Papa

Permian Basin pure-play Centennial Resource Development Inc. expects a tsunami of natural gas within the next five months or so, which may force shut ins by any players not equipped with firm transportation (FT) agreements. It doesn’t plan to be one of them.

In his inimitable style, Centennial Resource Development Inc. CEO Mark Papa on Wednesday took federal and international energy experts to task and blasted the “groupthink” that bullish U.S. onshore oil supply is going to tank global crude oil prices.

Exploration and production guru Mark Papa, former chief of EOG Resources Inc. who now runs Centennial Resource Development Inc., this week threw a bit of shade on Lower 48 oil and gas optimists, warning that some of the onshore basins may “soon be past their prime.”

The United States added three rigs for the week ended Friday, helped by gains in Oklahoma and in the Marcellus Shale, according to data from Baker Hughes Inc. (BHI).

Centennial Resource Development Inc. is planning to spend more this year for its Permian Basin operations in West Texas to prevent constraints in moving its natural gas to markets, CEO Mark Papa said Tuesday.

He was a pioneer of the shale revolution and one of its most adamant proponents in the past, but now Mark Papa, former EOG Resources Inc. CEO and currently head of Centennial Resource Development Inc., says forecasts of the industry’s growth are overly optimistic.

Permian Basin pure-play Centennial Resource Development Inc., which under the tutelage of former EOG Resources Inc. chief Mark Papa snapped up a tantalizing set of properties in West Texas last year, expects total output to soar in 2017 by 191%, the Denver-based explorer said Thursday.

Former EOG Resources Inc. chief Mark Papa, who helped lead the unconventional charge in the U.S. onshore, has begun his second act, helming a blank check company backed by Riverstone Holdings LLC that was created to buy energy assets.

Mark G. Papa has been named chairman of Houston-based Oil States International Inc. following the resignation of Stephen A. Wells. Papa, who has served as a director since 2001, was chairman and CEO of EOG Resources Inc. from August 1999 until December 2013, when he retired (see Daily GPI,Dec. 18, 2014). The one-time Enron Corp. executive in 1999 took the Houston subsidiary, formerly known as Enron Oil & Gas, and built it into a natural gas powerhouse over his 32-year tenure. He also is a partner with Riverstone Holdings LLC. Papa has “given us very valued insights and commentary” since he came aboard as a director, CEO Cindy B. Taylor said. “I believe he is one of the greatest industry icons around.” Papa has a petroleum engineering degree from the University of Pittsburgh and a masters degree from the University of Houston. Wells is to continue to serve as a director and as a member of the nominating and corporate governance committee, subject to reelection at the May annual shareholders’ meeting.