October 28, 2021
Shale SmartBrief
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Top News
US shale producers, particularly unhedged ones, are expected to report the strongest quarterly earnings since the coronavirus pandemic began, with free cash flow estimated at $11.9 billion for the third quarter, according to Enverus. However, more than half of production volumes were hedged for the quarter, which may lead to some $6 billion in aggregate pre-tax losses among the 64 North American oil and gas producers tracked by Enverus.
Full Story: Reuters (10/26) 
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News from the Field
The Federal Energy Regulatory Commission is predicting that natural gas prices in the US this winter will be 103% higher than last year, with an average Henry Hub futures price of $5.63/MMBtu through February 2022. The FERC predicts US natural gas demand will rise 2.5% over last year to 111 Bcf/d "primarily ... due to an anticipated increase of 21% in LNG exports relative to last winter."
Full Story: Natural Gas Intelligence (tiered subscription model) (10/26) 
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US energy company Denbury Onshore and Mitsui E&P USA, the US division of Japanese trading house Mitsui, have signed a memorandum of understanding to jointly evaluate potential opportunities to develop carbon-negative oil projects on the US Gulf Coast using carbon capture, utilization and storage. The partnership "further highlights our strategy of creating significant shareholder value through our CCUS leadership," said Denbury Director, President and CEO Chris Kendall.
Full Story: Natural Gas Intelligence (tiered subscription model) (10/27) 
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Crestwood Equity Partners has reached an agreement to buy Oasis Midstream Partners in a roughly $1 billion cash-and-stock deal that will expand its midstream footprint in the Williston and Delaware shale basins. "We are completing this transaction during a period when macro oil and gas fundamentals are exceptionally supportive of upstream development and there is increasing demand for midstream infrastructure and services," said Crestwood CEO Robert Phillips.
Full Story: BNN Bloomberg (Canada) (10/26) 
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US oil and natural gas producer Hess Corp. swung to a profit in the third quarter and beat analysts' expectations, reporting earnings of $115 million on revenue and non-operating income of $1.81 billion. The company's oil and gas net output, excluding Libya, was 265,000 barrels of oil equivalent per day, down from 321,000 boe/d in the third quarter of 2020, when it registered a loss of $243 million.
Full Story: MarketWatch (tiered subscription model)/Dow Jones Newswires (10/27) 
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Oil and natural gas drillers say they'll comply with the Texas Railroad Commission's request to reduce saltwater injections into disposal wells to help alleviate an earthquake problem in the Permian Basin. More than 80 earthquakes with magnitudes greater than 1.5 have occurred near Midland, Texas, over the past 18 months, and two quakes with magnitudes of 3.4 and 3.6 shook Odessa on Tuesday, the USGS said.
Full Story: Odessa American (Texas) (10/26) 
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Spotlight on Policy
Democrats are reportedly considering excluding a proposed fee on methane emissions from oil and natural gas development from the massive spending bill being negotiated in Congress, amid opposition from US Sen. Joe Manchin, D-W. Va., and Texas Democrats. The American Petroleum Institute has also been fighting the proposed methane fee, calling it duplicative and punitive.
Full Story: Reuters (10/25) 
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The Environmental Protection Agency is expected to unveil this week a pair of draft regulations designed to reduce methane leaks from new and existing oil and natural gas infrastructure. Environmentalists are pushing for tougher rules than those adopted by the Obama administration, which mandated the use of low-emissions equipment and biannual or quarterly equipment inspections.
Full Story: E&E News (10/26) 
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API Update
API Training Course - Virtual Dates Available | Spec Q1 9th Edition Fundamentals and Practitioner
Participants will be given insight into the drivers behind Q1's importance and its value in the Oil & Natural Gas Industry. Using practical examples and hands-on application, the course is designed to give introductory to advanced knowledge of Q1 requirements and interpretations. To learn more and to register, visit the API-U Calendar.

Presented by: CGIC, Nov. 5-8; AxiomLogics, Nov. 8-11; Career Perf. Enhancement, Nov. 8-11; Global Mgmt. Solutions, Nov. 15-18; Inserpetrol, Nov. 15-18; Qualified Specialists, Nov. 15-18; Altiem Consulting, Nov. 22-25; Beyond Solution, Nov. 22-25; Certivation, Dec. 6-9; Eurotech Assessment, Dec. 27-30.
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2021 API Cybersecurity Conference, Nov. 9-10, The Woodlands, Texas and Virtual
Attend the 16th Annual API Cybersecurity Conference & Expo and discover methods for thwarting the bad guys, what the scene looks like over the horizon and how the latest technologies can help you counter cyber espionage, address cyber warfare, and make your cyber efforts secure. Learn more.
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Winter had stretched Long chill fingers into the brown, streaming hair Of fleeing October.
Alice Dunbar Nelson,
poet, journalist, political activist
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