[Editor’s note: This story was updated at 3:45 p.m. CT Jan. 26.]
Austin, Texas-based analytics firm Enverus announced on Jan. 26 the appointment of Manuj Nikhanj as president and the launch of a new product line focused on ESG.
Previously, Nikhanj was co-president and co-CEO of RS Energy Group. He joined Enverus in February 2020 following the acquisition of RS Energy by Enverus.
Jeff Hughes, formerly president and CEO of Enverus, will retain his role as chief executive going forward.
In a statement commenting on Nikhanj’s appointment, Hughes said: “In nearly a year since joining Enverus, Manuj has brought his visionary mindset and deep understanding of our clients and their challenges to our combined Energy Analytics (EA) business. We’re not the same company we were five years ago or even a year ago and with Manuj as the president propelling us forward, we’ll further cement our place as the leading energy SaaS company.”
Over the last 17 years, Nikhanj has completed several hundred evaluations of public and private producers, plays and assets. He has also served as an adviser for multiple company boards and executive teams around strategy and execution on new and existing assets.
Prior to RS Energy Group, Nikhanj was co-head of energy research at ITG, which in 2011 acquired the Ross Smith Energy Group where he was a partner.
On Jan. 26, Enverus also released ESG Analytics, an objective, accurate and transparent technology platform for environmental, social and governance (ESG) benchmarks and scoring for the energy industry.
“Corporate incentives have shifted away from production and reserve growth to living within cash flow along with a cleaner energy story,” Nikhanj said in a statement on Jan. 26. “ESG will remain in the spotlight for decades to come and we are leading on multiple fronts with this new standard. It is poised to fundamentally change how operators and investors interact.”
Enverus is in a unique position to not only create a first-of-its kind objective scoring system, but to also combine ESG Analytics with operational and economic performance, empowering a complete end-to- end solution for all market participants, according to the company release.
“Just like a consumer’s credit score, preferred rates and terms will be granted to those who both show value and are deemed quantifiable leaders in environmental practices,” Hughes said in a statement. “Objectivity, accuracy and transparency are key, and we bring all three of those elements to conversations around ESG and the future of operator valuations.”
ESG Analytics will sit within the Enverus Prism, the company’s hallmark single technology platform.
Crude oil inventories in the U.S. fell by 6.6 million barrels in the week to Feb. 5 to 469 million barrels, compared with expectations in a Reuters poll for a 985,000-barrel rise.
Oil producers and refiners adjusted to the situation at an exceptionally fast pace.
Oil production in the U.S. has surged, boosted by technology to unlock production from shale formations, and is expected to hit a record 12.41 million barrels per day this year.