George Mitchell spent a lot of time and certainly a lot of money trying to crack the secret of the Barnett Shale. And even after he found success, many people doubted that this whole unconventional thing would ever amount to much.
We’ve learned a thing or two since then. In North America alone, McKinsey Energy Insights estimates U.S. shale oil production will reach about 9 MMbbl/d by 2025. Total capex will grow at 25% per year through 2021, and drilling and completions will grow by 20% per year over that same time frame. Even as shale plays tipped the balance of supply and demand, operators found ways to do things for less, and McKinsey’s “North American Shale Oil Perspective” report noted that the Permian Basin’s core breakeven price is less than $41/bbl in 2017.
The October cover stories contain a snapshot of just how creative operators and service companies have become in tackling these challenging plays.
This month's cover story topic was shales. Read each of article:
Using buoyancy-assisted casing equipment to extend lateral reach
Quantum-backed FireBird II Raises Over $500MM for Permian Deals
2023-04-22 - After FireBird Energy LLC sold to Diamondback for $1.75 billion last year, FireBird II was formed to pursue more deals in the Permian Basin.
Ovintiv Offering Senior Notes to Fund $4.2B Permian Deals
2023-05-18 - The Colorado-based Ovintiv plans to use the net proceeds to acquire a portion of Midland Basin E&Ps.
Chesapeake Would Buy Gas, But Who’d Sell at Sub-$3?
2023-05-08 - “They’re hard,” the E&P’s CEO said of Chesapeake getting a gas deal done in a depressed gas-futures market.
Baytex Raises Capital for $2.5 Billion Ranger Oil Deal
2023-04-27 - Canada’s Baytex Energy Corp. moved a step closer toward finalizing its purchase of Ranger Oil Corp. with the closing of its private offering of $800 million aggregate principal amount of senior unsecured notes.
Sitio Royalties Hits Unusual M&A Wall in Q1
2023-05-11 - The first quarter was the first time in over two years that Sitio Royalties hasn’t announced or closed a new acquisition, and it wasn’t for a lack of looking.