Nick Cook, Editor
Issue #346 | October 27, 2021
In this week’s issue: ProFrac acquires FTSI, rig counts ease down, frac sand bolsters railroad earnings, and more. Also, important to note the restrictions on oilfield water being put in West Texas by the RRC. Read more about how that is causing tremors throughout the Permian.
And now, the news…
Advanced technologies, such as longer lateral wells and multi-well pad drilling, are driving ongoing efficiencies and increased productivity in developing oil and natural gas resources in the prolific Permian Basin, the U.S. Energy Information Administration (EIA) said in a report Tuesday.
FTSI announced that it has entered into a definitive agreement to be acquired by ProFrac in an all-cash transaction that values FTSI at approximately $407.5 million.
ProFrac takes out FTSI, Aris Water Solutions IPO (formerly Solaris Water Midstream), and Southwestern might be in talks to buy GeoSouthern…
Four years after cashing out his Permian Basin shale business for $700 million, Kentucky-born entrepreneur Rhett Bennett is headed back to the oil field with his Black Mountain Acquisition Corp.
Saudi Arabia is pushing fellow oil producers to present a united front at climate talks that start this month and oppose rising calls for a reduction in fossil-fuel investment, say people familiar with the strategy, arguing that such a move could further push up energy prices.
After Infill Thinking’s post about more frac sand acquisitions coming, we heard from multiple decision makers in various roles in the sector. Some agreed. Some disagreed.
Price gains are testing investors who long avoided shares of fossil-fuel producers but are now missing out on the year’s top trade.
The US onshore rig count per Baker Hughes took a rare step back last week, declining 2 units to back to 527 rigs working.
Solaris announced today that it has filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC) to replace its previous shelf registration, which was originally effective on October 16, 2018 and expired on October 16, 2021.
The TX RRC has just added a second Seismic Response Action (SRA) zone – this time in the Delaware Basin with the Northern Culberson-Reeves SRA – following the Gardendale SRA from September.
Metals and minerals volume was up 21% compared to 2020 and up 3% versus the second quarter, primarily driven by our business development effort along with strong steel demand as industrial markets recover coupled with favorable comps for frac sand.
In MMC, revenues were up 35% and volumes increased 30%, largely driven by a recovery in the demand for steel and frac sand.
The Western world’s biggest oil companies likely just generated more cash than at any time since the Great Recession.
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