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It was costing up to US$10/bbl to ship PW to out of state SWDs because Pennsylvania had only nine permitted SWDs. The development of salt tolerant fracking chemistry was a game changer for managing PW in the Marcellus. This led to a new midstream water industry developing almost overnight to treat and move PW around the shale play.
In total, EVOLVE welcomed attendees from more than 350 energy companies, including oil and gas operators, financial institutions, midstream firms, oilfield service providers and renewable energy developers. Asset Optimization: Permian inventory is increasingly scarce, with seven operators controlling 71% of remaining sub-$50/bbl inventory.
These assets are pivotal to boosting black oil production to a projected 100,000–120,000 bbl/d. Strategic Focus: Infrastructure + Electrification = Value Creation Midstream Self-Sufficiency: BPX has built out its own gathering system, boosting reliability and flow assurance.
With a strong footprint in the Delaware Basin and a management team unafraid to act decisively, the remainder of 2025 looks poised to deliver focused growth. This bolt-on isn’t just about expanding land—it’s about unlocking 100+ gross operated two-mile locations with shallow declines and $30/bbl breakevens.
61% said they would decrease drilling if oil prices stay at $60/bbl. Water Management as a Growing Constraint Produced water disposal is becoming a serious cost and logistical issue. Quote: “Water management is a potential disaster waiting to happen.” Nearly 50% of executives plan to drill fewer wells in 2025 than anticipated.
The strategy focuses on: Capital discipline Optionality in completions Free cash flow preservation If oil prices fall below $55/bbl , SM may pause completions (the costliest phase), preserving capital while maintaining the ability to ramp up when market conditions improve. days April 9, 2025 Rig 45 Latshaw 24 wells 17.0
Sub-$40 Inventory Is a Strategic AdvantageIf You Use It Many top operators hold decades of drilling inventory with breakevens under $40/bbl. Our estimate is a ~1% impact on shale well cost manageable. Its looking like [U.S. production] peak could come sooner. Vicki Hollub, Occidental 2. Mike Wirth, Chevron 5.
Darren Woods, ExxonMobil CEO Chevron has adopted a similar mindset, linking cost reductions with strategic portfolio management: Weve targeted $23 billion in structural cost savings to be delivered by the end of next year. Mike Wirth, Chevron CEO Wood Mac data shows that weve got the lowest upstream breakeven in the industry.
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