What a year it has been! From where I sit in Washington, it seems major national news and world events are happening nearly every day, and there’s no shortage of drama.
Through all the chaos, there is a constant: independent oil and natural gas producers consistently surpass the energy needs of the American people and our allies. I’m grateful to represent the Independent Petroleum Association of America and every one of its members and partners.
IPAA has served independents for nearly a century now, as we were founded in June of 1929. I’ve been with IPAA for almost 30 of those years, so I’ve had the honor of getting to know many of you – I’ve seen many successes in your businesses and how you handled challenging times.
Independents are hardworking, entrepreneurial, optimistic and patriotic. You’re the risk takers, and because you and your predecessors have taken on risk, you’ve accomplished so
much. What you have achieved with production has contributed significantly to the health of America’s economy and national security.
In D.C. we’re fighting to maintain your license to operate. The “shut it down” movements continue, but no matter how radicals may try to paint it, we know that the people of this industry are the good guys. You contribute to the local communities where you live and operate. You care about clean air and water as much as your neighbors. You want good schools for your kids, along with safe roads and quality emergency services. And you’re making it happen. All while providing safe, reliable and affordable energy.
We’re going to keep telling that story in the halls of Congress, to regulators, to media, and we’d love your help with reaching your employees and other voters. IPAA continues to utilize our rapid response campaign “Energy In Depth” and currently leads the Natural Gas Council, which also includes the American Gas Association (AGA), the America Petroleum Institute (API), the Interstate Natural Gas Association
of America (INGAA) and the Natural Gas Supply Association (NGSA). Together these groups represent the industry from start to finish – from the wellhead to the burner tip. We collaborate with sister trade groups like the Energy Workforce & Technology Council who you’ll see a column from in this magazine, as well as our regional and state association partners. The more we share a unified voice about positive energy policies that support abundant American energy, the better.
I’m excited to take some time to celebrate our 95 years this fall at our Annual Meeting in Boca Raton, Florida. We’ll be looking to the future while building on the past. You can read about what we have planned in this issue. I hope to see you there.
As always, please don’t hesitate to contact me if you have questions about your association. We appreciate your feedback — your involvement makes us stronger. Thank you for your continued support.
One last thing – in our special edition magazine for our 75th-anniversary edition twenty years ago, the magazine forward read: “Looking toward the future, independents will occupy the front lines carrying hope, resourcefulness and know-how to meet an increasing need for oil and gas.” My thought is this still rings true. Independents have a future in the United States’ energy mix, and I’m proud to be a part of it.
Sincerely,
Jeff Eshelman
From Colorado Springs to Tulsa to Washington
Celebrating 95 Years of Advocating for Independent Producers
By Jennifer Pett Marsteller
Independent producers know the oil and natural gas business is fraught with tremendous risk and carries extreme geological, commercial and financial exposure. Yet, they push forward today like they did 95 years ago and counting. These risk-takers and innovators got politically smart and learned that organization, numbers
and votes gave them leverage in the government corridors of the nation.
IPAA was founded on June 11, 1929, by a small but determined group of pioneering men and women, who participated in President Herbert Hoover’s historic Oil Conservation Conference at The Broadmoor in Colorado Springs. Wirt Franklin of Ardmore, Oklahoma led them.
At that time, independents produced more than 50% of the petroleum in the United States (independents currently produce more than 80% of crude) and were confronted with more than just the rising oil imports. The Great Depression was affecting businesses all across America. Oil fields were being worked recklessly and the deepening price spiral made hard-luck operators desperate for even the smallest return. IPAA argued for a tariff on imports to help bolster the domestic economy – and was met with repeated rejections. Later, during World War II, IPAA sought to maintain the identity of the independent producer and to ensure that wartime price controls would remain only as long as necessary. The politics of domestic oil and natural gas production always has been complicated, not just an issue for the wildcatters in the early part of the 20th century. In the decades since, independents have fought continuously for rational policies and a fair market.
The 1950s and 1960s were decades of change, serving as an era of comparative prosperity for the domestic oil and natural gas industry. In the 1970s, global events triggered domestic instability, and in 1971, IPAA – once based in Tulsa, Oklahoma –consolidated its staff in Washington, D.C., which the group thought was the best staging ground in its quest to promote a stable American oil and gas market.
The 1980s saw a transition from a market bust to a technology boom. For most of its life, transforming new ideas into practical tools has been
the key to solving the petroleum industry’s operating problems and keeping its products affordable. Advancing technology helped keep the oft-repeated prediction that “we’re running out of oil” from coming true.
U.S. independents saw their relationship to the U.S. major oil companies change dramatically as the 1990s unfolded. At the dawn of the 20th century, the integrated oil company (Standard Oil) was rapidly buying up independents. Approaching the 21st century, the majors (including daughters of Standard Oil) were rapidly selling their upstream assets to U.S. independents. In the present day, we’re seeing a new era of consolidation.
The 2000s have been full of new challenges but more opportunities. Government regulation and constant litigation by environmentalist opponents remain fundamental challenges to independent producers. Yet, independents are responsible for advances in hydraulic fracturing and bringing about the shale revolution. Independents are the reason the United States is producing more than ever before. And it’s despite the government’s role, not because of it.
Independents are finding oil where it was thought impossible or hard to before they are finding the people, service support, hardware and software tools they need to use the latest seismic surveys. They are using and inventing better ways to kimit emissions and control water and produce fields, and they’ve learned to produce at a lower cost with fewer people and more and better technology.
Although the Independent Petroleum Association of America is justifiably proud of our members and our long history of service to the nation and the energy business, characteristically, the organization remains focused on tomorrow.
IPAA will be celebrating our rich history and looking forward at the association’s 95th Annual Meeting, held this year on Monday and Tuesday, Oct. 28-29 in Boca Raton, Florida.
At the Meeting, we’ll hear from industry veterans and the new
generation for our “Oil Industry Then and Now” panel. We’ll also learn about how artificial intelligence is being incorporated into industry practices and host a special pre-conference workshop on carbon capture and how it can be utilized.
Our partners at FTI Consulting will share takeaways from the first wave of energy mergers and acquisitions and where they see the market moving in wave two. The IPAA Capital Markets Committee will highlight what they’re seeing in industry funding trends for 2025.
A regulatory panel will focus on the current state of methane emissions regulations – where do they stand, and how can your business plan accordingly?
The IPAA team is especially excited for the return of two long-running IPAA meeting features: the Chief Roughneck Award and the Prayer Breakfast.
Beginning in 1955, the Chief Roughneck Award recognized one individual whose accomplishments and character represent the highest ideals of the oil and natural gas industry.
The IPAA Chief Roughneck Award was established to honor the lifetime achievements of the industry’s leading independent producers.
A representative of the modern oilfield service company traditionally has presented the Chief Roughneck Award – including a distinctive bronze bust – at IPAA’s Annual Meeting. The last award presented was in November 2019 to Vicki Hollub, president and chief executive officer of Occidental Petroleum.
We look forward to honoring the 2024 recipient of the Chief Roughneck
Wirt Franklin, the original leader of IPAA.
Award at the Membership Luncheon on Tuesday at the Annual Meeting.
Learn more about IPAA’s 95th Annual Meeting and register at IPAA.org/events.
The Boca Raton Resort, Boca Raton Florida
Experience the ultimate in luxury and relaxation at The Boca Raton, a five-star resort on South Florida’s Gold Coast. Book additional time before or after IPAA’s Annual Meeting and explore the beach, spa, pools and more at this iconic destination. Be sure to secure golf, spa, dining reservations and other activities prior to your arrival to ensure availability. Read more about the golf, tennis, pickle ball, water sports and boating and other experiences available to you at the resort and nearby at www. thebocaraton.com/ experiences.
IPAA Historical Members
The following is a list of long-time IPAA members. We are grateful for your role in helping us advocate for independent producers for the past 95 years.
Since founding in 1929
Buttram Energies, Inc.
Since the 1930s
Marathon Oil Company
Hunt Oil Company
Bridwell Oil Company
Kentucky Oil & Gas Association
Jones Management Corporation
Independent Oil Producers
Alliance
Hedberg Oil
Muskegon Energy Company
W.B. Osborn Oil & Gas Operations
Kingery Energy
Travelers Oil Company, Inc.
Minard Run Oil Company
Since the 1940s
Allar Company
Burk Royalty Co., Ltd.
Kleimor Energy LLC / Moran-K Oil, LLC
Great Western Drilling Company
Gerard Associates, L.C.
Venable Oil Ltd., L.L.P.
Duncan Oil Properties Inc.
Atkins, Ltd. LLC
Bennett & Schulte Oil Company
Newman Brothers Drilling Co.
Perkins Energy Co.
Salt Run Resources
Kansas Independent Oil & Gas Association
Medders Oil Company
Tierra Encantada, LLC
Since the 1950s
O’Neill Properties, Ltd.
Kinsey Panola Resources, L.L.C.
Wolverine Gas & Oil Corporation
Halliburton
Gracie Square
Financial Advisors
Trueblood Resources, Inc.
Miller Energy Company
John O. Farmer Inc.
Sauder Management Co.
Oilwell Operators, Inc.
PricewaterhouseCoopers, LLP
Since the 1960s
CL&F Resources LP
Carl Oil & Gas
Marlin Exploration, L.L.C.
Leede Operating Company, L.L.C.
Oilfield Policy Advisors LLC
Ohio Oil & Gas Energy
Education Program
M.D. Abel Co.
Alpar Energy, LP
Luff Exploration Company
Nance Resources, Inc.
Maguire Oil Company
Brown & Borelli, Inc.
Dugan Production Corp.
The Pickens Company, Inc.
Vaquero Energy Inc.
The IPAA team also wants to recognize the long-time involvement of the True, Nobles and Yates families. Their companies have evolved over the decades, but these families have been important leaders in making IPAA what it is today.
Vicki Hollub, president & CEO of Oxy, receives the Chief Roughneck Award in 2019.
IPAA Welcomes New Vice Chair, Other Additions to Board
In April, the IPAA – advocating for thousands of oil and natural gas producers that develop 90% of wells nationwide – held its spring Board of Directors meeting in Washington, D.C. and announced several new board appointments.
Justin Cope, President and CEO of Flywheel Energy, LLC was formally announced as Vice Chairman of IPAA. Prior to forming Flywheel Energy, Justin led SCOOP/ STACK production and completion operations for Continental Resources as the Vice President of Southern Region Production. Justin began his tenure at Continental in business development, eventually leading the function as a Vice President. At Goldman Sachs and Credit Suisse Securities, Justin held investment banking roles, providing strategic and capital markets advisory to clients across the energy industry. A graduate of the U.S. Army Ranger School, Justin began his career as an officer with the 10th Mountain Division. Ultimately attaining the rank of Captain, Justin’s military service includes combat troop leadership in support of Operation Enduring Freedom. Justin earned a Bachelor of Science in Mathematics from Radford
University and a Master of Business Administration from Harvard Business School.
Harold Hamm, Founder and Executive Chairman of Continental Resources was named an At-Large Director.
Michael Hillebrand was added to the board as Regional Director for Pennsylvania. Hillebrand is President and CEO of Huntley & Huntley, LLC; Founder, Principal, BOM of Olympus Energy and current Chairman of the Pennsylvania Independent Oil and Gas Association (PIOGA).
Ryan Watts, Executive Director of the Kentucky Oil and Gas Association (KOGA) was added to the board as Regional Director of Kentucky, Tennessee, North Carolina and South Carolina.
“The organizations these gentlemen lead show the breadth of our industry and IPAA, from small to large independent producers working to provide energy to Americans,” said IPAA President and CEO Jeff Eshelman. “The IPAA team is grateful to have these industry leaders contribute their insight and talent to our association.”
A full list of IPAA board members can be viewed at IPAA.org/ board-of-directors.
Harold Hamm
Michael Hillebrand (right) with IPAA President and CEO Jeff Eshelman outside the Capitol during IPAA’s annual Congressional Call-Up. Justin Cope
Ryan Watts (center) visiting Minority Leader Mitch McConnell’s Senate office with members of the IPAA board during the IPAA Congressional Call-Up.
From Pumpjacks to Pixels:
Modernizing Recruitment in the Oil and Gas Sector
By Molly Determan
The oil and gas industry is undergoing a significant transformation, riding a wave of innovation and technological advancements. With these advancements comes a new generation of talent joining the workforce. For many of us, communicating with this generation feels like we need a reference manual to interpret a basic conversation, much less recruit them into the industry. I don’t know about you, but hearing the terms “slay,” “bet” and “gas” don’t seem to mean the same to the incoming generation as they do to me.
The future of the energy workforce is rapidly evolving, from technological revolution to changes in employees’ expectations. The oil and gas sector, with over 650,000 professionals in the United States, is at a critical juncture. As we innovate and meet global energy demands, attracting and retaining future leaders, especially from Generation Z, becomes increasingly critical.
For those of us in the industry, we intrinsically understand that oil and gas careers require a wide range of skills and simultaneously offers highly lucrative employment opportunities across the globe. However, incoming generations seek more than financial incentives – they look for meaningful work that aligns with their values.
While much has been done to attract millennials into the industry, they now comprise around 35% of the national
workforce. This generation values professional growth and purpose. By offering clear career development paths, regular promotions and lateral moves, our industry can address millennials’ needs. From an organizational standpoint, we must implement transparency in succession planning and provide flexibility, even in roles traditionally seen as rigid. Efforts such as these will help us retain talent and grow the next generation of leadership.
As a sector always at the forefront of innovation, we now must turn our attention toward Generation Z – those born between the late 1990s and early 2010s. Studies show that 56% of Gen Z workers prioritize work-life balance and 72% are motivated by jobs where they can make a positive societal impact. Gen Z prioritizes values such as sustainable energy production and strong workplace cultures. As an industry, we are already well-positioned to meet these expectations; it’s up to us to tell our story effectively to attract and retain these future employees. Companies that fail to recognize this shift will struggle in an increasingly competitive job market.
Moreover, Gen Z spends an average of 10 hours a day online, relying heavily on technology for job searching. Our recruitment strategies must evolve accordingly. Solely relying on traditional platforms like LinkedIn and Facebook is no longer sufficient; we must meet potential employees
where they are, including on newer platforms like TikTok. The effective use of these platforms can help us tell our story, showcase what the realities of our industry look like, and fight the otherwise archaic images of the past.
One of our industry’s most significant battles is public perception. Despite misconceptions, we are already at the forefront of producing more sustainable, more efficient energy than ever. Changing this narrative requires bold leadership and technological innovation. For instance, some companies are enabling on-the-spot hiring decisions, fostering a culture of trust and immediate impact. By highlighting how our industry already aligns with the values of incoming generations, we can attract talent that might otherwise overlook oil and gas.
Innovation has long fueled our industry’s growth. However, preparing our workforce for the future involves significant investment in reskilling those already on our teams. With technological advancements transforming our operations, we need professionals equipped with new skills in programming, data science and AI. In fact, the World Economic Forum estimates that 50% of workers will need reskilling in the next five years. It’s on us to proactively establish reskilling programs to ensure that the oil and gas industry remains competitive and capable.
These shifts are not unique to oil and gas. Across all industries, the demand for reskilling, technological fluency and alignment with generational values is reshaping the broader workforce landscape.
As we navigate these challenges, it is critical for us to tell our story effectively. From articulating how our industry is evolving to discussing the strides already made in innovation and sustainability, we have the ability to shape and craft our message to appeal to not only the incoming generations but society at large.
The oil and gas industry stands at a crossroads. If we don’t embrace flexibility, foster innovation and adapt to the evolving priorities of the incoming workforce, we may very well lose to the negative narrative that the mainstream media attempts to paint of oil and gas.
Our story is compelling, and it is up to us to share it in a way that resonates with the next generation. Together, we can transform our industry and continue to drive the global economy forward.
About the Author
Molly Determan is President of Energy Workforce & Technology Council, the national trade association for the global energy technology and services sector, representing more than 665,000 U.S. jobs in the technologydriven energy value chain.
A Political Update ahead of the 2024 Elections
By Dan Naatz, IPAA Executive Vice President and COO
Setting the Stage
At the time I’m writing this, Vice President Kamala Harris announced Minnesota Governor Tim Walz as her running mate, ahead of the Democratic National Convention. It’s been a whirlwind past couple of months. There was a presidential debate like we’ve never before seen, intraparty maneuvering that successfully persuaded President Biden to step out of the race, an assassination attempt on former President Trump and the naming of President Trump’s running
mate Senator J.D. Vance, to name a few things.
While President Biden remained in the race, it appeared the GOP was in a position to win the White House and control Congress. However, with President Biden leaving the presidential race, there seems to be a shift in momentum. It is still too early to know if Vice President Harris can continue this momentum shift or if President Trump will find a pathway to victory. It also looks like Republican candidates in down-ballot congressional races
stand to gain seats, however as the campaign season moves into full gear, there are still many bridges to cross before we get a better picture regarding who will be in control of Congress next year. The team at IPAA will be prepared however the dominoes, and votes, fall this November.
Over the past four years, the Biden administration and Democrats in Congress have initiated a significant number of legislative proposals, hearings and regulatory actions targeting
Map of states where IPAA has supported candidates
A Snapshot of Threats to America’s Independent Oil and Natural Gas Producers
Regulations and Proposals
The Biden Administration has created significant regulatory and permitting obstacles to delay or halt the efficient and timely production of American oil and natural gas resources. As a result, American explorers and producers have been hindered in developing vital energy resources at a time when the United States and the world need them most.
Environmental Protection Agency
Clean Air Act
• Methane Regulations
• Subpart OOOOb/c
• Marginal wells at risk
M Methane Tax
• EPA capturing smaller producers and marginal wells within the scope of the new requirements – statute clearly intends to exempt marginal wells and small producers from the law.
• Need reasonable definition of “facilities”
• Using Subpart W as the basis for calculating the Methane Tax –something never contemplated in the Greenhouse Gas Reporting Program.
C Clean Water Act
• Waters of the United States (WOTUS) Rule
• Nationwide Permits
• Section 401
• Produced Water Reuse
Department of Energy
LNG
• Ban on new Liquefied Natural Gas (LNG) facilities
Securities
& Exchange Commission
Climate Disclosure Rule
• Push to drive climate change policy in financial markets rather than provide fair financial returns for workers, retirees and investors
Department of Interior
ONSHORE
• Leasing on onshore and offshore federal lands significantly curtailed
• Proposed rule to prioritize conservation on public lands
• Proposed rule placing additional fees and burdens on American oil and natural gas producers operating on federal lands.
o Significant increase in royalty rates
o Bonding requirement costs increased 15 fold
o Increased rental rates
• Changes to the Mineral Leasing Act under the Inflation Reduction Act of 2022
o New expression of interest fee
o Strikes noncompetitive lease offers
o Sets royalty rate at 16.67% and increases rental rate on a graduated basis
• Full review of Resource Management Planning activities
• Proposed “America the Beautiful” Initiative to conserve 30 percent of America’s land and water by 2030
• Numerous changes to the Endangered Species Act (ESA)
OFFSHORE
• 2024-2029 Offshore leasing plan offers fewest number of lease sales in program history
• Financial Assurance Rule
• Pending ESA concerns including Rice’s Whale and habitat conservation restrictions
Department of TransportationPipeline and Hazardous Materials Safety Administration (PHMSA)
• Expand scope and definition of “Gathering Lines” to apply to smaller diameter lines and possibly include methane emissions
Council on Environmental Q uality
Social Cost of Carbon
National Environmental Policy Act (NEPA)
• Full revision of Trump Administration NEPA changes
Federal Energy Regulatory Commission
Pipeline projects
• Changes to certification of natural gas projects to include greater deference and consideration to lifetime emissions, environmental justice, and use of eminent domain.
Congressional Legislation
Congress is hamstrung by close margins which makes the use of legislative options limited. The budget reconciliation process can overcome a 50-50 Senate but is limited to certain fiscal issues not broad policy – but tax policy is an area of reconciliation jurisdiction.
General Proposals:
• Increase royalty rates for production
• Eliminate industry tax provisions
• Raise corporate and individual tax rates
• Carbon Tax
• Re-establish the ban on crude oil exports.
• Limit the export of American natural gas
• Add new provisions to the Endangered Species Act
• End hydraulic fracturing on federal lands
• Mandated setbacks for oil and natural gas production on federal lands
• Ban drilling in the Eastern Gulf of Mexico
• Congressional Review Act Repeal of the Trump Methane Rules
America’s oil and natural gas producers. They’ve used the “death by a 1,000 cuts” approach to harm the industry and hinder American oil and natural gas production (see a number of those in the Industry Threats graphic).
If Republicans successfully take the White House and both chambers of Congress, a few of those threats will certainly be diminished as their message on energy would be one of American independence and utilizing all possible sources. It would be a far cry from the current administration’s all-of-government approach to shut down fossil fuels.
Political Engagement Is Critical for Our Industry
No matter the result in November, political attacks from progressive Democrats are bound to continue, and the oil and natural gas industry needs to do its part to elect more members of the House and Senate, Republicans and Democrats, who understand the complexities of energy markets and our business.
We need to be coordinated and motivated to fight progressive Democrats and their allies’ efforts that threaten jobs and economies far beyond the oil patch. That means supporting congressional candidates who advocate policies that allow our industry to grow so that independent oil and natural gas producers can continue to supply vital energy resources to our nation and the world.
The Wildcatters Fund PAC is IPAA’s voice in the political process and an essential component of our overall government affairs strategy. Fund contributions allow IPAA’s voice to be a part of public-policy discussions, to educate candidates so that they better understand our business and to secure a seat at the table with our peers on Capitol Hill. In previous election cycles, the Wildcatters Fund has been the largest oil and natural gas trade association PAC in Washington.
We’re grateful for the leadership of Wildcatters Fund PAC Chairman
Ron Neal. Mr. Neal is co-owner of Houston Energy LP and serves as President and CEO of HEQ Deepwater LLC.
This election cycle, IPAA has supported nearly 50 candidates in their reelection bids, and a few first-timers for open seats. As of late July, this includes five current Republican senators (Florida, Nebraska, North Dakota, Texas and Wyoming), four Republican challengers for Democratic-held senate seats (Montana, Nevada, Ohio and Pennsylvania) and two Republicans vying for open Senate seats – one of which is a current House member (Michigan and Utah). In addition, the Wildcatters Fund has supported 36 members of the House of Representatives who have been advocates for the men and women of the nation’s oil and natural gas industry. That number includes three Democrats and represents members of Congress from 24 different states.
Wildcatters Fund Contribution Recipients
*The recipient list is current as of July 2024. Inquire with IPAA staff for an updated report.
Senate
• Rick Scott, R-Fla.
• Mike Rogers, R-Mich.
• Tim Sheehy, R-Mont.
• Deb Fischer, R-Neb.
• Sam Brown, R-Nev.
• Kevin Cramer, R-N.D.
• Bernie Moreno, R-Ohio
• Dave McCormick, R-Penn.
• John Thune, R-S.D.
• Ted Cruz, R-Texas
• John Curtis, R-Utah
• John Barrasso, R-Wyo.
House
• Bruce Westerman, R-Ark., 4th District
• David Valadao, R-Calif., 22nd District
• Kevin McCarthy, R-Calif., 23rd District
• Kat Cammack, R-Fla., 3rd District
• Ron Estes, R-Kan., 4th District
• Andy Barr, R-Ky., 6th District
• Steve Scalise, R-La., 1st District
• Garret Graves, R-La., 6th District
• Pete Stauber, R-Minn., 8th District
• Jason Smith, R-Mo., 8th District
• Ryan Zinke, R-Mont., 2nd District
• Mike Lawler, R-N.Y., 17th District
• Richard Hudson, R-N.C., 8th District
• Kelly Armstrong, R-N.D., at large
• Yvette Herrell, R-N.M., 2nd District
• Balderson, R-Ohio, 12th District
• Kevin Hern, R-Okla., 1st District
• Cliff Bentz, R-Ore., 2nd District
• Guy Reschenthaler, R-Pa., 14th District
• Jeff Duncan, R-S.C., 3rd District
• Dusty Johnson, R-S.D., at large
• Dan Crenshaw, R-Texas, 2nd District
• Michael McCaul, R-Texas, 10th District
• August Pfluger, R-Texas, 11th District
• Vicente Gonzalez, D-Texas, 15th District
• Jodey Arrington, R-Texas, 19th District
• Tony Gonzalez, R-Texas, 23rd District
• Beth Van Duyne, R-Texas, 24th District
• Henry Cuellar, D-Texas, 28th District
• Marc Veasey, D-Texas, 33rd District
• Wesley Hunt, R-Texas, 38th District
• John Curtis, R-Utah, 3rd District
• Dan Newhouse, R-Wash., 4th District
• Cathy McMorris Rodgers, R-Wash., 5th District
• Carol Miller, R-W.V., 3rd District
• Harriett Hageman, R-Wyo., at large
Save the Dates
Be sure to mark these future IPAA event dates on your calendar.
Sept. 12, 2024: Industry and Insights Webinar Series – Taxes
Nov. 2024 (TBA): Industry and Insights Webinar Series – Post-Election Wrap-up
Dec. 5, 2024: Texas Hold’em – Houston, TX
Dec. 2024 (TBA): Industry and Insights Webinar Series – Emerging Technologies
Jan. 23, 2025: IPAA Private Capital Conference – Houston, TX
Feb. 5-7, 2025: 2025 NAPE Summit
Spring 2025 (TBA): Industry and Insights Webinar Series – Topic Pending
Spring 2025 (TBA): Congressional Call-Up and Board Meeting
Summer 2025 (TBA): 96th Annual Meeting
For the latest information on these events, please visit ipaa.org/events. Interested in sponsoring an event? Contact Beth Stockner at bstockner@ipaa.org.
Largest IPAA Private Capital Conference in History
In January in Houston, IPAA held its 30th annual Private Capital Conference (PCC), bringing together operators and capital providers. It was the largest PCC event IPAA has ever had with nearly 400 attendees despite frigid temperatures outside (by Houston standards). The event included a fantastic lineup of speakers and presenters, with opportunities to network with industry colleagues.
We appreciate our speakers and moderators, and especially want to thank our conference sponsors and our PCC leadership – Conference Chair Joaquin Anderson, Managing Director – Structured Products; BP Energy Company (who now chairs the IPAA Capital Markets Committee); former Capital Markets Committee Chair David Baggett; Founder and Managing Partner, Opportune; and the other members of the Capital Markets Committee.
Save the date for our 31st annual PCC on Jan. 23, 2025, at the Post Oak at Uptown Houston.
PCC provides a great environment for networking with industry colleagues – including capital seekers and providers.
PCC Luncheon keynote Ben Marshall, President and CEO of Vitol Americas.
Incoming PCC Chair Callie Hamilton of Prudential Private Capital speaks on a panel with other industry experts on private credit.
IPAA’s 94th Annual Meeting
IPAA’s 94th Annual Meeting was held in San Antonio, Texas in late 2023. The IPAA team appreciates the active participation we had in our board and committee meetings throughout the conference and the fantastic insights
on our industry shared by our speakers. As opening keynote speaker Ken Hersh said, “The future has fossil fuels all over it.”
The IPAA staff and board leadership were pleased to honor our own Lee Fuller, IPAA officer of
environment and general strategy, with the new Wirt Franklin Lifetime Advocacy Award at the close of the Annual Meeting. We appreciate Lee’s countless contributions to independents and the industry over his career.
Ken Hersh, President and CEO of the George W. Bush Presidential Center and the co-founder of NGP Energy Capital Management and IPAA Chairman Steve Pruett (founder and CEO of Elevation Resources) discuss ruminations from Hersh’s book, “The Fastest Tortoise: Winning in Industries I Knew Nothing About.”
Lee Fuller, IPAA officer of environment and general strategy (center left), with his wife Pat to his left and members of the IPAA staff and board leadership following the presentation of the Wirt Franklin Lifetime Advocacy Award.
By Joel Acosta, IPAA’s Energy In Depth
Last year, American companies flared and vented the lowest volume of natural gas in almost two decades. The U.S. Energy Information Administration’s preliminary estimate for 2023* reports volumes of vented or flared gas declined to .5% of gross withdrawals, demonstrating how industry best practices have worked to keep natural gas in the pipes and not going up the stack.
Meeting the Challenge and Exceeding It
Companies are Committed to Flaring Reductions
The Best Versus The Rest
The news that American companies are reducing rates of venting and flaring natural gas comes as the World Bank’s recent report shows that oil companies around the world have increased their flaring intensity by 7% from 2022. The World Bank’s report calls for effective partnership and the creation of solutions in order to monetize associated gas and substantially reduce gas flaring and flaring intensity.
The U.S. industry has been ahead of the collaboration curve, partnering with the Department of Energy and participating in voluntary measures like the Environmental Partnership, an initiative representing nearly 70% of U.S. onshore oil and gas operations – and endorsed by IPAA – crucial to driving methane reductions across the supply chain. The Environmental Partnership reported
that member companies cut flaring nearly in half in 2021, followed by an additional 14 % decline in flaring in 2022.
In fact, flaring across the shale patch declined despite record production over the last decade, and the nation’s top oil and gas-producing basins have seen methane emissions decline.
Get Involved with IPAA’s Committees
IPAA's committee structure promotes the association's mission of supporting a strong, viable American oil and natural gas industry. Key IPAA policy decisions are made with the help and input of IPAA's committees through targeted membership expertise. For your voice to be best represented in IPAA, we encourage you to join any IPAA policy committee that is pertinent to your business and skill expertise.
Learn more about each committee and find the relevant IPAA staff contact at ipaa.org/committees
2024 EVENT CALENDAR!
The Industry’s Comprehensive Resource for Live Content, Data and Analysis
The 2024 event schedule is designed to focus on the topics you want to hear about and to make scheduling your year even easier. We’ve decreased the number of events and pumped up the amount of content to make them larger, more informative and more engaging.
Save these dates and start planning your 2024 event schedule now!
LEADERSHIP
In Gratitude to Steve Pruett, Our 2022-2024 Chairman
By the IPAA Staff
e are immensely grateful that our current Chairman Steven H. Pruett, president & CEO of Midland-based Elevation Resources, signed on to serve as vice chairman fourplus years ago, with the expectation that he would step into the chairman role.
Steve is one of the industry’s biggest advocates. He knows the business and technical side of the upstream oil and natural gas industry, and will spend the time to explain issues and processes to anyone willing to learn - from journalists and environmentalists to students, regulators and elected officials. He’s testified to congressional committees, and walked the halls of the Capitol with the IPAA team, detailing the importance of our industry and the need for sensible energy policy. Multiple influential members of congress are now significantly more knowledgeable on issues affecting independent oil and gas producers than they were two years ago because of Steve.
On top of his advocacy, Steve’s industry relationships and business acumen have been invaluable to the association. He’s brought many new members into IPAA and has helped IPAA staff and
board leadership navigate challenging financial and structural issues following the pandemic. Our association is truly stronger because of Steve Pruett, and we are thankful.
Pruett testifying at a House Energy and Commerce field hearing in Midland in 2023.
Pruett leading a field tour at his operations in the Permian Basin.
