IPAA ACCESS - Spring/Summer 2025

SPRING/SUMMER 2025

SHAPING THE

FUTURE,

NAVIGATING

CHANGE

OFFSHORE PRODUCTION AND REGULATIONS WELCOMING MIKE HILLEBRAND, IPAA’S NEW BOARD CHAIRMAN PRIVATE CAPITAL CONFERENCE EVENT RECAP T H E M A G A Z I N E O F T H E I N D E P E N D E N T P E T R O L E U M A S S O C I AT I O N O F A M E R I C A

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Contents

Spring/Summer 2025 INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA 1201 15th St. NW, Suite 450 Washington, D.C. 20005 Phone: 202-857-4722 Fax: 202-857-4799 Web: www.ipaa.org President and CEO: Jeff Eshelman

8

Executive Vice President and COO: Dan Naatz Officer – Environment and General Strategy: Lee O. Fuller Chief Financial Officer: Ida Post

Features

GOVERNMENT RELATIONS Vice President of Government Relations & Political Affairs: Ryan Ullman

8 2025 Policy Outlook and Goals

Vice President of Government Relations: Mallori Miller COMMUNICATIONS, RESEARCH, MEMBERSHIP AND ADMINISTRATION

Read about how the new administration will affect the industry moving forward.

President of Energy in Depth: Jeff Eshelman Vice President of Membership and Administration: David Lungren

11 Offshore: Opportunities for Reform in the New Administration

Senior Director of Public Affairs and Communications: Jennifer Pett Marsteller Member Services Manager and Executive Administrator to the CEO: Gwendolyn Cauthen

The winds of change are starting to blow.

MEETINGS Senior Director of Marketing, Programs & Development: Beth Stockner

16 Welcoming Mike Hillebrand, IPAA’s New Board Chairman

Meetings Registrar: Brittany Bordelon

Hear from the new Board Chairman and read about other board appointments.

11

19 LNG Exports Won’t Increase U.S. Gas Prices

IPAA’s Energy In Depth Reports: “No, LNG Exports Won’t Increase U.S. Gas Prices – Infrastructure Bottlenecks Will.”

PUBLISHED BY:

For content inquiries, please contact Jennifer Pett Marsteller, jpett@ipaa.org.

For advertising inquiries, please contact Justin Boulka, jboulka@thewymancompany.com. ©Independent Petroleum Association of America. The contents of this publication may not be reproduced in any form without the written consent of the Independent Petroleum Association of America and The Wyman Company.

Departments

IPAA Events

President’s Message................ 7

Save the Date........................ 15

Index to Advertisers................ 25

Private Capital Conference Event Recap.......................... 21

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www.ipaa.org • IPAA Access Magazine 5

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president’s message Dear IPAA Member, The elections in November transformed Washington, D.C. With the White House, regulatory agencies and Congress under new leadership, your team at the Independent Petroleum Association of America (IPAA) has already seen many changes in 2025 and remain optimistic.

Following the election, your IPAA team was quick to share independent producers top issue priorities with the Trump incoming administration. In this issue of IPAA Access magazine, our COO and EVP Dan Naatz shares a 2025 policy outlook, detailing our association’s issue goals and providing an early look at where we stand. I’m especially proud of our team’s efforts to work with lawmakers to nullify the EPA’s methane tax rule instructions using the Congressional Review Act (CRA) tool.

President Trump signed the CRA in mid-March and since then IPAA has sustained our push for full repeal of the Methane Emissions Reduction Program containing the methane tax.

I’m encouraged by the actions of agencies like the Department of Interior, which announced they are streamlining oil and gas leases on federal lands. This step is a reflection of the Trump administration’s wider efforts to reduce bureaucratic red tape, and instead prioritize responsible resource development and U.S. energy security.

President Trump and his administration have also been active in the offshore space. IPAA’s Vice President of Government Relations Mallori Miller discusses opportunities for reform offshore and the need for Congress to act for durability in this space. In May, IPAA earned a victory for offshore independent producers with the announcement that the Bureau of Ocean Energy Management (BOEM) is revising the Biden-era financial assurance rule. The new rule aims to cut costs and red tape and free up billions of dollars to lease, explore, drill and produce oil and gas in the Gulf. IPAA has been a leader with other organizations that represent smaller producers for repeal of the

Biden era rule, stating that its changes to bonding and insurance markets disproportionately impact independent producers.

Our association will also be active in submitting feedback to BOEM as the new five-year plan for the Outer Continental Shelf Oil and Gas Leasing Program is considered.

We’re also excited to showcase our new chairman, Mike Hillebrand in this issue. In January we welcomed Mike, the chief executive officer of Pennsylvania-based Huntley & Huntley, as board chairman for a two-year term through 2026. I look forward to working with him on deepening our roots and relationships in my home state of Pennsylvania and throughout the Appalachian Basin formations.

Mike is very excited about our Energy In Depth (EID) program, which was started over 16 years ago as a research, education and public outreach campaign focused on getting the facts out about the promise and potential of responsibly developing America’s energy resource base. In this issue we will highlight a recent EID piece debunking activists claims that exports will cause domestic natural gas process to spike.

The data – and nearly a decade of real-world market experience – tells a very different story. I encourage you to sign up for the daily Energy In Depth emails on EnergyInDepth.org where you’ll be notified of new EID posts and industry news.

Last, but certainly not least, I want to note our discussion on tariffs in this issue. I’ve met one-on-one with the Canadian minister of energy and natural resources at the embassy to discuss North American energy dominance. IPAA leadership and staff have also met with the U.S. Trade Representative’s office to discuss our concerns on this important issue. IPAA Vice President of Government Relations and Political Affairs Ryan Ullman continues regular meetings on Capitol Hill to share how tariffs are affecting the energy industry.

We also took a deeper dive into the issue

at IPAA’s recent 96th Annual Meeting in Williamsburg, Virginia It was great to see many of you all there.

We remain optimistic for the year ahead. We look forward to continued collaboration with the administration and new Congress on the issues important for sustained oil and natural gas production in the United States.

Energy was on the ballot last November, voters came out in support, and we now have a more receptive audience who are willing to listen as we share the value of independent oil and natural gas producers and our industry colleagues and the challenges you all face.

I look forward to seeing you at one of our future meetings or in Washington.

As always, feel free to reach out to our team for assistance on federal issues.

Sincerely,

Jeff Eshelman

www.ipaa.org • IPAA Access Magazine 7

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2025 Policy Outlook and Goals An Early Look at Where We Stand

By Dan Naatz, Independent Petroleum Association of America (IPAA), Chief Operating Officer and Executive Vice President

O

vernight, the 2024 election transformed Washington, D.C. President Trump won a second presidential term and expanded his coalition across the country. He won both the electoral college and the popular vote and made inroads across many demographic divides. The GOP also took control of the Senate and maintained control of the House of Representatives. President Trump’s victory gave him a powerful mandate to govern, and we’ve already seen many changes come to Washington in 2025.

8 IPAA Access Magazine • Spring/Summer 2025

IPAA appreciates President Trump’s leadership on energy matters, and we look forward to working with his administration on the issues important to our industry and the country as administration officials continue to get settled in.

From the first day of the new administration, IPAA has been advocating for detailed energy policy reforms. Our priorities include equitable tax policies for energy businesses, sensible environmental regulations, reform of the National Environmental Policy Act (NEPA), increased access to federal lands and waters, reforms to the Endangered Species Act and

lifting the pause on issuing permits for liquefied natural gas (LNG) export facilities. We also want to shift the policies of the federal government from meeting international climate goals to focus on energy security for Americans and increasing U.S. business competitiveness internationally.

Once he took office in January, President Trump wasted no time in Day 1 executive orders declaring a National Energy Emergency with a focus on unleashing American energy, putting America first in international agreements in and a regulatory freeze. He made quick work of nominating leaders who understand energy issues for the top spots at the federal agencies relevant to our industry. Doug Burgum (businessman and most recently North Dakota governor), Chris Wright (CEO of Liberty Energy) and Lee Zeldin (former congressman) quickly moved through their confirmation processes in the Senate to serve respectively as secretary of the department of interior, secretary of energy and Environmental Protection Agency administrator.

In February, President Trump also formally created the U.S. National Energy Dominance Council. The council will be chaired by Secretary Burgum, with Secretary Wright as vice chair and the remainder of the council is composed of an array of cabinet secretaries and other top agency energy-related leaders. At CERAWeek in March, Burgum described how one focus of the council will be reducing oil industry costs by prioritizing major energy projects and then weeding out regulatory redundancies and overreach. The IPAA team looks forward to engaging with the council and providing feedback on possible efficiencies.

Following here are IPAA’s priority issues for the year and progress that has been made so far: Tax Policy Tax policy will be a major focus in 2025. Tax policies, particularly those designed to punish the energy sector, only serve to raise costs for consumers while limiting opportunities for growth and development. Any proposed modifications to the tax code regarding American energy policy must recognize the critical role capital formation and capital recovery play for our nation’s oil and natural gas industries. It is key for our industry to retain necessary and ordinary business tax treatments critical to capital recovery and redeployment.

Sound tax policy regarding the oil and natural gas industry has been a significant reason the United States is a leader in energy production and is poised to remain there for years to come. IPAA has been working with congressional leaders as the Senate and House complete work on the 2025 Budget Reconciliation Bill. Cuts included in the 2017 Tax Cuts and Jobs Act, which has business and individual implications, expire at the end of the year.

Emissions Regulations Regarding methane emissions, IPAA urges the Trump administration to work with Congress to repeal EPA’s methane tax (Waste Emissions Charge). IPAA has always opposed the methane fee and believes it is simply a tax to further hamper American oil and gas production. It exemplifies the worst in legislation and was written without

hearings, committee reports, conference reports or appropriate floor debate.

March was a busy and successful month on the methane regulation front. President Trump signed a Congressional Review Act resolution that was led by Senator John Hoeven (R-ND) and Congressman August Pfluger (R-TX) repealing the EPA’s rules for implementing the methane tax. That same week, EPA Administrator Zeldin announced a slew of efforts to reform and streamline regulations including an effort to reconsider its Subpart OOOOb and Subpart OOOOc regulations and its Subpart W Greenhouse Gas Reporting Program affecting oil and natural gas producers.

Reconsideration provides a pathway for making these regulations more cost-effective and well-structured. Subparts OOOOb and OOOOc are regulatory programs which if implemented as currently structured could result in 300,000 small, existing wells being shut down. Subpart W has been a key issue for IPAA because of its role in regulatory planning and the Methane Emissions Reduction Program which includes the methane tax.

IPAA remains committed to working with the EPA to improve the Subpart OOOO rules and the accuracy of Subpart W reporting while encouraging continued progress toward reducing methane emissions. EPA needs to ensure the agency develops a cost-effective regulatory program that encourages energy innovators to address methane and other issues. The agency should look for ways to provide flexibility in its regulatory regime and encourage innovation in addressing these critical issues.

Permitting Updates to the National Environment Policy Act (NEPA) and other improvements to the permitting of energy infrastructure are also a priority for IPAA. Modernizing NEPA will benefit the economy, the environment and untangle delays that have held up vital infrastructure projects.

During the previous Trump administration, efforts to modernize NEPA were undertaken that would have spurred key efficiency initiatives. However, the Biden administration forestalled most of these needed changes and instead implemented relentless permitting obstacles and The current Trump administration issued a rule in February removing the Biden administration’s Council on Environmental Quality instructions for implementing NEPA. IPAA has been active in a U.S. Chamber of Commerce coalition to provide feedback on that rule.

Our association maintains that changes to NEPA should include: • Establishing a NEPA threshold applicability analysis • Reducing the statute of limitations for NEPA analysis • A deadline on agency remand • Specific time limits • Limiting the scope of review www.ipaa.org • IPAA Access Magazine 9

environmental analysis under NEPA to delay projects for years.

Oil and natural gas exploration projects, pipelines, roads, bridges and other vital infrastructure often cannot get built not because Americans do not have the capability to do so, but because of delay and obstruction caused by the bureaucracy of the federal government.

The current Trump administration issued a rule in February removing the Biden administration’s Council on Environmental Quality instructions for implementing NEPA. IPAA has been active in a U.S. Chamber of Commerce coalition to provide feedback on that rule. Our association maintains that changes to NEPA should include: • Establishing a NEPA threshold applicability analysis • Reducing the statute of limitations for NEPA analysis • A deadline on agency remand • Specific time limits • Limiting the scope of review Federal Lands and Waters Access While much of the production in the United States occurs on private or state lands, there is a sizeable percentage that occurs on federal lands and waters and this federal acreage was the first line of attack for the Biden administration.

Government and environmentalists’ actions in this space are the indicators of where they’re planning to regulate to hinder production. The Biden administration did everything possible to stop oil and natural gas production in America’s federal lands and used the Endangered Species Act as a tool to

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The world benefits when the United States is a strong and stable energy provider, and independent producers stand ready to help achieve that goal.

hamper production in these areas. The Trump administration has renewed its focus on onshore and offshore lease sales and is rescinding, revising or revisiting multiple rules that went into effect during the Biden administration that are detrimental to future oil and natural gas production.

Interior Secretary Burgum has been vocal on how his tenure marks the “start of a new era focused on advancing American energy independence and ensuring the responsible stewardship of the nation’s public lands and resources.”

New actions are being announced consistently in line with this agenda.

IPAA continues to advocate for federal lands and water access provisions in the budget reconciliation process including mandated quarterly lease sales, mandated offshore lease sales, other improvements to the leasing process and the return of royalty rates to traditional levels.

LNG Lastly, IPAA is pleased that President Trump lifted the Biden administration’s pause on permitting new liquified natural gas export facilities. The United States is blessed with abundant, clean natural gas that is the envy of the world.

American natural gas producers should be able to supply the world with this outstanding energy resource.

Since ending the pause, multiple LNG projects have received permit approval or extension. It’s also been made public that the Biden administration shelved a Department of Energy study which had findings counter to their rationale for the permitting pause.

Optimism IPAA is optimistic for an increased and robust dialogue with the Trump administration regarding American energy policy.

Over the next four years, we will be working to make sure the voice of our members and the greater upstream industry is heard in Washington.

The choices our nation makes regarding energy policy will have an enormous impact on America’s economy and our position in the world. IPAA urges the Trump administration to take positive actions to support America’s small oil and natural gas producers and develop a robust energy policy that will unleash American entrepreneurs and make the United States an energy superpower once again. The world benefits when the United States is a strong and stable energy provider, and independent producers stand ready to help achieve that goal.

Kings Quay FPS. Photo courtesy of Houston Energy Inc.

Offshore: Opportunities for Reform in the New Administration

By Mallori Miller, IPAA Vice President of Government Relations

T

he regulatory environment in the Federal Offshore Continental Shelf (OCS) is a bellwether indicator of the U.S. government’s willingness to help solve the energy challenges facing our country. In the OCS, there is only one gatekeeper – the federal government. What was once a time-saving operational advantage became, in the last administration, a chaotic, start-stop ordeal of delayed lease sales, permit vacations, litigation minefields and phantom endangered species searches. The American people, the rightful owners of the OCS mineral wealth, deserve better. The opportunities for regulatory improvement are boundless and the winds of change are starting to blow.

Offshore production in the Gulf of America (GOA) accounts for 14% of U.S. oil and natural gas production and supports over 400,000 jobs, not just in the Gulf Coast states, but also manufacturing and remote logistics jobs across the country. The Gulf Federal OCS covers more than 159 million acres, larger than California and New York combined. Oil and natural gas products from the Gulf enter the nationwide network of pipelines and supply almost every state. Without oil and gas production from the Gulf, the United States would be in an energy crisis.

To maintain energy production from the Gulf, industry must continue to have regulatory access, attract long-term investments and drill more exploration and development wells. Currently, only 34 drilling rigs are operating in this vast basin, three times as large as the Permian Basin, where 302 active rigs are drilling. In the deepwater environment, the economics of exploration projects are critically dependent on proximity to production hub facilities and pipelines. The farther the exploration prospects are from production facilities, the larger they must be to justify the risk and expense of drilling. More production hubs will enable economic access to the more abundant, smaller prospects in the 20-40 million barrel range. In the 8,500-square-mile Keathley Canyon protraction area, an area the size of the state of New Jersey, there is currently only one production hub, as shown in Figure 1.

Looking ahead, the energy resource potential of the Federal OCS area is enormous. The GOA alone is estimated to contain an additional 24.7 billion barrels of oil and 42.5 trillion cubic feet beyond what has already been found.

Alaskan waters may contain another 24.6 billion barrels and 124 trillion cubic feet, which is about the size of the oil reserves of the Organization of www.ipaa.org • IPAA Access Magazine 11

Figure 1: Map of the Deepwater Gulf of America showing production facilities and seafloor topography.

Petroleum Exporting Countries producer Libya and more than half the total oil reserves of Russia, according to the U.S. Energy Information Administration (EIA). Billions of dollars must be invested to drill new wells as well as build production facilities and pipelines to unlock these energy riches and bring them to market. Much of this investment will be spent on American equipment and supplies made and serviced

by American workers.

The role of the U.S. government in the energy development of the OCS should be to maintain an orderly system of licensing that rewards those companies that bring the energy resources to market fastest and at the least expense to consumers and the mineral owners, that is, the American people.

Companies apply world-leading technology to find and recover energy resources, refine them and make them available for use in the market. The winners are the American people who enjoy some of the lowest energy costs in the world, free from economic coercion by foreign powers.

The Federal OCS is administered by the president through powers granted by Congress in the Outer Continental Shelf Lands Act (OCSLA, passed by Congress in 1953) which gives the executive branch more leeway to administer offshore leasing than is mandated through OCSLA’s onshore cousin, the Mineral Leasing Act (MLA, passed by Congress in 1920).

Beginning in 1965, lease sales were pre-scheduled in five-year plans, typically setting up to 24 lease sales in a program period. The sale schedule typically included two sales in the Gulf and one in Alaska each year. The consistency of a 12 IPAA Access Magazine • Spring/Summer 2025

pre-determined regular schedule allows industry time to plan data acquisition, analyses and investments with certainty that the parcels they wanted would be offered for sale on a specific date.

2024-2029 Five-year Plan One of the most notable disappointments of the Biden administration was its shortsighted development of the 2024-2029 National Outer Continental Shelf Oil and Gas Leasing Final Program which was released two years late and proposed the smallest number of lease sales since the program’s inception on the misguided assumption that oil and gas usage would soon be replaced by alternative energy sources. Current forecasts show that world liquids usage will increase 0.3%-1.3% through 2050 in low economic-high economic growth scenarios, according to the EIA. World natural gas usage is predicted to grow by 0.4%-1.6% through 2050.

Under the Biden 2024-2029 National Outer Continental Shelf Oil and Gas Leasing Final Program, only three oil and natural gas lease sales were scheduled for the Gulf of America for the five-year plan period. The proposed sales were linked to wind lease sales, which have fallen out of favor, and no sale dates were set. Industry was left to speculate when the sales might be or if they will be held at all. Lease sales in Alaskan, Pacific and Atlantic waters were completely taken off the table.

In his final blow to the offshore industry and just days before he left office, former President Biden announced a prohibition on oil and natural gas development across 625 million acres of

American producers will not gain the long-term certainty needed unless Congress acts to provide certainty through statutory measures.

Ron Neal

federal waters along the Atlantic coast, the Pacific coast, the Eastern Gulf of Mexico and portions of the northern Bering Sea. Access Restricted The rules and regulations promulgated by the Biden administration – a severely reduced number of lease sales, gratuitously expanded endangered species reservations not based on science and additional permit requirements – were used as threats against industry to gain legislative leverage for corpulent green subsidies for projects with unknown value. The result was to lift billions from the pockets of American taxpayers while limiting their ability to lease and produce oil and gas energy resources in the OCS. The election of President Trump, however, ushers in a new era for the oil and natural gas industry. Touting the “drill, baby, drill” mantra and the desire to unleash American energy dominance, domestic producers are hopeful for what the next four years will bring.

180-degree Reversal The Trump administration has already made a 180-degree reversal from the past four years under Biden’s watch. Trump’s Day 1 executive orders prove that energy is a top priority for the president and that he is determined to do all in his power to get American energy production back on track. Nowhere is there more opportunity for a change in direction than in our American coastal waters.

In April of this year, the Department of the Interior announced that the Bureau of Ocean Energy Management (BOEM) is initiating the first step in a robust engagement process to develop the 11th National Outer Continental Shelf Oil and Gas Leasing Program, which once finalized, will replace the current 10th Program (2024–2029) from the Biden administration. BOEM has proposed expanding jurisdictional areas and additional lease sales.

Legal challenges are sure to follow President Trump’s orders to unleash American energy as environmental groups will seek to reinstate President Biden’s withdrawals and push back on unwinding his regulatory chokehold. While the Trump administration will seek to swing the pendulum back in the direction of unburdened American energy growth, as it should,

Need for Congress to Act for Durability In the 119th Congress that began this year, Representatives Clay Higgins (R-LA) and Wesley Hunt (R-TX) have introduced H.R. 513 which legislatively rescinds former President Biden’s recent offshore withdrawals by revoking all presidential leasing bans except for the 2020 Trump withdrawals, limits any future withdrawals to 150,000 acres or 26 lease blocks (contiguous or non-contiguous) and caps cumulative withdrawals at 500,000 acres without congressional approval. The Bringing Reliable Investment into Domestic Gulf Energy Production Act sponsored by Representative Mike Ezell (R-MS) in the 119th, also makes strides to improve certainty by mandating offshore lease sales and giving specific timeframes for when those sales will be held. IPAA also strongly supports mandated offshore lease sales that are a part of the budget reconciliation package currently being debated in Congress.

Endangered Species Actions and Their Impact in the Offshore The Trump administration has already taken important steps regarding species protection in the offshore. The ongoing 2020 Biological Opinion (BiOp) dealing with risks to endangered species in the GOA, including the Rice’s whale, was vacated last year by a Maryland judge who then ordered the incoming administration to complete a revised BiOp by May 21, 2025.

The ruling came because of litigation claiming that the National Marine Fisheries Service had underestimated risks to endangered species. In February, the Department of the Interior rescinded the Biden administration’s expansion of protection for the Rice’s whale. Several environmental organizations filed litigation opposing the Trump

Deepwater moonpool and drilling riser. Photo courtesy of Houston Energy Inc.

www.ipaa.org • IPAA Access Magazine 13

administration’s action and the stakes are high for GOA producers.

Republicans in Congress have made several attempts to reform the Endangered Species Act (ESA) in the past few years, unfortunately, to no avail. However, with the trifecta in Washington and momentum from a broad swath of industries seeking permitting reform, the 119th Congress could see some forward motion on legislating ESA revisions. The House Committee on Natural Resources Chairman Bruce Westerman (R-AR) has made a large push toward reforms this congressional session, as have the Congressional Western Caucus, the House Energy Action Team and the U.S. Senate Committee on Environment and Public Works. While Congress has not yet coalesced around legislative text, the regulatory changes produced by DOI Secretary Bernhardt in the first Trump administration would be a great place to start.

IPAA’s Efforts to Highlight the Necessity of Offshore Production Will Continue Clearly, the issue list for the Trump administration to deal with is long. Republicans in Congress also seem determined to use the 119th Congress to advance legislative solutions to restore American energy dominance. IPAA will continue to highlight the need for increased domestic energy production and the benefits an increase will bestow to all Americans across the country. There’s no greater opportunity than to start with America’s offshore oil and natural gas community.

Delta House Platform, Mississippi Canyon Block 252. From first discovery to first oil in three years. Photo courtesy of Houston Energy Inc.

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Leaders in Industry Luncheons:

IPAA Texas Hold’Em Tournament

Co-hosted with Houston Producers Forum and the Texas Independent Producers and Royalty Owners Association (TIPRO)

Date: November 19, 2025 Location: Post Oak at Uptown Houston

Date: Third Tuesday of Each Month Time: 11:30 a.m. - 1:00 p.m.

Location: Petroleum Club of Houston Remaining speakers in 2025 include: Danny Brown (Chord Energy), Brad Thielemann (EnCap Investments), Zach Lee (ARM Energy), David Lawler (Kimmeridge Texas Gas), Mike Howard (Howard Energy Partners) and Bart Chair (ExxonMobil)

IPAA Private Capital Conference Date: January 22, 2025 Location: Post Oak at Uptown Houston

Don’t miss these enriching opportunities to network, learn and shape the future of the energy sector. Stay tuned for more details and registration information.

Save the Date and be part of shaping tomorrow’s energy solutions with IPAA.

www.ipaa.org • IPAA Access Magazine 15

g n i m o Welc

Mike Hillebrand,

Michael Hillebrand, the chief executive officer of Pennsylvania-based Huntley & Huntley, was named board chairman for a two-year term through 2026.

IPAA’s New Board Chairman

IMAGESROUGES/STOCK.ADOBE.COM

Board Appoints Hillebrand, Huntley & Huntley CEO, as Chairman for 2024-2026 Term

T

he Independent Petroleum Association of America (IPAA) board of directors is pleased to announce Michael “Mike” A. Hillebrand, the chief executive officer of Pennsylvania-based Huntley & Huntley, as board chairman for a two-year term through 2026. The IPAA board approved Hillebrand at the association’s annual meeting in late fall, and Hillebrand officially assumed the role in January.

“Mike brings fantastic business and technical expertise to the role of chairman, coupled with a passion for industry and association advocacy,” said Jeff Eshelman, IPAA president and chief executive officer. “Past-chairman Steve Pruett, the president and chief executive officer of Elevation Resources, has been invaluable in expanding IPAA’s reach in Texas and the Permian Basin. I look forward to working with Mike on deepening our roots and relationships in my home state of Pennsylvania and throughout the Appalachian Basin formations.”

Hillebrand is a principal shareholder and chief executive officer of one of the world’s oldest and continuously existing oil and gas companies, Huntley & Huntley (founded in 1912) the founder, shareholder and board member of its institutional joint venture, Olympus Energy, the fifth largest shale producer in southwestern Pennsylvania. Hillebrand has 39 years of combined experience in both vertical and horizontal well drilling, completions and operations, as well as all operating and financial aspects of oil and natural gas business development, assembly and acquisition and marketing.

16 IPAA Access Magazine • Spring/Summer 2025

He has played a key leadership role in securing over $1.1 billion of capital funding and commitments for several of Huntley’s affiliated companies. One of those companies, Olympus Energy, now operates nearly 100,000 acres and in one of Southwest Pennsylvania’s last undeveloped core Marcellus, deep Utica and Upper Devonian unconventional shale positions, now producing over 600 mmcf/d.

Hillebrand is a graduate of Pennsylvania State University with a Bachelor of Science in Petroleum and Natural Gas Engineering. He is a member of the Society of Petroleum Engineers and the current chairman of the Pennsylvania Independent Oil and Gas Association.

Q&A With Mike Jeff Eshelman: Mike, we’re so glad to have you on board with IPAA – it’s been a pleasure working with you and getting to know you. You’ve been in your role as chairman for coming on a quarter now; can you tell our members about your experience so far?

Mike Hillebrand: We really hit the ground running in January, with the IPAA leadership team and other board members getting me up to speed on the organization of the association planning for the year and more nuanced, behind the scenes operations, including budget and by-laws.

For a while longer, I am concurrently serving as chair of the Pennsylvania Independent Oil and Gas Association and had worked with IPAA through that role, including taking part in the association’s Congressional Call-Up in 2024 meeting with

Pennsylvania legislators, but this is my biggest foray into the national scene and federal advocacy for independents. I was grateful to attend and speak at IPAA’s Private Capital Conference in Houston in January – and recommend the annual event to all; it’s a unique event that IPAA’s Capital Markets Committee does a fantastic job with. I also went to my first NAPE Summit a few weeks later. IPAA’s leaders showed incredible foresight in helping establish NAPE more than 30 years ago. While the event has evolved over the years, it continues to be the place for dealmaking, education and gathering with the upstream industry. And an important revenue source for our association. Your IPAA team is really all over NAPE. So far, I’ve gotten my feet wet and am optimistic for the years ahead. There’s lots to look forward to.

JE: What would you consider some initial victories the association has earned during your tenure?

MH: Most recently, I would say the Congressional Review Act effort to nullify the methane tax regulations is huge. The first CRA the U.S. House completed with President Trump in office was one of IPAA’s biggest priorities, which is amazing.

Without IPAA’s voice, independent producers would not have that victory. It answers the question, “Why should companies join or continue to support IPAA?” The association is serving your interests in Washington.

There have also been some initial victories in the offshore production space, and I know our association will continue working with Congress and the Trump administration to eliminate unnecessary burdens on producers as quickly and durably as possible.

Hillebrand is a graduate of Pennsylvania State University with a Bachelor of Science in Petroleum and Natural Gas Engineering.

Other board announcements made at IPAA’s Annual Meeting include: • Justin Cope, president and CEO of Flywheel Energy, LLC will remain in his role as vice chairman of IPAA. • Jonny Heins, senior director of corporate affairs, Permian Resources, was named an at-large director.

• Cye Cooper Wagner, executive vice president of exploration, Cooper Oil & Gas, Inc., was named an at-large director.

• Matthew White, vice president of accounting and commercial, Burk Royalty Co., Ltd. was named regional director – North Texas.

• Kate Farr, senior director of government affairs, Occidental Petroleum was named chair of the IPAA Land and Royalty Committee.

• Andrew Vecera, director of advocacy services, Ryan LLC was named chair of the IPAA Tax Committee.

For the full IPAA Board of Directors, visit ipaa.org/board-of-directors

JE: And what goals do you have for the year ahead?

What opportunities do we have?

MH: In early April, we’ll be meeting with legislators as part of IPAA’s Congressional Call-Up. It will be an opportunity to thank members of Congress for the work they’ve done so far for energy dominance and urge them to stay strong on enduring tax reform and efforts on permitting and infrastructure.

The Trump administration has been moving at a breakneck speed in getting talented and informed agency nominees confirmed through the Senate, and now that they’re getting settled, we are working on opportunities and meeting them and laying out our issues beyond our initial work with the Trump transition team.

Membership and further engaging Appalachia are also huge priorities of mine. I aim to continue efforts to promote the great work IPAA is doing and share how to get involved. One small aspect of that is further coordination with state and regional trades. Ryan Ullman and the government relations team have regular dialogue with the cooperating associations, and you, Jeff, and Jennifer Marsteller, work with the national joint trades initiative, but I think we expand on that and really work to speak in a unified voice in this time where the White House, Senate and House all are listening. www.ipaa.org • IPAA Access Magazine 17

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From IPAA’s Energy In Depth

No, LNG Exports Won’t Increase U.S. Gas Prices – Infrastructure Bottlenecks Will

By Rebecca Trieu, IPAA’s Energy In Depth s the United States ramps back its LNG export capabilities, activists are once again claiming that exports will cause domestic natural gas prices to spike. But the data – and nearly a decade of real-world market experience – tell a very different story.

The reality is that U.S. LNG has not driven up prices for American consumers. In fact, even as LNG exports have soared, domestic prices have remained historically low, precisely because U.S. production is strong and infrastructure has (mostly) kept pace.

LNG Exports and Domestic Prices: What the Data Actually Shows Between August and December 2024, the U.S. production climbed from 3.85 billion cubic feet (Bcf) to nearly 4 Bcf,

according to the U.S. Energy Information Administration.

At the same time, prices for residential and commercial consumers declined from $23.45 per million cubic feet (Mcf) to $12.98 per Mcf for residential customers and from $10.86 per Mcf to $9.93 per Mcf for commercial users.

That’s not a coincidence. The American Petroleum Institute found that during the first half of 2023, a period of record-breaking LNG exports, Henry Hub prices averaged just $2.48 per MMBtu. That’s one of the lowest six-month averages in 35 years outside of the COVID-19 pandemic.

Despite the United States becoming the world’s top LNG exporter in 2023, residential prices have stayed well below global averages. That’s because American production has consistently outpaced demand – and because exports spur more investment, more supply and greater efficiency.

www.ipaa.org • IPAA Access Magazine 19

What Actually Drives U.S. Gas Prices?

Infrastructure is a Key Factor If exports are not the main reason, what is? Infrastructure constraints. A 2018 Department of Energy study made this clear: “U.S. natural gas prices are far more dependent on available resources and technologies to extract available resources than on U.S. policies surrounding LNG exports.”

More recently, the Center for Strategic and International Studies reiterated that the Henry Hub prices are tied to supply growth, not export volumes: “Henry Hub prices can remain cheap even with significant growth in LNG exports. The inverse is also true – low supply growth scenarios create large upward shifts at Henry Hub even if export volumes are restricted.”

This is why gas prices have gone negative at the Waha Hub in West Texas, despite robust production and demand. As EID previously reported, without adequate pipeline takeaway capacity, producers are stranded.

Thus, this is why pipeline expansions like the Matterhorn Express are critical. As a NERA study pointed out: “The U.S. will have sufficient supply to meet global demand without steep price increases at home – but only if we can build new infrastructure to transport the natural gas from producers to end users.”

Underground gas storage also plays a crucial role in balancing seasonal demand and smoothing volatility. Without storage, producers are forced to sell at a loss during gluts or scramble during surges.

20 IPAA Access Magazine • Spring/Summer 2025

The Bottom Line The U.S. natural gas market is resilient, efficient and largely insulated from global price swings because it is driven by domestic production and infrastructure, not export volumes.

If we want to keep prices low for American consumers, the answer isn’t to curtail LNG exports – it’s to double down on the infrastructure that allows U.S. gas to flow freely, meet domestic demand and support allies abroad.

Wellford Tabor, managing director and head of direct investments for the Haslam family’s office, HF Capital, said family offices have seen opportunity in oil and gas where ESG-mandated investors have left. Tabor, was joined by Wesley Williams (Akin Gump Strauss Hauer & Feld LLP), Jack Collins (INEOS Energy US Onshore), Keith Behrens (Stephens, Inc.) and Will Goodwin (Esperanza Capital Partners).

IPAA’s 31st Private Capital Conference in Houston Shares Insights for the Year: Investors Bullish

T

hank you to all our members who attended IPAA’s 31st Annual Private Capital Conference (PCC) in Houston. The conference provided a compelling look at the evolving landscape of energy investment, framed by shifting federal policy, changing private equity dynamics and a tightening capital market. The IPAA team appreciates the contributions of our volunteer leadership which made the conference possible: Callie Hamilton of PGIM Private Capital (PCC chair), Joaquin Anderson of BP (IPAA Capital Markets Committee chair), Mike Hillebrand of Huntley & Huntley (IPAA chairman) and Steve Pruett of Elevation Resources (immediate past IPAA chair).

Callie, Joaquin and the IPAA Capital Markets Committee assembled a great agenda with panelists that shared

The room was packed as IPAA COO and EVP Dan Naatz kicked off the conference with “A View From Washington D.C.”

www.ipaa.org • IPAA Access Magazine 21

KEY THEMES: Companies are effectively raising capital and executing exits.

Private equity investment in upstream oil and gas remains active but has contracted, both in terms of available dollars and institutional participants.

Commercial banks are demonstrating a renewed willingness to lend as private credit firms gain traction and more companies reduce their bank debt.

Private credit lenders offer a diverse suite of financing solutions, though 2024 posed challenges for many in the space. Optimism for 2025 is growing as several private equity firms have successfully closed new funds.

Family offices are playing an increasingly important role in energy investment, with an estimated 350 offices managing over $1 billion in assets, including approximately 70 to 80 actively pursuing oil and gas deals.

In the keynote event of the day, former IPAA president Steve Pruett (Elevation Resources) conducted a “fireside chat” with a woman at the heart of the constantly evolving landscape of institutional appetite for the energy industry, Carolyn Hansard, managing director of the Energy, Natural Resources and Infrastructure group for the Teachers Retirement System.

approachable insights throughout the day - enthusiasm on the upstream oil and gas industry is high, and the energy in the room stayed elevated until the very end with the room still being full for a discussion of “hot trends: family offices and international equity” panel just ahead of the closing reception.

We hope to have everyone back for our 32nd event in 2026!

Save the date for January 22, 2026 – back at the Post Oak Hotel in Houston.

IPAA also thanks our sponsors Opportune, BP, Kirkland & Ellis, Akin Gump Strauss Hauer & Feld LLP, Baker Botts, Latham & Watkins, Haynes Boone, Sidley Austin, PGIM Private Capital, Energy Advisors Group, IOG Resources, Amergy Bank, Wincoram Asset Management and OTA Environmental Solutions.

22 IPAA Access Magazine • Spring/Summer 2025

Private Capital Conference chair Callie Hamilton of PGIM Private Capital welcomed attendees to the conference.

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Shareworthy IPAA’s Energy In Depth team continues to release “Petroleum Products and You” graphics showcasing how we interact with oil and natural gas products in our everyday lives. From summer activities like enjoying the lake and grilling, to athletic events including the baseball games and the Kentucky Derby, EID is making it clear how widely used oil and natural gas are. Sign up for Energy In Depth resource emails at EnergyInDepth.org

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