| $56.08 | 7/22/2019 | 07/22/2018 | 07/22/2017 | 07/22/2016 | 07/22/2015 |
|---|---|---|---|---|---|
| Active Rigs | 55 | 67 | 58 | 32 | 68 |
Wells coming off confidential list today, over the weekend --
Monday, July 22, 2019: 38 for the month; 38 for the quarter;
- 35758, SI/NC, Petroshale, Helen 2TFH, Eagle Nest, no production data,
- 35176, SI/NC, MRO, State Eileen 34-36TFH, Killdeer, no production data,
- 35432, 1,741, CLR, Syverson 4-12H, East Fork, t5/19; cum 17K over 15 days;
- 35919, SI/NC, Petroshale, Helen 1MBH, Eagle Nest, no production data,
- 35175, SI/NC, MRO, State Eggert 24-36H, Killdeer, no production data,
- 34891, 27 (no typo), BR, Gorhumbian 3A MBH-ULW, 4 sections, Bailey, t6/19; cum --;
Acquire, expand, and acquire again. That’s proven to be a successful strategy for a number of midstream companies providing crude oil and natural gas gathering services in the Permian Basin. In the past couple of years, the hydrocarbons-packed shale play in West Texas and southeastern New Mexico has been experiencing major gathering-system buildouts and Pac-Man-like acquisitions that aggregate small and midsize systems into regional behemoths. A case in point is EagleClaw Midstream, which has used the acquire-and-expand approach to great effect, most recently with the concurrent acquisition of Caprock Midstream Holdings and Pinnacle Midstream — two deals that, by the way, gave previously gas-focused EagleClaw a strong foothold in Permian crude gathering. Today, we discuss EagleClaw and its holdings in the Permian’s Delaware Basin.
We’ve now posted a dozen blogs in our series on Permian crude gathering systems, and a key takeaway so far is that these systems — now with thousands of miles of pipeline among them — have been developed by folks with a strong entrepreneurial streak. In many cases, these companies with extensive midstream experience (and, often, private-equity backing) started out small, building or acquiring gas and/or crude gathering systems of only a few miles each. Then they expanded them, and soon thereafter, they either bought out nearby systems or got bought out by someone else. Today’s is another story like that.
