Hess And Enerplus Each Report A Nice Well; Thirty-Two Active Rigs -- February 15, 2022

Active rigs:

$92.67	2/15/2022	02/15/2021	02/15/2020	02/15/2019	02/15/2018
Active Rigs	32	15	56	64	57

Tuesday, February 15, 2022: 32 for the month, 87 for the quarter, 87 for the year

• 37796, conf, Koda Resources, Stout 3409-1BH, Hanks, no production data,
• 37334, conf, Hess, EN-Rice-A-155-94-0310H-2, Manitou, first production, 8/21; t--; cum 86K 12/21;
• 34064, conf, Enerplus, Trapdoor 149-92-32-29H-TF1, Heart Butte, first production, 8/21; t--; cum 71K 12/21;

RBN Energy: what happens when a midstream company gets flipped?

In the early days of the Shale Revolution, merger-and-acquisition activity in the midstream sector was happening at a frenetic pace. 

That frenzy peaked with crude oil prices in 2014, then petered out over the next five years before hitting bottom in COVID-impacted 2020, when abysmal demand and commodity pricing hampered prospects for the production and transportation of oil, natural gas and NGLs. In those dark days, it seemed the only deals getting done were for bulk orders of hand sanitizer and toilet paper from Amazon. 

Now, with energy prices soaring and energy companies regaining some of their pre-pandemic luster, the pace of deal-making in the oil patch in 2022 looks poised to maintain the momentum that carried through the end of 2021. But buying or marketing midstream assets isn’t nearly as simple as ordering through your Amazon Prime account. Considerable effort is put into the strategy of selling and the diligence of purchasing and, for the uninitiated, the process can be daunting. In today’s RBN blog, we continue our series on midstream dealmaking with a look at what to expect in a sales process.