Joe Mills, president and CEO of Samson Resources II, sat down with Hart Energy’s Jessica Morales for a candid discussion about how the company navigated a bankruptcy, global pandemic and oil market collapse to emerge successful in the sale of its Powder River Basin assets.
“Feeling really good. 2020 was actually a really good year for Samson,” Mills said while adding, “I’m a little bashful at times saying that given the carnage we saw in the industry.”
“We were sitting in the perfect spot when this all happened,” he continued. “We stopped drilling and, like everybody else, we worked from home.”
According to Mills, Samson Resources II was the first company to pick up a rig in the state of Wyoming following the global pandemic and oil market collapse that caused shutdowns in the first half of 2020.
“We ended up picking up our rig in July,” he said. “Prices recovered enough, quite frankly, for the Turner play.”
Then, on Jan. 4, Samson Resources II unveiled it had agreed to sell all of its Powder River Basin assets to an undisclosed buyer for $215 million in an all-cash transaction.
Despite not revealing the company’s identity, Mills said he expects Samson’s buyer to be “a very active driller.”
Watch the full video to hear Mills lay it all out including any future plans he is contemplating. You can also jump to a topic by using the timestamps below.
Jump to a topic:
- Samson II’s past year (0:32)
- Issues/non-issues with Turner rig (4:55)
- Life again in the Powder River Basin (6:17)
- Samson Resources II sale (6:38)
- Consolidation outlook (10:22)
- Joe Mills’ next move? (14:11)
- Biden’s energy policy and the Path Forward (15:05)
2023-01-30 - The upsized equity commitment and establishment of an RBL come as Double Eagle ramps up its development pace in the Permian Basin, including the recent addition of two drilling rigs.
2022-11-30 - Shale royalty Bryan Sheffield and Dick Stoneburner shift their attention to Australia.
2022-11-22 - The deal includes Clearfield, Elk and McKean counties, Pennsylvania, assets with current net production averaging about 17 MMcf/d.
2022-12-01 - Civitas Resources in the D-J Basin is aligning executive compensation with stakeholders, meeting emissions reduction targets and is on target to generate $1 billion in annual free cash flow this year. And inside its C-suite, a millennial woman from Colombia is showing everyone how it’s done.
2022-12-13 - “Committing to a development only the year after discovery is very rare but shows our determination to supply natural gas to Europe through a major investment in Norway,” Wintershall Dea's Dawn Summers said.