norton II, ONEOK president and chief executive officer. ====== The word “quickest” is incredibly important here. As I’ve remarked before, today’s oil & gas industry is all about time to value. Investors have no patience for future windfalls. The future is way too uncertain. They want to see value today, and often that value is from increased cash flows, a fraction of which go directly to shareholders. You can compare this path – buying existing assets – with the alternative of building your own new pipeline system. Building new systems can be expensive, slow (because of permitting and just general construction limitations), and risky. It’s much easier to buy something in place and integrate it in short order. That’s what ONEOK is committing to do. Another critically important part of the above quote is the mention of the Gulf Coast. Again, with uncertainty at unprecedented levels across the oil & gas landscape, investors prefer a geographical concentration in the most resilient areas of supply and demand. The Gulf Coast certainly qualifies. The Gulf Coast has existing infrastructure, access to land- and water-based distribution networks, and operational efficiencies that will allow it to remain competitive far longer than other, less favorable marketplaces. What then did we learn about contemporary oil & gas strategy from this ONEOK announcement? ➊ Moderate, tangible value today is worth much more than potentially larger, more speculative value in the future. ➋ The Gulf Coast should be one of the last regions to become stranded as decarbonization momentum builds. Investment there is preferred. ONEOK’s move here is showing us why “consolidation” is the name of the game in oil & gas today. #energy #oilandgas #ksg 𝘗.𝘚. 𝘈𝘵 𝘒𝘚𝘎, 𝘐 𝘩𝘦𝘭𝘱 𝘦𝘯𝘦𝘳𝘨𝘺 𝘢𝘯𝘥 𝘪𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘢𝘭 𝘭𝘦𝘢𝘥𝘦𝘳𝘴 𝘯𝘢𝘷𝘪𝘨𝘢𝘵𝘦 𝘤𝘰𝘮𝘱𝘭𝘦𝘹 𝘮𝘢𝘳𝘬𝘦𝘵𝘴 𝘢𝘯𝘥 𝘦𝘮𝘱𝘰𝘸𝘦𝘳 𝘵𝘩𝘦𝘮 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘵𝘰𝘰𝘭𝘴 𝘢𝘯𝘥 𝘪𝘯𝘴𝘪𝘨𝘩𝘵𝘴 𝘵𝘩𝘦𝘺 𝘯𝘦𝘦𝘥 𝘵𝘰 𝘣𝘶𝘪𝘭𝘥 𝘵𝘩𝘳𝘪𝘷𝘪𝘯𝘨 𝘢𝘯𝘥 𝘳𝘦𝘴𝘪𝘭𝘪𝘦𝘯𝘵 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴. 𝘐𝘧 𝘺𝘰𝘶 𝘩𝘢𝘷𝘦 𝘯𝘦𝘦𝘥𝘴 𝘢𝘳𝘰𝘶𝘯𝘥 𝘮𝘢𝘳𝘬𝘦𝘵 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩, 𝘱𝘳𝘪𝘤𝘪𝘯𝘨 & 𝘱𝘳𝘰𝘧𝘪𝘵𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘢𝘯𝘢𝘭𝘺𝘴𝘪𝘴, 𝘰𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘤𝘶𝘮𝘦𝘯 𝘵𝘳𝘢𝘪𝘯𝘪𝘯𝘨 & 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵, 𝘴𝘦𝘯𝘥 𝘮𝘦 𝘢 𝘯𝘰𝘵𝘦. 𝘐’𝘥 𝘭𝘰𝘷𝘦 𝘵𝘰 𝘥𝘪𝘴𝘤𝘶𝘴𝘴 𝘪𝘧 𝘪𝘵 𝘮𝘢𝘬𝘦𝘴 𝘴𝘦𝘯𝘴𝘦 𝘧𝘰𝘳 𝘶𝘴 𝘵𝘰 𝘤𝘰𝘭𝘭𝘢𝘣𝘰𝘳𝘢𝘵𝘦. https://lnkd.in/gtSQCFvt

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Weatherford's Q1'2024 results showcase a leading EBITDA margin of 24.7% and significant international growth, affirming its strategic focus and customer loyalty in key markets. #Weatherford #FinancialSuccess #OilfieldServices #InternationalMarkets #CustomerSatisfaction #Futures #Investors #Investing #Index #Oilandgas

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I like the information the Dallas Fed releases on energy, especially relating to the oil and gas industry (Q1 2024 survey linked in comments) This chart from their last quarterly survey keeps sticking in my mind.... The profitable price of development is going up and is $64/bbl on avg. This makes sense as operators are moving into Tier 2+ rock (less productive) and face inflated costs of services along with higher cost of capital. I think a lot about how our industry innovated in the late 90's through ~2010 and I wonder what might be the next innovation that pushes recoveries even further....

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What AI is saying about Axi-Therm #AxiomHT #Heattreatment #oilgas Leading the way forward for cost and schedule on your heat treatment projects.

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The TSA screened nearly 3 million passengers nationwide on the Friday before Memorial Day, breaking the agency’s record for most travelers passing through security checkpoints in a single day. It’s a new thing called “revenge travel”, which seems to coincide with “working” from home. Regardless, we hope everyone had a restful holiday weekend and are completely energized for a short work week with some big news in the energy space. Speaking of working from home, the highly anticipated June 2nd OPEC+ Vienna meeting has been cancelled in lieu of a video conference.  The cartel was supposed to debate, face to face, whether to extend voluntary oil output cuts of 2.2 million barrels per day. Instead, members will ZOOM in and choreograph the nods and “mmm hmms” such that any change in the collective production levels now seems unlikely, meaning that prices should remain rangebound through the summer. They will make sure to move their mouse every 10 minutes so everyone knew they were listening.  More importantly, they get to wear their yoga pants and pajama bottoms. Meanwhile, the US will be liquidating and shutting down the Northeast gasoline reserve with a 1 million-barrel sale. Of course this became a political football, with one candidate claiming this was done, "because he's unable to drill properly." Drilling for gasoline would be a nice trick - but regardless - it will be a much needed 900,000 barrels of highly desirable NYMEX storage ultimately turned back to the marketplace. Crude prices were largely unaffected. The Brent crude July contract finished the week at $82.12 a barrel while WTI crude clocked out for the holiday weekend at $77.72. Turning to Wall Street, Q1 2024 GDP and jobless claims data will attract eyeballs on Thursday. Also, the U.S. personal consumption expenditures (PCE) index will be closely watched on Friday for further signals about interest rate policy. The markets are now predicting only one rate cut in 2024, which is sharply down from the six rate cuts that had been projected at the beginning of the year. Once the definitive crystal ball of impending recession, the yield curve has been inverted for almost two years now and there is no recession in sight. Maybe we’re caught in the bizarro Jerry episode of Seinfeld?  The S&P 500 sustained its five-week win streak, the longest we’ve seen since early February.  Interesting news is that Google is working with Reddit to use the forum’s content to develop its AI programming.  So basically AI is going to learn from something like this: Once in AskScience, someone asked, "How fast would I have to throw a burrito for it to catch on fire?" Yes indeed, the future is bright.

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Unlock New Depths of Investigation with TGT Diagnostics’ Pulse Technology! Innovate and Assess with Precision: Our Pulse technology revolutionizes corrosion completion analysis through advanced through-tubing electromagnetic surveys. This robust diagnostic series of tools captures distinct signatures from each tubular, providing unparalleled insights into wall thickness and tube integrity. True Integrity Tube Products provide precise assessments of up to four concentric tubes from a single survey. Our True Integrity Tube products offer peak efficiency and thorough diagnostics, ensuring you understand the full scope of your well’s condition. Why Choose TGT Diagnostics Pulse Technology? - Broad-Spectrum Well Integrity Analysis: Well integrity issues can span entire reservoirs, not just isolated wells. Our comprehensive well integrity management system goes beyond standard analyses. It incorporates vital data on fluid dynamics and inter-well interactions, providing a deeper understanding of not just how, but why your wells are performing as they are. - Predictive Capabilities: Utilize the power of Pulse technology to forecast corrosion trends and accurately calculate corrosion rates. Stay ahead of maintenance and operational challenges with our predictive models. - Global Expertise, Local Impact: With operations across North and South America and a global footprint, TGT Diagnostics is your partner in navigating complex well integrity challenges. Contact TGT Diagnostics today to explore how our Pulse Technology can transform your approach to well integrity management and safeguard your operations. #wellintegrity #wellinterventions #petrophysicists

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Recent news about FLOWCO being formed from three lift and production equipment/services companies reminded me to peek at our squeaky clean artificial lift market evaluation. The global lift market is closing in on $15B annual spend. Here's a rule of thumb: Want to estimate the global lift market? Take total new well drilling around the world (but not Russia and China) and multiply by $450,000. Back in 2008 that multiplier was just $100,000. Lots of factors impact that rising multiplier: steel price inflation, bigger US land wells, harder to lift oil/gas/water.

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