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Join conference attendees accompanied by current and past Forty Under 40 honorees to get a jump start on your A&D conferenceexperience. Pick your badge up early to avoid the lines. Then join us on the Pegasus Lawn for networking and passed hor d'oeuvres with drinks.
Evaluating leasehold to acquire and proving acres to sell incorporates a multiplier by the number of laterals that can be stacked in a section, landed in multiple formations. This operator describes the new math for A&D in stacked plays and for modeling reserves
New private-equity-backed E&Ps continue to emerge. The SPAC model is on the decline. Public equity remains reticent to accept more dilution without returns on prior funding. Public debt and commercial debt remain available. These experts in finance discuss funding start-ups and deals.
Stuart Rexrode, Managing Partner, Blue Rock Energy Partners
Spotlight: “A New Reality—How the M&A Market Has Been Reset”
Deal flow slowed dramatically in recent months, the victim of weak commodity prices across the board, public markets that closed down until E&Ps demonstrate real returns, and private markets that are extremely cautious to invest into a situation where they have no idea what the ultimate exit will be. What does all this mean for A&D? Will the playing field retract through massive consolidation? And could this environment result in a permanent, lower capital spend with lower deal flow?
The traditional “build & flip” model has stalled among many private-equity-backed E&Ps as the usual buyers—publicly held E&Ps—have shareholder mandates to focus on existing assets and produce free cash flow for now. These E&Ps describe their portfolios and plans.
Robert “Rusty” Hutson, Jr., Co-Founder & CEO, Diversified Gas & Oil PLC
Prime assets continue to transact. Sometimes in headline deals; more often section by section as operators build contiguous leasehold for longer laterals. This operator has amassed such pockets of aces—acre by acre.
Privately held E&Ps continue to turn probables into proved. More recently, many that had planned to sell PUDs are continuing operations, turning these into PDP. Several are consolidating. Here are these E&Ps’ portfolios and plans.
Scott D. Josey, Chairman and Chief Executive Officer, Sequitur Energy Services
Eric Mullins, Managing Director and Co-Chief Executive Officer, Lime Rock Resources
WTI continues to see a $70 ceiling. Natgas remains sub-$3. Price volatility—as much as 30% up and down from month to month—requires operators to break even in the most extreme cases. What’s the outlook for oil and gas prices?
Robert A. Edwards, Partner, NGP Energy Capital Management
Where’s the bid/ask these days? What type of pressure is on PE-backed operators to produce returns from oil and gas sales in lieu of returns from property sales? What would unlock the gridlock in dealmaking? These asset marketers describe the challenges and what they expect going forward.
Derek Detring, President, Detring Energy Advisors
Andrew Rapp, Managing Director & Co-Founder, Petrie Partners