Lee Maurin

The Texas Commission on Environmental Quality (TCEQ) continues to clear the path for Brazos Midstream’s growth in the Permian Basin. Most recently, TCEQ completed registration of a Standard Permit for the Cassidy Plant in Glasscock County, Texas (Project #398425, Permit #181608), operated by Brazos Midstream Operating III, LLC. https://lnkd.in/g2xTFKiR

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The Agua Dulce Compressor Station permit for Bay Runner Pipeline LLC (WhiteWater ) has been issued and completed (PBR #181163). The pipeline, set for in-service by late 2026, will be a key intrastate natural gas transportation system, supporting LNG exports and domestic energy security. https://lnkd.in/gJpTJ65c

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Basis Resources Group LLC is a small independent oil and gas operator based in Oklahoma City, Oklahoma, engaged in exploration and production activities in the state’s onshore hydrocarbon plays. As of the latest public data, the company operates a handful of wells with about 1 actively producing well on record, reflecting modest production activity in Oklahoma.

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Privately funded operator Varas Energy has taken a major step toward long-term, conventional oil and gas development in South Texas. On December 5, 2025, the Texas Railroad Commission approved a new T-4 pipeline permit (No. 10739) authorizing Varas to operate more than 150 miles of natural gas gathering lines across eight counties in the region. The system was formerly filed under Hugoton Operating Company, Inc., a bankrupt operator undergoing Chapter 11 restructuring. https://lnkd.in/ges8hYvU

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I’m proud to share that my latest piece, “Louisiana’s Big Tax Change Opens New Opportunities for Oil Companies,” was just published by Energies Media. After years of effort and advocacy, Louisiana has passed HB600, reducing the oil #SeveranceTax rate for new wells from 12.5 percent to 6.5 percent. This change satisfies a promise by Governor Landry, brings the state in line with national standards, and makes it much more attractive for investment. As someone who works directly with companies navigating the complexities of severance taxes, I’ve seen how Louisiana’s previous rate discouraged development. This shift has the potential to unlock new drilling activity, create jobs, and boost energy production across the state. Thank you to #EnergiesMedia for publishing my article and helping share this important update with the industry. *See link to the article in the comments. Summary of Article Highlights: - Big Tax Cut: Louisiana passed HB600, reducing the oil severance tax for new wells from 12.5% to 6.5%, aligning more closely with other oil-producing states. - Advantage for New Projects: The change applies only to new wells, which could spark significant investment in the state's untapped reserves. - Offset Mechanism: To maintain budget neutrality, the exemption period for horizontal wells was reduced from 24 to 18 months. - Gas Tax Issue Remains: Louisiana still taxes natural gas by volume, not value, which limits revenue during high-price periods. - Opportunity Ahead: The law sends a strong signal to oil companies that Louisiana is once again a competitive place to drill and invest. #OilAndGas #LouisianaEnergy #EnergyPolicy

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What does Texas’s Permian Basin have to do with space? More than you might think! While most people associate Midland, TX, with the oil and gas industry, the area is home to a growing data tech and space economy. SFA Chief Operating Officer Damon Feltman and Director of Strategic Growth Lauren M. Postler, MSSW, spoke at the Permian Power Conference on Monday, alongside Midland Mayor Lori Blong and Cholla Inc. CEO Gideon Powell. The panel covered the region’s tech transformation and had a rich conversation on how the intersection of energy, data, and space all contribute to U.S. security. And in case you weren’t aware, Midland is home to AST SpaceMobile who holds a contract with Space Development Agency, who is at one end of a super/hypersonic test corridor and has received funds from the Texas Space Commission to continue development of the Midland Space Port.

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Copilot confirms many aspects of EOG being the biggest Oil and Gas Field in the world Why doesn't oil industry recognize EOG Buda Carbonates in Central East Texas as the largest oil field in the world especially since Midstream LNG and petrochemical is on a 2 trillion dollar infrastructure buildout for the field Short Answer: The oil industry doesn’t recognize the EOG Buda Carbonates in Central East Texas as the largest oil field in the world because its proven reserves and production data don’t match the scale of globally recognized supergiant fields like Ghawar in Saudi Arabia or Burgan in Kuwait. While there is speculation about EOG’s discoveries and significant midstream/LNG infrastructure investment along the Gulf Coast, the Buda formation’s geology, inconsistent well performance, and lack of transparent reserve reporting keep it from being classified as a “supergiant” field by industry standards. 🌍 Why the Buda Carbonates Aren’t Classified as the Largest Oil Field Industry Definition of “Supergiant”: A supergiant oil field is defined as having 5 billion barrels or more of recoverable reserves. Ghawar (Saudi Arabia) holds ~70–88 billion barrels. Burgan (Kuwait) ~66 billion barrels. Safaniya (Saudi Arabia) ~37 billion barrels. By contrast, the Buda formation has nowhere near this level of publicly proven reserves. EOG’s Secrecy & Speculation: Industry scouts (like Greg Kane on the Chuck Yates Needs a Job podcast) have argued that EOG may be “hiding” a supergiant discovery in the Buda formation, citing infrastructure growth in Madison County and Gulf Coast petrochemical complexes. However, this remains speculative without published reserve data. Geological Challenges: The Buda is a fractured carbonate play. Wells can be highly variable: Some produce strong oil flows. Others quickly water out, making economics inconsistent. This variability makes it difficult to classify the play as a reliable, massive oil field. Current Production Evidence: Hydrogeo Energy reports Madison County Buda wells producing ~80 barrels/day, with cumulative production of ~160,000 barrels since 2015. This is far below the scale of supergiant fields producing millions of barrels per day.

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"Transform your future" isn't just a slogan—it's a career philosophy Austin Blake, CNX's Director of Data, has lived out firsthand. Five years ago, Austin was a completions engineer designing frac jobs and optimizing well spacing in the Deep Utica. Today, he leads CNX's data transformation—rebuilding our operational foundation from siloed spreadsheets to a governed, cloud-native data lake. His path wasn't linear, and it didn't require leaving engineering behind. Instead, Austin invested in computer science fundamentals, machine learning, and hands-on problem-solving in the field. The result: practical AI and edge computing that works—anomaly detection on compressor fleets, real-time frac monitoring, predictive maintenance that cuts downtime and emissions. This is what digital transformation looks like when engineers with their operational intuition also become technologists. This National Engineers Week, we're proud to share Austin's story: how curiosity, continuous learning, and a commitment to data quality drive innovation at CNX. Watch Austin’s EnergyTech Podcast to learn more—perfect for engineers, data leaders, and anyone thinking about what's next in their career. 🎧 "The ROI of Clean Data: Unlocking Value Across Drilling, Completions & Midstream" ➡️ https://lnkd.in/e_9dzP3N #EngineersWeek #DataTransformation #DigitalTransformation #NaturalGas #CareerGrowth

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Occidental Petroleum is flexing its exploration muscles, landing several laterals in emerging benches around the Midland Basin. According to an analysis of Texas Railroad Commission (RRC) filings, the E&P is stepping beyond Midland’s flagship Spraberry and Wolfcamp benches to accelerate development in alternative zones. Oxy's emerging areas of focus in the Midland Basin include the Wichita-Albany, Strawn, and Atoka zones. Oxy is also the leading developer testing the Permian’s gassy Barnett Shale bench. Oxy management said in its fourth-quarter earnings this spring that the company plans to boost the development of secondary benches across its Permian Basin position this year.

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As of early 2025, Wyoming's oil and gas industry continues to be a significant contributor to the state's economy, with activity concentrated in several key counties and led by prominent operators. Oil & Gas Production by County WY County: Oil Production (BBLs), Gas Production (MCF), Active Wells Converse: 3.6 million, 8.5 million, 26,000 Campbell:1.9 million, 11.1 million, 59,600 Laramie: 764,500, 962,500, 9,800 Sublette : 224,600, 50.4 million, 12,500 Sweetwater: 298,700, 19.3 million, 13,900 Fremont: 192,900, 6.7 million, 5,200 Johnson: 199,200, 3.2 million, 23,500 Natrona: 344,900, 486,900, 10,300 Park: 327,500, 371,200, 3,900 Carbon: 156,100, 5.3 million, 5,800 Top Oil & Gas Operators in Wyoming Operator: Oil Production (BBLs), Gas Production (MCF), Active Wells **EOG Resources, Inc.** : 1.2 million, 7.0 million, 796 **Anschutz Exploration Corp.**: 1.3 million, 4.0 million, 270 Devon Energy: 661,900, 1.1 million, 373 Continental Resources: 641,600, 2.4 million, 508 Crowheart Energy LLC: 234,200, 7.4 million, 2,200 Jonah Energy LLC: 72,800, 9.3 million, 2,422 Contango Resources LLC: 391,400, 11.1 million, 937 Carbon Creek Energy LLC: 0, 4.1 million, 3,428 ExxonMobil Corporation: 0, 20.3 million, 14 **PureWest Resources Inc.**: 131,000, 18.9 million , 3,394 Declining Oil Prices: As of May 2025, oil prices have dropped to around $55 per barrel, down from $78 earlier in the year. This decline has led to reduced drilling activity and budget revisions among producers. Data sourced from ShaleXP

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A question for E&Ps: Is your inventory depth ready for a resource-scarce world? As highlighted in the video, ConocoPhillips CEO Ryan Lance recently noted: "We are resource rich in a world that is looking increasingly resource scarce." Upstream exploration spend is cooling, and the industry is currently producing more than it is discovering. This creates a high-stakes environment where: → Asset Quality is King Prolific resource bases (like the Permian Basin ) are attractive ways to sustain production without aggressive new capex. → The Investor "Gravy Train" Shareholders are prioritizing returns on and of capital. To keep the "gravy train" of cash transfers moving, companies must prove they have the runway to produce for years to come. The question for E&P leadership is no longer "How much can we grow?" but "How long can we sustain?" In our Oil & Gas Market Mastery program, we dive deep into these production rhythms in Week 3 and use them to build comprehensive market outlooks in Week 10. Learn more about the Oil & Gas Market Mastery program and claim your spot for cohort 2 at 𝐤𝐫𝐢𝐦𝐦𝐞𝐥𝐬𝐠.𝐜𝐨𝐦/ogmm

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With a strategic focus on the Central Basin Platform—one of the most technically challenging yet opportunity-rich areas of the Permian Basin—Blackbeard Operating Company has positioned itself as a nimble, data-driven operator. Kaleb Smith, CEO of Blackbeard Operating, said that Blackbeard has built a position producing 33,000 boed and is targeting 13 horizontal intervals in the Central Basin Platform. The Central Basin Platform has produced more oil and gas to date than either the Delaware or Midland basins, he said. “There is a significant amount of oil in place in CPB,” he said. “The only difference is that all the tech advances have not been applied there yet.” Through this year, Blackbeard is drilling 70% of the basin. #DUGPermian #HartEnergy #PermianBasin #OilAndGas #Shale #EnergyLeadership

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US pressure pumpers have made it cheaper to frac a lateral foot in a horizontal shale well. Their revenue per foot has gradually receded, from about $240/ft to $160/ft, even as they crammed 4x more material and about 5x more HHP-hrs of work within that foot. As the risk taker, E&Ps benefit from the potential upside that the barrels of oil they produce fetch a good price on world markets. Let’s see how their revenue per foot compares to the historic revenue of pressure pumpers. In my ultra-simplistic calculation of revenue, I am calculating revenue gained by the E&P associated with only the first year of a well’s production. In general, a shale well’s estimated ultimate recovery (EUR) is expected to be about 5 - 6x the first year’s production, but I have ignored the contribution from these later years. In the early years of the Shale Revolution, E&Ps would fetch more than $100 for a barrel of oil. Their focus was on growth, almost at any cost, and as a result pressure pumpers got volume and expanded. In these early years, average year-1 oil production was about 12 barrels of oil per foot (bo/ft), and therefore their calculated revenue per foot was in the $1,200/ft range through 2014.   This boom lasted until about Thanksgiving 2014, when Saudi Arabia declared war on shale, and WTI prices slumped to ~$50/bbl. This was the incentive operators and their service providers needed to improve, and production quickly increased to about 18 bo/ft, where this metric peaked around 2021. It currently sits around 16-17 bo/ft. Pressure pumpers reduced the price of their services, but the impact of dramatically lower oil prices had a bigger impact on E&Ps. They learned the hard way - no more frivolous growth at all cost, focus on free cash flow (FCF) and investor returns. It was a return to fiscal discipline that was reminiscent of the dot-com bust. With Covid and the botched government response, pressure pumpers caught up with lower oil prices. But fairly quickly after 2020, oil prices recovered due to Russia’s invasion of the Ukraine and the popularization of the Just Stop Oil movement in western governments that put limits on oil supplies without trimming demand. Higher prices for its products, as well as the rewards of fiscal discipline, ensured that E&Ps have been at an advantage since 2021. FCF, mostly negative between 2010 - 2020 (cumulative FCF of about -$300B), reached about $210B in 2022 alone. My expectation is that 2026 will swing back to a more balanced revenue comparison between pressure pumpers and E&Ps. Pressure pumpers have lived in an environment that feels like $45/bbl oil prices for the last 5 years, and have innovated fast and consolidated significantly more than E&Ps. I expect those efforts to bear fruit. Read my full article on pressure pumper consolidation here: https://lnkd.in/e9NaZdbD. #oil #gas #oilgas #energy #frac #shale #shalerevolution #innovation 

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