Wed, May 13, 2020
View the recorded May 13th Industry Insights Webinar here.
Access Password: IPAAP2R20!
After seeing more than 20 mmb/d crude demand contraction, the oil markets have been in a tailspin.
The operators have responded quickly by laying down more than 400 rigs and cutting capex by as much as 60%. But the carnage hasn’t stopped there, for if you can’t sell it, you can’t produce it. Total U.S. shut- ins now total more than 1 million barrels per day and are heading towards 1.5 mmb/d in late May to early June.
The market bottom will likely come in June. As such, it’s time to start thinking about the future and the recovery.
What might it look like? What will be the challenges to start up again? What are the opportunities?
To dive into these topics, we present you with a West Texas operator, a veteran service company CEO and an energy markets expert and Chair of the IPAA Supply and Demand Committee.
Jim Wilkes is President and part owner of Texland Petroleum, LP, an oil and gas exploration and production firm. He has been employed by Texland since 1984. Prior to joining Texland he worked as an engineer for Sun Exploration and Production Company for six years in Midland and Abilene, Texas. He graduated from Texas A&M University in 1978 with a B.S. degree in Petroleum Engineering. He is currently serving as on the Board of Catholic Charities Diocese of Fort Worth, Inc. and is Vice Chair of the Board of the Independent Petroleum Association of America. Previously he has served on the Board of Barbara Gordon Montessori School, the Executive Committee of the Fort Worth Wildcatters, the Board of the Petroleum Club of Fort Worth, the Board of Fort Worth Section of the Society of Petroleum Engineers and the Board of Longhorn Council of Boy Scouts of America.
W. Byron Dunn is a founder and CEO of Tubular Synergy Group, LP, a privately held distributor of OCTG and Line Pipe products. Tubular Synergy was formed in January 2008. He is the retired President and CEO of Lone Star Steel Company. He earned his B.A. in business from Texas Christian University and an MBA from Southern Methodist University. His career in OCTG and Line Pipe sales, marketing and manufacturing business spans over 44 years. He has served on numerous industry association boards over the years including the Independent Petroleum Association of America (IPAA); American Petroleum Institute (API); National Ocean Industries Association (NOIA); Petroleum Equipment Suppliers Association (PESA) and the Metals Service Center Institute (MSCI). He is a past chairman of the Committee on Pipe and Tube Imports (CPTI); past chairman of the Dallas Wildcat Committee; past president of the Dallas Petroleum Club and past chair of the SouthWest Affiliate Board of the American Heart Association. Byron currently serves on the IPAA finance committee and the Secretary of Energy’s National Petroleum Council and chairs its finance committee. He is a member of the TCU Energy Institute Board and the board of Enerflex, Ltd, a publicly traded Calgary-based leading supplier of natural gas compression and oil and gas processing equipment.
Bob Fryklund is vice president and chief strategist for the Upstream Energy Group at IHS Markit. He has more than 39 years of industry experience focusing on the value story for the global upstream. Bob has advised on many of the industry’s game changing deals in areas such as: IPO’s, acquisitions, arbitration, restructuring, and startups. His insights are sought after by global CEO’s and Boards. He spent more than 25 yrs. in Upstream executive management at majors and independents. Mr. Fryklund is an active industry leader giving back to the profession via his participation on four industry boards- Houston Geological Society, IPAA (Supply and Demand Chair), AAPG (Corporate advisory Board), ARPEL and American Geological Institute (Trustee). In 2018, he received the AAPG Presidents Award for Thought Leadership. His insights are regularly sought after by the world’s leading press and he frequently keynotes at the industry’s leading events: World Economic Forum, CERAWeek by IHS Markit, the Offshore Technology Conference, IPAA, AAPG, IPAA, SPE and AIPN.
Fred Lawrence is Vice President of Economics and International Affairs at IPAA. Lawrence provides industry analysis and statistics to membership, Congressional staff, media and the public. He serves as staff liaison for the Supply/Demand and International committees and manages publications such as the Oil and Gas Producing Industry in Your State, the International Primer, the Declaration of Independents oil analysis and the Profile of the Independent Producer. Prior to joining IPAA in 1999, Lawrence served as assistant program officer of the International Republican Institute, focusing on political and economic development programs in Asia. He holds an MSc in international political economics from The London School of Economics and a B.A. in Asian history from Middlebury College.