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Mancos Shale -  a great natural gas shale reservoir on the border of New Mexico, Colorado, and Utah. It's location closely corresponds to that of San-Juan basin. In 2010 it was first drilled by Williams Co.  and is proving to be more promising ever since.

Rosa A and Rosa B wells'  production averaged 5 MMcf/d (6.4 MMcf/d) in their first 30 days after being drilled. The location was estimated to hold ca. 60 trillion cf reserves at the time of discovery.
It is located across much of the Rockies  including the San Juan Basin, where it ranges from 1,500 to 2,000 feet in thickness.

Since 2012 till 2016 Mancos shale gas production grew to 100 MMcfd from 75 wells. This growth continues making this shale more and more competitive compared to Permian.

“The great thing about the Mancos gas play is that, while there haven’t been a ton of wells drilled, there hasn’t been a bad well drilled,” -  Jay Paul McWilliams, President and Founder of LOGOS Resources II -  “Everything drilled is north of 5 Bcf, even those drilled in 2010. It’s a true resource play. We feel confident the geology is similar across a large portion of our acreage.”

Drilling depth here is between 4,500 and 5,500 feet total vertical depth with laterals extending 7,000 to 9,000 feet. “That’s why people get excited by bit efficiency—drilling is very forgiving in this area.” -  Ian Delahunty (CEO & President of Juniper Resources).

It is also evident from studies and production data  that horizontal wells far outperform vertical wells in Mancos.

Mancos natural gas takeaway is supported with a robust gas pipeline infrastructure. Main players here include  Kinder Morgan, Energy Transfer Partners, LP, Dominion Energy, Inc and Williams Companies. Their pipeline assets  are estimated at 1,078 miles of just the interstate operational lines.  See the breakdown in a table below.

Key Interstate Pipeline Owners (Mancos Area)

Kinder Morgan  593.1
Energy Transfer Partners, LP 318.9
Dominion Energy, Inc.  105.9
Williams Companies  60.6
TOTAL:  1,078.6

The Mancos-adjunct segment of the largest of these owners' lines, El Paso,  routes natural gas from the San Juan, Permian and Anadarko basins to California, Arizona, Nevada, New Mexico, Oklahoma, Texas and even to northern Mexico.  El Paso Natural Gas Company is the principal operator of this line. 

The flow from San-Juan (Mancos inclusive) is significant yet no pipeline constraints are in sight. Mancos gathering infrastructure in the area is naturally as developed.  Operators to mention are Enterprise Products Partners, LP, UNK, and Williams Companies. 

Future of Mancos looks optimistic. However, additional development also requires lots of capital and effort. Even 20% of the basin when developed would require:  (1) 13,000 new wells, (2)  Capex of ~ $130 Billion ($10 Million/well) to add infrastructure capex of ~ $25 Billion.

A revenue of 390 Billion can be expected from just this development. At that production level (> 5Bcfd) it will exceed the existing pipeline capacity 2.5 times. 

Last thing to mention, an active development of Mancos is likely to begin only after expectations about returns from Permian basin operation begin cooling down. At the moment Mancos as well as some other great reservoirs is waiting on its golden hour, which is yet to come. 

Targa Resources: $3.55 Billion Cash Transaction to Acquire Lucid Energy

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On June 16 Targa Resources Corp. decided to acquire Lucid Energy Group, located in the Permian Basin, which is a part of Riverstone Holdings LLC and Goldman Sachs Asset Management. Firstly, Targa enlarged due to the recent “blot-on” acquisition of Southcross Energy in the Eagle Ford for $200 million and it will become bigger thanks to the $3.55 billion cash transaction. Targa’s financial position allowed it to utilize convenient opportunities to extend its company so it bought #Lucid using available cash and debt with an estimated pro forma year-end 2022 leverage around 3.5 times. According to Targa’s estimates, the acquisition of Lucid will increase the number of natural gas pipelines by 1,050 miles and add about 1.4 Bcf/d of cryogenic natural gas processing capacity in service or under construction located mainly in Eddy and Lea counties of New Mexico. The investment-grade producers source approximately 70% of current system volumes. According to the press release, a full-year standalone adjusted EBITDA is expected to be between $2.675 billion and $2.775 billion and reported year-end leverage ratio of about 2.7 times. Targa’s updated financial expectations assume NGL composite prices average $1.05 per gallon, crude oil prices average $100/bbl, and Waha natural gas prices average $6 per MMBtu for the remainder of 2022.

Top Crude Refineries Serving Permian

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A total capacity for the area is as high as 8,576,325 Bcd according to Rextag count

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On June 16 Targa Resources Corp. decided to acquire Lucid Energy Group, located in the Permian Basin, which is a part of Riverstone Holdings LLC and Goldman Sachs Asset Management. Firstly, Targa enlarged due to the recent “blot-on” acquisition of Southcross Energy in the Eagle Ford for $200 million and it will become bigger thanks to the $3.55 billion cash transaction. Targa’s financial position allowed it to utilize convenient opportunities to extend its company so it bought #Lucid using available cash and debt with an estimated pro forma year-end 2022 leverage around 3.5 times. According to Targa’s estimates, the acquisition of Lucid will increase the number of natural gas pipelines by 1,050 miles and add about 1.4 Bcf/d of cryogenic natural gas processing capacity in service or under construction located mainly in Eddy and Lea counties of New Mexico. The investment-grade producers source approximately 70% of current system volumes. According to the press release, a full-year standalone adjusted EBITDA is expected to be between $2.675 billion and $2.775 billion and reported year-end leverage ratio of about 2.7 times. Targa’s updated financial expectations assume NGL composite prices average $1.05 per gallon, crude oil prices average $100/bbl, and Waha natural gas prices average $6 per MMBtu for the remainder of 2022.

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Your team’s ESG performance can be greatly improved applying the asset co-location analysis within upstream or midstream use cases. This has been a topic for a discussion at Rextag’s ‘Is ESG Improvement Next Door?’ webinar. We reviewed some cases like curbing gas flaring or renewable energy sourcing to power the fossil fuel infrastructure. Many combinations are available with access to the data Rextag provides on wells, acreages, power lines, substations, and such renewable infrastructure as wind turbines, methane landfills, etc.

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BPPlc agreed on June 13 to exit the Canadian oil sands in an asset swap with Cenovus Energy Inc. potentially worth up to CA$1.2 billion. 50% non-operated interest in the #SunriseOilSands project will be sold by BP in an agreement reached with Cenovus Energy, a company based in Alberta. Two companies agreed on the following conditions: total consideration for the transaction includes CA$600 million in cash, additionally, a contingent payment with a maximum aggregate value of CA$600 million expiring after two years, and concerning Cenovus, it will have a 35% position in the undeveloped Bay du Nord project offshore Newfoundland and Labrador. Current production from the Sunrise Oil Sands asset is about 50,000 bbl/d and the company anticipates achieving a nameplate capacity of 60,000 bbls/d through a multi-year development program.

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