SPE PERMIAN BASIN SECTION
M
2021 ‐ I
198
M H
SPE Permian Basin Spring Social
© Chris an Rooney Photography
2
M
T
2021 ‐ I
198
C
SPE Permian Basin Calendar of Events…………………………………………………………………………………….3 Chairman’s Corner………………………………………………………………………………………………………………….4 SPE Regional Awards Nomina ons.……………………………………...………………………………………………..6 SPE PB Comple ons and Opera ons Study Group.…….……………………………………………………………7 SPE PB Sec on Mee ng……………………………………………….…………………………………………………………8 SPE Scholarship 2021‐2022 Informa on.…..…………………………...…………………………………………….10 SPE Permian Basin Spring Social……..……………………………………...……………………………………………11 SPE PB Diversity and Inclusion Commi ee……………..….…………………………………………………………15 SPE PB Young Professionals Upcoming Events………………..…....….…………………………………………..16 SPE PB Young Professionals March Bowling Social…..……..…....….…………………………………………..17 SPE PB Young Professionals March Food Bank Community Service……..………………………………..17 SPE PB Young Professionals & Members in Transi on Virtual Resume Workshop..………………..18 PBS‐SEPM March Technical Luncheon.…………………...………….………………………………………………..18 SPE UTPB 1st Annual Golf Tournament…………………...………….………………………………………………..19 Midland College PPDC Industry Training…………………………………………………….…………………………20 SPE Permian Basin Board………………………………………………………………………………………………………23
ADVERTISE IN THE PIPELINE Contact Miranda Jones and Ryan Yarger for affordable pricing! mijones@sm‐energy.com
ryan_yarger@eogresources.com
3
M
2021 ‐ I
198
SPE P
B
C
M S
M 1
2021
T 2
E
W 3
T 4
8
S
5
6
12
13
18 SPE PB 19 Sec on Mee ng
20
SPE Regional Awards Nomina ons Due 7
F
SPE PB C&O Study Group Mee ng
9
10
11 SPE PB YP Bowling Social
14
15
16
SPE PB YP / MiT Virtual Resume Workshop
21
22
17 PBS‐SEPM Technical Luncheon
23
SPE PB YP Community Service 24
25
29
30
27
SPE PB Spring Social
SPE PB YP General Mee ng 28
26
31
SPE PB D&I Commi ee Mee ng
COVID‐19 Event Status Effects We encourage our members to exercise cau on and stay safe during this me. Please subscribe to our email distribu on list, join our SPE Permian Basin LinkedIn group, and monitor these feeds to receive the most up to date informa on related to upcoming SPE event ac vi es and mee ngs.
Publica on of the SPE‐PB Sec on
h p://connect.spe.org/PermianBasin/
4
CHAIRMAN’S CORNER
M
2021 ‐ I
198
Yogashri Pradhan SPE‐PB Chairman 2020‐2021 Senior Reservoir Engineer Endeavor Energy Resources This sec on mee ng will be presented by Gordon Loy and Harry Halbach discussing “State of the Oil Industry: Inflated EIA DUC Count, Operator Capital Discipline, and US Oil Supply Outlook.” I thought this would be a good opportunity to discuss where we are going in the Permian Basin. I wrote a similar ar cle in for the November 2020 Chairman’s Corner, so this will be an update. According to the EIA, the Permian is predicted to have a decrease in oil produc on by 5 thousand barrels a day from February to March 2021. Gas produc on is predicted to decline by 50 million cubic feet per day in the same me frame. This comes from influences from the weather from the previous months, causing fewer rigs to drill, complete, and produce new wells.
Addi onally, new oil and gas well produc on per rig has also gone down compared to February, but ac vity based on number of rigs is trending upward since the end of 2020.
Breakeven prices for the Permian Basin (Midland) are the cheapest among other basins while the Delaware Basin is one of the most expensive, according to the Federal Reserve Bank of Dallas. (Con nued on Next Page)
5
M
2021 ‐ I
198
CHAIRMAN’S CORNER
The same source men ons how Drilled but Uncompleted wells are slightly declining this year, with an increase in well comple ons.
With increasing commodity prices, ac vity will con nue to grow in the Permian Basin, and produc on is projected to increase steadily. S&P Global Pla s Analy cs sees the basin's produc on falling a bit more in 2021 and remaining lower un l 2023 when it will begin to rise. By year‐end 2024, it is projected to climb to around 6.6 million barrels per day due to developing more untapped targets. Overall, there is plenty of hope and opportunity in the Permian Basin given the billions of remaining recoverable hydrocarbons and the growing ac vity. Despite weather influences and demand shocks from the global pandemic, the Basin has many opportuni es to make exploited and unexploited horizons economic, as shown in previous years with unconven onal reservoir development. References: Energy Slideshow: Federal Reserve Bank of Dallas. (2021, February 2). Re‐ trieved February 20, 2021, from h ps://www.dallasfed.org/‐/media/ Documents/research/energy/energycharts.pdf/ Permian Region. (2021, February 16). Retrieved February 20, 2021, from h ps://www.eia.gov/petroleum/drilling/pdf/permian.pdf Spencer, S. (2020, December 29). Commodi es 2021: Despite current MACRO condi ons, Permian basin has plenty of life. Retrieved February 20, 2021, from h ps://www.spglobal.com/pla s/en/market‐insights/latest‐news/electric‐ power/122920‐commodi es‐2021‐despite‐current‐macro‐condi ons‐permian‐ basin‐has‐plenty‐of‐life
6
SPE PB
M
2021 ‐ I
198
7
M
2021 ‐ I
198
SPE PB C&O SG
SPE Permian Basin Comple ons and Opera ons Study Group
Paren ng Strategies for Underperforming Children March 4, 2021 11:30 AM – 1:00 PM Petroleum Club of Midland
Chad Senters ProTechnics Abstract: Nega ve fracture driven interac ons (FDIs) have the poten al to damage offset producing wells. Overlap in well drainage area can significantly increase drilling and comple on costs and poten ally reduce recovery, as well. Inter‐well communica on and FDIs are influenced by several factors, including well spacing, landing intervals, well comple on, s mula on treatment design, etc. Several mi ga on techniques are available for the primary (parent) wells as well as the infill (child) wells. This presenta on outlines methods to test and op mize drilling and comple on programs through the surveillance of inter‐well communica on and FDIs. Case history data from mul ple projects will include inter‐ well communica on observa ons, FDI findings and mi ga on technique results. Biography: Chad Senters is the Region Engineering Advisor for the ProTechnics division of Core Laboratories specializing in comple on diagnos cs. Chad has over 15 years of experience in the oil and gas industry including s mula on, coiled tubing and downhole tools in addi on to comple on diagnos cs. Chad is a graduate of the Missouri University of Science and Technology (formerly the University of Missouri Rolla) with a BS in Chemical Engineering and graduate cer ficate in Management and Leadership. Senters is a very ac ve member of the Society of Petroleum Engineers – Oklahoma Sec on and Society of Petroleum Engineers Interna onal.
Register at SPE‐PB Comple ons and Opera ons Study Group Website: h ps://www.cosg.spepb.org Pre‐Registra on through 3/3/2021 ‐ $30
|
On‐site Registra on for 3/4/2021 ‐ $40
Next Mee ng: 4/8/2021 — SPE‐PB Produc on Management Symposium 8 AM ‐ 5 PM
8
M
SPE PB
2021 ‐ I
198
SPE Permian Basin March Sec on Mee ng
State of the Oil Industry: Inflated EIA DUC Count, Operator Capital Discipline, and US Oil Supply Outlook Gordon Loy and Harry Halbach 11:30 AM Thursday, March 18, 2021 RSVP by scanning the QR code or using the link below.
RSVP: h ps:// nyurl.com/SPEPBMAR21 Cost: $10 Members in Transi on and students who want a discount can reach out to fakintunji@unitexoil.com Abstract: The real Drilled but Uncompleted (DUC) well count is lower than what is implied by the public data and does not represent a big supply overhang to oil markets. Adding to this, the laser focus of E&Ps on capital discipline should keep budgets constrained for long a er demand has normalized post COVID as E&Ps hope to lure generalist investors back with a rac ve shareholder returns. As a result of these and other factors, our US supply model remains extremely ght for the foreseeable future which should create a bullish backdrop for oil moving forward. Biography of Gordon Loy: Gordon Loy joined Raymond James in 2018 and is currently a senior associate covering the explora on & produc on sector. In addi on to company coverage, he is responsible for the energy research team’s U.S produc on by play model/forecast. Prior to joining Raymond James. Gordon was an analyst for Wood Mackenzie focused on upstream deepwater Gulf of Mexico and the global oil markets. Gordon graduated from the University of Texas with a B.S degree in mathema cs. Biography of Harry Halbach: Harry Halbach joined Raymond James in 2018 and currently serves as a senior research associate covering the explora on and produc on sector in Houston, Texas. Prior to joining Raymond James, Mr. Halbach worked for PwC, one of the world’s preeminent financial services firm. Mr. Halbach graduated from the University of Texas at Aus n with both a B.B.A. and Masters in Accoun ng. He is currently a licensed CPA.
9
M
2021 ‐ I
198
10
SPE PB
M
2021 ‐ I
198
SPE Scholarship Applica on now available on the website! h ps://connect.spe.org/permianbasin/scholarships Due Date April 15, 2021.
For Scholarship Inquiries e‐mail Ma Perry at mperry@permiandiagnos csolu ons.com.
11
M
2021 ‐ I
198
SPE PB
SPE Permian Basin Spring Social Thursday, March 25, 2021 5:30 ‐ 7:30 PM Tall City Brewery 3303 W Golf Course Rd Midland, TX 79703 Come out and network with your fellow SPE members! Max Capacity= 50 people A endance Fee: $10 Registra on is first come first serve: h ps:// nyurl.com/SPEsocial2021 We would like to thank our sponsor — Universal Pressure Pumping!
12
M
2021 ‐ I
198
13
M
2021 ‐ I
198
14
M
2021 ‐ I
198
15
M
2021 ‐ I
198
SPE PB D&I
SPE Permian Basin Diversity & Inclusion Commi ee Advancing our lives and careers in these mes requires not only technical skills, mentors and sponsors, but also a great deal of resilience, to cope with the numerous challenges, and then wade the ups and downs. Maria Angela Capello is an advocate of resilience at work, at the individual and organiza onal level, and her presenta on will include her 5 ps to enhance resilience, which come from her personal experience, having re‐invented herself in a career that spans 4 con nents and 9 different organiza ons.
16
SPE PB YP
M
2021 ‐ I
SPE Permian Basin Young Professionals Upcoming Events March General Mee ng Tuesday, March 23, 2020 | 11:30 AM – 1 PM | PPDC (221 N Main St) & Zoom Topic: Flow Assurance ‐ Preven ng and Remedia ng Paraffin and Asphaltene Deposi on in Pipeline and Downhole Tubulars Speakers: Parker Reeves, Business Development Manager, Flow Assurance Sponsor: Ideal Energy Solu ons, LLC RSVP Link: h ps:// nyurl.com/SPEPBYPMAR21
March Bowling Social Thursday, March 11, 2021 | 5:30 ‐ 7:30 PM | Bowlero Midland RSVP Link: h ps:// nyurl.com/SPEYPMARBOWLING
March Community Service Thursday, March 18, 2021 | 6 ‐ 8 PM | West Texas Food Bank RSVP Link: h ps:// nyurl.com/SPEYPMarFoodBank LinkedIn: www.linkedin.com/company/spepbyp/ h ps://connect.spe.org/permianbasin/youngprofessionals
198
17
M
2021 ‐ I
198
SPE PB PB YP YP SPE
For SPE YP Sponsorship Opportuni es, please contact YP Chair Shivani Vyas (shivanivy928@gmail.com).
18
SPE PB YP & MiT
M
2021 ‐ I
198
19
M
2021 ‐ I
198
SPE UTPB
1st Annual SPE Golf Tournament Suppor ng the SPE Permian Basin Student Chapter April 12, 2021 Green Tree Country Club Gree ngs, fellow golfers! Spring will be upon us soon and we would like to invite you to an evening full of fun, food, prizes, and golf. Join us for the 1st Annual SPE Permian Basin Student Chapter’s Golf Tournament! This will be planned as an a ernoon round only with limited room for the first 32 Paid teams. Proceeds will go directly to suppor ng SPE Permian Basin Student Chapter by helping offset the costs of providing addi onal industry exposure & teachings. We plan to con nue this fundraiser in years to come to support our Student Chapter and allow it to flourish. We thank you for your support in one of the original tradi ons in the Permian Basin by par cipa ng with a sponsorship and/or a golf team! The golf tournament will be a Four Person Scramble. The team entry fee will be $750 which includes: Carts & green fees 1st, 2nd , 3rd place gi cer ficates for all flights (1st place team‐ $2000, 2nd place team‐ $1200, and 3rd place team ‐ $800) Contests on the course; Pu ng contest, chipping contest, Marshmallow drive contest, and 100 square raffles. Pay $20 to have a Pro hit your tee shot on a par 4, $20 to buy a birdie, $20 for second chances at the pu ng contest, and more AND…..A Chance at one of the Many Door Prizes Tournament awards will be announced a er the conclusion of the tournament. Cookers will be present to provide the usual great food before and during the round. Also, beverages will be available on the course at several loca ons. Par cipants are required to wear collared shirts and appropriate shoes for a “so spike” property. The Door Prizes will be randomly drawn at the conclusion of the round from the names of the entries from that day’s final registra on and can be picked up near the registra on table at that me. You do not need to be present to win, but it is encouraged to stay for the reward ceremony. Please contact for addi onal informa on: Kris Burgess, SPE Student Chapter President, 432‐425‐1569
20
Midland College PPDC
M
2021 ‐ I
198
21
M
2021 ‐ I
198
22
M
2021 ‐ I
198
23
M
2021 ‐ I
198
SPE PB Board
2020‐2021 SPE Permian Basin Board Members Posi on
Member
Company
Member's Email
Chairman
Yoshi Pradhan
Endeavor Energy Resources
ypradhan.pge@utexas.edu
Vice‐Chairman
Ri hy Son
SM Energy
rson@sm‐energy.com
Treasurer
Paul Brown
Chevron
PaulBrown@Chevron.com
Secretary
Ayodeji Daramola
Halliburton
ayodeji.daramola@halliburton.com
Awards & Nomina ons
Nuny Rincones
Concho
mrincones@concho.com
Jonathan Burwell
Acquire Oilfield Solu ons
jonburwell014@gmail.com
Anthony Bordonaro
Chevron
anthony.bordonaro@chevron.com
Miranda Jones
SM Energy
mijones@sm‐energy.com
Ryan Yarger
EOG
ryan_yarger@eogresources.com
Pipeline Newsle er
Akiko Billings
Liberty Oilfield Services
akiko.billings@gmail.com
Golf Tournament Coordinator
James Haest
Silver p Comple on
james.haest@silver pcomple ons.com
Jeane e Reyes
Endeavor Energy Resources
jreyes@eeronline.com
Internet Coordinator
Prince Kwarteng
Discovery Opera ng
kwarteng@hotmail.com
Membership
Eric Angelos
Concho
eangelos@concho.com
Robert Reyes
Harmonia Petroleum
rrober ech@yahoo.com
Flo Akintunji
Unitex Oil & Gas, LLC
fakintunji@unitexoil.com
Community Rela ons PR & Adver sing
Programs
Mark Lancaster
Broussard Energy
mark@broussardenergy.com
Evan Graybill (understudy)
Chevron
egraybill@chevron.com
Study Group Liaison
Anup Rama
DuPont
anup.rama@dupont.com
Texas Tech Liaison
Ma Perry
Reveal Energy
ma hew.perry@reveal‐energy.com
Young Professionals
Shivani Vyas
Odessa Separator INC ‐ OSI
shivanivy928@gmail.com
Billy Harris
Lodestone Oil & Gas
lodestoneogc@outlook.com
Pete Schrenkel
Vision Natural Resources
pschrenkel@visionnatres.com
Jay Young
Resmetrics
jay.young@resmetrics.com
Najaf Dostaliyev
dnajaf22@yahoo.com
Past Chair
Alana Low
Concho
alow@concho.com
CO2 Conference
Bill Webb
Bill Webb, Inc
billwebbinc@suddenlink.net
Jace Farmer
Concho
jfarmer@concho.com
Bob McKitrick
robert.mckitrick@gmail.com
Jus n Moos
Silver p Comple on Services
jus n.moos@silver pcomple ons.com
Scholarship
At Large
Clayshoot Commi ee
24
M P.O. BOX 3366 Midland, TX 79702
2021 ‐ I
198