Permian

Pioneer Natural Resources Responds to FTC Settlement Complaint Filed as Part of Approval of Proposed Transaction with ExxonMobil

Retrieved on: 
Thursday, May 2, 2024
Professional Services, Other Natural Resources, Oil, Gas, Legal, Energy, Natural Resources, Permian, Gasoline, Methane, FTC, Nature, Pioneer, Pioneer Natural Resources, Safety, XOM, ExxonMobil, Supreme court, Natural gas, Health, Bankruptcy, Complaint, Consent, OPEC, Culture, Railroad Commission of Texas, PXD, COVID-19, Growth, Constitutional right, Security (finance)

Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing.

Key Points: 
  • Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing.
  • At the same time, Mr. Sheffield and Pioneer believe that the FTC’s Complaint reflects a fundamental misunderstanding of the U.S. and global oil markets and misreads the nature and intent of Mr. Sheffield’s actions.
  • During Mr. Sheffield’s career, it was neither the intent nor an effect of Mr. Sheffield’s communications to circumvent the laws and principles protecting market competition.
  • Mr. Sheffield also led the effort to curb methane emissions and flaring in the Permian Basin.

ProPetro Reports Financial Results for the First Quarter of 2024

Retrieved on: 
Wednesday, May 1, 2024
Energy, Other Energy, Oil, Gas, Permian, Increment, DGB, Investment, Capital, ExxonMobil, Depreciation, Partnership, Capital expenditure, Public expenditure, Acquisition, Share repurchase, Growth, Airline

ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the first quarter of 2024.

Key Points: 
  • ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the first quarter of 2024.
  • Sam Sledge, Chief Executive Officer, commented, “We are excited to start off 2024 with strong financial results and positive momentum.
  • We’re excited to continue delivering differentiated services to our customers and strong financial returns for all our stakeholders.”
    David Schorlemer, Chief Financial Officer, said, "ProPetro's robust first quarter results reflect the strategy yielding results.
  • Frac fleet effective utilization is expected to be between 14 to 15 fleets during the second quarter 2024.

Humble Midstream Announces Key Additions to its Leadership Team

Retrieved on: 
Tuesday, April 30, 2024
Environment, Engineering, Oil, Gas, Manufacturing, Alternative Energy, Sustainability, Energy, Other Natural Resources, Natural Resources, Permian, University, Midstream, Partner, Kiewit Corporation, ARC, Business, Texas Tech University, ARC Resources, Commerce, MBA, Construction, EPC, Management

Humble Midstream II Partners LLC (“Humble”) is pleased to announce that Brian Newmarch and John Shefchik have recently joined the company as Chief Financial Officer and Vice President, Engineering and Construction, respectively.

Key Points: 
  • Humble Midstream II Partners LLC (“Humble”) is pleased to announce that Brian Newmarch and John Shefchik have recently joined the company as Chief Financial Officer and Vice President, Engineering and Construction, respectively.
  • Backed by an equity commitment from Quantum Capital Group, Humble is focused on developing traditional and low-carbon infrastructure to transform energy markets across North America.
  • “We are honored to announce the additions of Brian and John to our leadership team,” said Humble’s Chief Executive Officer Steven Huckaby.
  • “Brian’s extensive financial leadership background and Western Canadian resource experience are highly relevant to Humble’s business plan.

Astatine Investment Partners Successfully Exits HEP Catalyst InvestCo Investment

Retrieved on: 
Tuesday, April 30, 2024
Professional Services, Other Professional Services, Oil, Gas, Energy, Finance, Asset Management, Permian, Sale, Natural gas, Delaware Basin, Investment, Devon Energy, Growth, Astatine, Petroleum

Astatine Investment Partners (“AIP” or “Astatine,” formerly Alinda Capital Partners), a leading private equity firm focused on infrastructure investments, today announced the successful exit of its investment in HEP Catalyst InvestCo, a joint venture that indirectly owns a 50% stake in an oil gathering and gas processing system in the Permian Basin, to one of its joint venture partners, Howard Energy Partners, a diversified midstream energy company headquartered in San Antonio, Texas.

Key Points: 
  • Astatine Investment Partners (“AIP” or “Astatine,” formerly Alinda Capital Partners), a leading private equity firm focused on infrastructure investments, today announced the successful exit of its investment in HEP Catalyst InvestCo, a joint venture that indirectly owns a 50% stake in an oil gathering and gas processing system in the Permian Basin, to one of its joint venture partners, Howard Energy Partners, a diversified midstream energy company headquartered in San Antonio, Texas.
  • HEP Catalyst InvestCo (“Catalyst”) owns 50% of Catalyst Midstream Partners, which owns and operates an oil gathering pipeline system and three gas processing plants in the Delaware Basin of the greater Permian Basin.
  • Funds managed by Astatine Investment Partners acquired an interest in Catalyst in 2017, when Catalyst was formed as a joint venture with Howard Midstream Energy Partners (“Howard”).
  • Astatine’s exit of Catalyst marks the second investment alongside Howard; Astatine also owned a large stake in Howard from 2013 to 2022.

ConocoPhillips announces first-quarter 2024 results, quarterly dividend and VROC

Retrieved on: 
Thursday, May 2, 2024
Energy, Natural Resources, Mining, Minerals, Oil, Gas, Permian, Sale, CFO, Investment, ConocoPhillips, Depreciation, Eagle Ford, Dallas, Public expenditure, VROC

Excluding special items, first-quarter 2024 adjusted earnings were $2.4 billion, or $2.03 per share, compared with first-quarter 2023 adjusted earnings of $2.9 billion, or $2.38 per share.

Key Points: 
  • Excluding special items, first-quarter 2024 adjusted earnings were $2.4 billion, or $2.03 per share, compared with first-quarter 2023 adjusted earnings of $2.9 billion, or $2.38 per share.
  • Distributed $2.2 billion to shareholders through a three-tier framework, including $1.3 billion through share repurchases and $0.9 billion through the ordinary dividend and VROC.
  • ConocoPhillips declared an ordinary dividend of $0.58 per share and a VROC of $0.20 per share, both payable June 3, 2024, to stockholders of record at the close of business on May 13, 2024.
  • Excluding a $0.1 billion change in working capital, ConocoPhillips generated CFO of $5.1 billion and received disposition proceeds of $0.2 billion.

ProPetro Announces Agreement for FORCESM Electric Hydraulic Fracturing Services

Retrieved on: 
Monday, April 29, 2024
Energy, Other Energy, Oil, Gas, Permian, Fracture, Partnership, Safety, ExxonMobil, Natural gas

ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) has entered into a three year Hydraulic Fracturing Services Agreement (the "Agreement”) to provide electric hydraulic fracturing services to ExxonMobil in the Permian Basin.

Key Points: 
  • ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) has entered into a three year Hydraulic Fracturing Services Agreement (the "Agreement”) to provide electric hydraulic fracturing services to ExxonMobil in the Permian Basin.
  • This commitment, which includes electric hydraulic fracturing, wireline, and pumpdown services, underlines our dedication to leading the industry with high-quality, low-emission, and industrialized services."
  • ProPetro will deliver and dedicate FORCESM electric-powered hydraulic fracturing fleets to provide fracture stimulation pumping services coupled with our Silvertip wireline and pumpdown services along with other products in connection with such services.
  • The agreement includes the deployment of two FORCESM electric hydraulic fracturing fleets, wireline, and pumpdown services in the first half of 2024 with an option for a third FORCESM fleet with wireline and pumpdown services to commence operations in early 2025.

Geopulse Exploration, Inc. Acquires 50% of ATC Services

Retrieved on: 
Wednesday, April 10, 2024
Permian, Tears, Blood, Third Bridge, Public, Acquisition, ATC, Perspiration, Growth

ATC Services is headquartered in the Permian Basin of Texas and is engaged in the business of oil and gas construction, maintenance, and fabrication services.

Key Points: 
  • ATC Services is headquartered in the Permian Basin of Texas and is engaged in the business of oil and gas construction, maintenance, and fabrication services.
  • ATC Services provides high-margin support services to some of the largest players in the Permian and provides services including but not limited to drilling and facility pad construction, road construction and maintenance, frac pit construction, pit closures, fabrication, environmental remediation, hydrovacs, vacuum trucks, and other services.
  • In the first closing, which took place on April 9, 2024, Geopulse acquired fifty percent (50%) of the outstanding ATC membership units.
  • ATC Services will operate as a wholly-owned subsidiary of Geopulse after the second closing.

Novo Oil & Gas II Receives Equity Capital Commitment from EnCap Investments

Retrieved on: 
Tuesday, April 23, 2024
Energy, Professional Services, Oil, Gas, Finance, Permian, Investment, Novo, Delaware Basin, Partnership, Acquisition, EnCap Investments

Novo Oil & Gas today announced the launch of Novo Oil & Gas Holdings II, LLC (Novo II) with an equity capital commitment from EnCap Investments .

Key Points: 
  • Novo Oil & Gas today announced the launch of Novo Oil & Gas Holdings II, LLC (Novo II) with an equity capital commitment from EnCap Investments .
  • Novo II intends to pursue both operated and non-operated mineral positions.
  • The Novo II team has worked together for years, as all in-house Novo II employees previously held roles at Novo I.
  • Novo I was acquired by Earthstone Energy, Inc. and Northern Oil and Gas, Inc. in August, 2023, for $1.5 billion.

Permianville Royalty Trust Announces Monthly Operational Update

Retrieved on: 
Friday, April 19, 2024
Oil, Gas, Energy, Permian, Capital expenditure, Natural gas, Public expenditure, Derivative (finance), Sponsor, Annual report, Hand, Trustee, Letter, Bookkeeping

Recorded natural gas cash receipts from the Underlying Properties totaled $1.1 million for the current month on realized wellhead prices of $3.09/Mcf, up $0.7 million from the prior month.

Key Points: 
  • Recorded natural gas cash receipts from the Underlying Properties totaled $1.1 million for the current month on realized wellhead prices of $3.09/Mcf, up $0.7 million from the prior month.
  • The cumulative shortfall in net profits for the current month will be deducted from any net profits in next month’s net profits interest calculation.
  • The Trust will not receive proceeds pursuant to its net profits interest until the cumulative net profits shortfall is eliminated.
  • At this time based on current commodity prices, the Sponsor anticipates that the Underlying Properties will return to generating positive net profits later in 2024.

Permian Resources Announces First Quarter 2024 Earnings Conference Call

Retrieved on: 
Monday, April 15, 2024
Oil, Gas, Energy, Permian, Internet, Conference, Interest

Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) announced today that it will report first quarter 2024 financial and operating results after the market closes for trading on Tuesday, May 7, 2024.

Key Points: 
  • Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) announced today that it will report first quarter 2024 financial and operating results after the market closes for trading on Tuesday, May 7, 2024.
  • Management will host an earnings conference call on Wednesday, May 8, 2024 at 9:00 a.m. Central (10:00 a.m. Eastern).
  • Interested parties are invited to participate on the call by dialing (800) 225-9448 (Conference ID: PRCQ124) at least 15 minutes prior to the start of the call or via the internet at www.permianres.com .
  • A replay of the call will be available on the Company’s website or by phone at (800) 938-2488 (Passcode: 24995) for a 14-day period following the call.