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.
Growth In A Down Market A service company in Pennsylvania is bucking the industry trend of falling revenues, cutbacks and gloomy earnings forecasts. Deep Well Services, a private firm based in Zelienople, is on a growth tear. The firm, backed by private equity provider Three Rivers Capital, provides well site services to the Appalachian market. And it is growing strongly. It is expecting to increase its revenues as much as 60% this year over its 2014 total of $27 million.
Indeed, the firm is in the midst of executing an aggressive plan to add additional equipment throughout the year. Currently fielding a workforce of 140, it expects to have as many as 190 employees by year end.
“We have been very fortunate,” says Mark Marmo, CEO.