Oil and Gas Investor Magazine - June 2025
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This month’s Oil and Gas Investor features Harold Hamm, recipient of Hart Energy’s 2025 Lifetime Achievement Award. Hamm, founder and executive chairman of Continental Resources, spearheaded development of the Bakken Shale and has made his larger-than-life presence felt in the oil field, his community and in the political sphere. He is still a wildcatter who urges the industry to “never quit exploring.”
Also this month, OGI editors explore the play where Hamm first made his mark, the Bakken Shale, on the occasion of the 25th anniversary of the first stimulated horizontal in the Middle Bakken. Our editors also dug into the state of U.S. critical minerals collection and processing and its prospects for competing against China; spoke with Ron Gusek, the new CEO of Liberty Energy who stepped in when his predecessor, Chris Wright, became secretary of energy; and examined Kimmeridge Texas Gas’ goals to double its Gulf Coast production.
This month, OGI presents Minerals & Royalties Report, an annual look at a sector of the industry that is now engaged in extreme consolidation. Our editors explored the draw of white spaces, interviewed Sitio Royalties CEO Chris Conoscenti and chronicled the growth of Post Oak Energy Capital in the minerals space.
Features
Lifetime Achievement Award: Harold Hamm is Still Wildcatting After All These Years
As the founder and chairman of Continental Resources reflects on 25 years of Bakken horizontal development, he urges his fellow U.S. producers to “never quit exploring.”
After 25 Years, E&Ps Sustain Bakken Oil's Long Plateau
The first horizontal middle Bakken well came online a quarter-century ago, proving horizontal drilling and fracking could unlock vast oil reserves. What began as a modest experiment in a remote Montana field reshaped the future of U.S. oil production.
A Critical Time in the Critical Minerals Space
The Trump administration is trying to position direct lithium extraction, deep-sea mining and battery materials-focused companies to grow domestic resources and loosen China’s grip on the global supply chain.
Kimmeridge Aims for 1 Bcf/d Via Bits and Bids, Including Haynesville
Kimmeridge Texas Gas expects to be producing nearly as much gas as its 1.3 Bcf/d Commonwealth LNG plant will export when it comes online in 2029.
TotalEnergies, Equinor Tie Growth to M&A
From the Eagle Ford to Appalachia, European energy firms are leveraging shale gas assets to secure their future global supply.
Ron Gusek Believes in 'Transformative Opportunities'
Liberty Energy’s CEO has thrived in uncertain times before and is confident about his company’s position.
The Small Firm with Tremendous Growth
U.S. Energy Development Corp.’s Jordan Jayson is a fan of learning from others’ successes.
Cover Story
Harold Hamm is Still Wildcatting After All These Years
As the founder and chairman of Continental Resources reflects on 25 years of Bakken horizontal development, Harold Hamm urges his fellow U.S. producers to “never quit exploring.”
Feature
Acquisitive Public Minerals, Royalty Firms Shift to Organic Growth
Building diverse streams of revenue is a key part of growth strategy, executives tell Oil and Gas Investor.
Kimmeridge to Grow to 1 Bcf/d Via Bits and Bids, Including Haynesville
Kimmeridge Texas Gas expects to be producing nearly as much gas as its 1.3 Bcf/d Commonwealth LNG plant will export when it comes online in 2029, said CEO Dave Lawler.
Liberty Energy on the Lookout for ‘Transformative Opportunities,’ CEO Says
Ron Gusek, the CEO who succeeded the current U.S. secretary of energy Chris Wright, has thrived in uncertain times before and is confident about Liberty Energy’s position.
Post Oak’s Permian Roots Grow Deeper with $480MM in ’24 Minerals M&A
Post Oak Energy Capital was early to invest in M&R as a standalone asset class. Today, it manages 85,000 net royalty acres.
Sitio Fights for its Place Atop the M&R Sector
The minerals and royalties space is primed for massive growth and consolidation with Sitio aiming for the front of the pack.
TotalEnergies, Equinor Growth Tied to Eagle Ford, Marcellus M&A
From Appalachia to South Texas, European energy firms are leveraging shale gas assets to secure future global supply.
Undrilled but not Unnoticed: White Space Buyers Invest Now for Future Upside
Undeveloped, unpermitted acreage lures private equity risk-takers who want in on the mineral and royalty coffers.
A&D Watch
Follow the Rigs: Minerals M&A Could Top $11B in ’25—Trauber
Minerals dealmaking could surpass $11 billion in 2025, fueled by deals in the Permian and in natural gas shale plays, says M&A expert Stephen Trauber.
Haynesville Gas Minerals Ground War Turns Cutthroat Amid Scarcity
Buyers seeking Haynesville Shale minerals packages will need to pay up or get creative, experts said April 15 at the Mineral & Royalty Conference in Houston.
US Energy M&A Shifts Gassier into Appalachia, Midcon as Oil Slips
U.S. upstream M&A activity reached $2.3 billion in April, defying a sharp 12% collapse in oil prices. Natural gas-driven deals led the way, including EQT’s $1.8 billion Olympus Energy acquisition.
Commentary
Kissler: Traders’ Global Oil Plan? ‘Wait and See’
Lower pump prices are in the consumer’s favor in the short term, but in the long term … it’s complicated.
Segrist: China-US Trade War Finds a Plastic Peace
China’s heavy dependence on U.S. ethane is keeping a trade avenue open during the ongoing fight.
E&P Momentum
After 25 Years, E&Ps Sustain Bakken Oil’s Long Plateau
The first stimulated horizontal middle Bakken well came online 25 years ago, proving horizontal drilling and fracking could unlock vast oil reserves. What began as a modest experiment in a remote Montana field reshaped the future of U.S. oil production.
Energy Transition
BKV, Comstock Resources Partner for Haynesville CCUS Projects
As part of an agreement with BKV Corp., injection wells will be drilled to permanently sequester CO2 waste produced at two of Comstock’s natural gas processing facilities in the Haynesville Shale.
Exploration Highlights
‘Just Frac It:’ E&Ps Find Oil, Gas Treasure Remaining in L48 Basins
Wildcatters are finding success in new Lower 48 plays including the Eagle Ford’s Pearsall, the Midland Basin’s Dean and the Utica. Continental Resources’ Harold Hamm said some plays have been picked over with little success but, “that doesn’t mean it’s not there.”
Finance & Investment
1Q25 Trend: US Producers Pivot on Market Uncertainty, Cut Capex and Rigs
Macro volatility and price uncertainty topped most discussions in first-quarter earnings calls as companies including Diamondback Energy, Occidental Petroleum and Coterra Energy reduce spending and rig counts.
Trauber: Shell-BP Merger Would Make “A Lot of Sense”
BP’s U.S. shale operations include the Permian, Eagle Ford and Haynesville. The next wave of oil and gas consolidation may include mergers between the majors, veteran M&A insider Stephen Trauber of Moelis tells Hart Energy.
Global Energy
A Critical Time in the Critical Minerals Space
The Trump administration is trying to position direct lithium extraction, deepsea mining and battery materials-focused companies to grow domestic resources and loosen China’s grip on the global supply chain.
Belcher: Are There More Iberian Blackouts in Our Future?
The April 28 blackout across Spain and other parts of Europe served as a wake-up call on both sides of the Atlantic. The U.S.’ new Energy Dominance Council will need to address hard-hitting questions on power generation, transmission and distribution.
EPA Chief: ‘Do Not Underestimate President Trump’ on Tariff Outcomes
Lee Zeldin, the Environmental Protection Agency’s administrator, as well as other cabinet members said President Donald Trump’s tariff negotiations will improve, rather than diminish, the U.S.’ business outlook.
Paisie: Note to US E&Ps—Brace for OPEC+ Impact
Despite fiscal woes, the Saudis are intent on increasing supply to pressure producers.
Industry Icons
USEDC’s Plans for $1B in Capex, M&A on Track as Oil Prices Stumble
Volatility won’t affect Permian Basin-focused U.S. Energy Development Corp.’s day-to-day operations or its plans for deals, CEO Jordan Jayson told Hart Energy.
Midstream
Market Spoke, Hub Evolved: US NatGas Eyes International Prices
Global LNG pricing enters a new era as producers shift away from Henry Hub to international pricing benchmarks such as the Japan Korea Marker.
Technology
2025 E&P Meritorious Engineering Awards for Innovation
Hart Energy honors 16 technologies that demonstrate upstream engineering excellence.
New Exxon Proppant Tech Enhances Permian Basin Well Recovery
Lightweight proppants engineered from refinery coke are giving Exxon an up to 15% lift in Permian EURs. “We generally surprised ourselves with the improvements,” CEO Darren Woods said.
Oxy’s Hollub: EOR Essential to Energy Security as Oil Supply Peaks
EOR will be essential in U.S. energy security as reservoirs currently supplying U.S. oil will peak in the coming few years, said Vicki Hollub, Oxy president and CEO.