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Anadarko-Focused E&P Rebrands to Canvas from Chaparral
Independent Chaparral Energy Inc. has been rebranded as Canvas Energy Inc., still privately held and still based in Oklahoma City.
“Our new brand represents a renewed sense of purpose, enthusiasm and commitment to our employees, stakeholders, vendors and local communities to name a few,” said Canvas CEO Chuck Duginski.
The company held about 231,000 net acres in Oklahoma’s Anadarko Basin at the end of 2021.
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The brand update represents another transformation for Chaparral, an exploration and production (E&P) company that in 2020 went private upon emerging from its second bankruptcy.
“Our strategy is now centered on sustainable free cash flow generation through efficient low-cost field operations, supported by prudent reinvestment in high-return development drilling and accretive acquisitions,” Duginski said.
Primary investors in Canvas include Millstreet Capital Management LLC, Amzak Capital Management and Avenue Capital Group, management said.
Chaparral reported 2021 average production of about 23,000 boe/d, weighted 57% to liquids and 21% to oil.
The U.S. Energy Information Administration’s latest Drilling Productivity Report shows a greater focus on oil output from the Anadarko by private E&Ps.
Matt Johnson, CEO of hydraulic fracturing fleet tracker Primary Vision, told NGI a “migration of frac equipment” has occurred over the past year.
He said that operators have “looked to take advantage of market pricing in the gassy Anadarko…We’re tracking about 40 active operators in the Anadarko Basin, with frac spread activity doubling since February of 2021.”
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