Nearly 1,300 oil and gas professionals attended the 3rd annual DUG Midcontinent conference and exhibition, an approximate 15 percent increase in paid delegates from last year. Attendees heard from top executives and decision-makers from the region's most-active exploration and production companies at the Cox Convention Center in Oklahoma City on February 24-26.
Dave Hager, COO of Oklahoma City-based Devon Energy, delivered the opening keynote remarks for the conference. Hager will become Devon's president and CEO effective August 2015. Chesapeake Energy Vice President John Adcock, from another Oklahoma City-based corporation, gave insights on increasing operational efficiency. He said pad wells are not the most efficient way to drill a well, but rather the most efficient way to move a rig.
Other notable speakers addressed the audience about promising field developments. Wade Hutchings, a regional vice president for Marathon Oil, told attendees 70 percent of Marathon's 2015 capital is allocated to U.S. resource plays. Kevin Phillippi, principal at A.T. Kearney, said each major refining region has seen asset base shifts due to recent economic conditions. He added the most profitable refineries are in Wyoming. Cheniere Pipeline president, Chad Zamarin shared plans for expansions, pipelines and markets. The company is working on the Creole Trail Pipeline, Sabine Pass LNG terminal and first LNG export cargoes projected for the fourth quarter.
Prospective attendees can mark their calendars for next year's DUG Midcontinent conference set for February 23-25, 2016 in Oklahoma City, OK.
Hart Energy would like to thank the 2015 DUG Midcontinentsponsors for their continued support.
The conference may be over, but the conversation continues on Twitter. Join in by following us @HartEnergyConf using #DUGMidcon or check out our Storify page.
President and CEO, Velocity Midstream
U.S. Lower 48 Upstream Analyst, Wood Mackenzie
Executive Vice President, Plains All American Pipeline LP
General Manager, Mid-Continent, Newfield Exploration Co.
Managing Director & Group Head, Oil & Gas, KeyBanc Capital Markets Inc.
President & CEO, Sheridan Production Co. LLC
Principal, A.T. Kearney
Manager, NGL Market Origination Phillips 66
Vice President, Business Development, FourPoint Energy LLC
Senior Vice President, Drilling & Completions, Jones Energy Inc.
Vice President, Energy Marketing and Trading Florida Power & Light Company
Dr. Austin A. Holland
State Seismologist, Oklahoma Geological Survey, University of Oklahoma
Technical Advisor, PE & Cement Halliburton
Vice President, Mid Continent North Business Unit, Chesapeake Energy Corp.
TransCanada: Heartland Line's Construction Delayed Construction on the Heartland Line from Edmonton, Alberta, to Hardisty is indefinitely delayed because the Keystone XL and Energy East systems it would supply are delayed, executives said, Bloomberg reported.
Study: Crude Prices On Track To Fall Further The growing worldwide oil surplus is a prelude to another price drop, and prices will continue to remain suppressed until there is evidence that the glut is shrinking, according to an IHS study released July 31.
Of course, the oil and gas industry has not been able to escape a difficult conundrum: Since the oil price collapse, global oil production has gone up, not down. Since the November 2014 OPEC meeting, aggregate production from the U.S., Saudi Arabia, and Iraq has increased 2 million barrels a day (MMbbl/d). That production number is far more than the global demand, IHS said, and in return the global glue has increased.
Prices in the U.S. have not yet fallen far enough, or for a long enough period of time, for an appreciable supply adjustment to occur. Yet IHS says such as equilibrium may not be far off, particularly if oil prices fall further with the availability of additional Iranian supplies.