Marcellus and Utica Producers Gather to Discuss the Latest Efficiency-Focused Technologies & Strategies
This June, hundreds of oil and gas professionals, over two dozen executive-level speakers and top exhibitors converged in Pittsburgh to spend two days exploring the latest efficiency-focused technologies and strategies saving Appalachian producers valuable time and money. The event’s world-class speaker lineup featured leaders from the most-active producers in the region, including CONSOL Energy, Range Resources, Rice Energy, Eclipse Resources and others. A few key takeaways from the conference sessions were:
There are gains to be made in how efficiently the industry operates with the resources at hand. One of the biggest opportunities for operators could be their ability to narrow the gap between the best wells and the worst wells. We are in the early innings of improving capital efficiency.
If companies do things the right way and take a long view, they will be the lowest-cost—and most capital efficient—producers.
The industry has transitioned from speed to efficiency. During the high-price era, companies worked as fast as possible to acquire new acreage, drill wells and bring production online. In the current market, the focus is on efficiency and lowering costs.
Charlie Cook, editor and publisher of the Cook Political Report, and columnist for the National Journal delivered a special Presidential Election address, sharing a political insider’s look at how the 2016 race for the Whitehouse is shaping up. This year, Hart Energy also launched the all-new Technology Showcase on the exhibition floor. Top technology providers presented the latest solutions with case studies and live demonstrations.
The conference may be over, but the conversation isn’t! Find out what other attendees and exhibitors are saying on Storify. We would love to hear about your experience too.
Be sure to save the date for DUG East 2017, scheduled to return to the David L. Lawrence Convention Center in Pittsburgh, June 20-22, 2017.
Chief Operating Officer CONSOL Energy Inc.
Managing Partner Ponderosa Advisors LLC
Richard D. Weber
Chairman and CEO PennEnergy Resources
Founder and Chairman Petrie Partners LLC
Oleg E. Tolmachev
Senior VP of Drilling & Completions Eclipse Resources Corp.
Vice President Northeast Area, Southern Region Halliburton
Callum M. Streeter
Chief Operating Officer EdgeMarc Energy Holdings, LLC
Ray N. Walker, Jr.
Executive Vice President – Chief Operating Officer Range Resources Corporation
CEO APEX Energy, LLC
Founder, President and COO Rice Energy
NE Area Engineer Baker Hughes
Managing Director Jefferies LLC
Director of Operations, Southern Marcellus Shale Division Range Resources
Dr. Carmine Difiglio
Deputy Director for Energy Security U.S. Department of Energy
Vice President of Operations Gulfport Energy
Michael A. Huwar
Vice President, Marketing Columbia Midstream Group
Rockies: Workover Prices Static, Despite Bump In Demand Rising commodity prices are encouraging operators to venture back into the workover market in the Greater Rockies, or the Rocky Mountain market outside the Bakken Shale.The increase in oil prices early July have prompted greater activity in the Uinta Basin and Niorbrara Shale northeast of Denver in particular, according to Hart Energy’s Heard In The Field survey.Oil has since dropped due to an ongoing oversupply of crude and refined products. West Texas Intermediate crude futures were trading around $41 early on July 29, with Brent close behind at about $42.Operators are doing remedial work on wells previously shut-in because of low oil prices. Rod and tubing work make up 87% of job mix among survey respondents.Activity still remains low region-wide and less than half of survey respondents had been involved in a completion over the last 90 days.Drilling remains sporadic outside the Denver-Julesburg Basin though some wildcats are underway in the North Park and Powder River basins.Hourly rates were stable at an average $247 for the benchmark 500 series C workover unit. However, workover contractors expect rates to remain flat for the remainder of 2016, pending an increase in oil prices.Watch for the next Heard In The Field report on the Greater Rockies workover/well service market in December.
ARC Resources Boosted Pembina Cardium Production In 2Q 2016 Through Acquisition Canada’s ARC Resources Ltd. said on July 29 that late in the second quarter of 2016, it added to its working interest ownership in the Pembina Cardium through a 2,200 barrels of oil equivalent per day (boe/d) transaction.The company also entered into a separate binding sales agreement to acquire an additional 800 boe/d of Pembina assets; this transaction is expected to close in the middle of third-quarter 2016.The combined acquisitions will add about 3 Mboe/d of light high-netback production, about 85% liquids, which will result in an annual volume impact in 2016 of about 1,400 boe/d of production.