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Farmouts in an Era of Low Oil Prices
Contains material from Dec 2015
Farmouts in an Era of Low Oil Prices
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Over the last ten years, the oil and gas industry has experienced an environment of high commodity prices, complex geology, high-tech drilling, and lease provisions with stringent obligations imposed on the operator. Hear about the use of farmouts as a dual financing technique to fund drilling costs and preserve the lease where drilling or production is a condition to holding the mineral rights (or renewing the lease). Furthermore, non-traditional lenders, such as private equity and service companies, are willing to earn mineral interests for their own reasons and will step into the role of farmee. Can the farmout agreement serve as an alternative currency in the new low commodity price environment to get the deal done on a handshake without money changing hands?
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Farmouts in an Era of Low Oil Prices (Dec 2015)
James D. Reardon, Christopher Bryant, Amy Sutton, Clifford M. Warren, Todd Way
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Farmouts in an Era of Low Oil Prices (Dec 2015)
Over the last ten years, the oil and gas industry has experienced an environment of high commodity prices, complex geology, high-tech drilling, and lease provisions with stringent obligations imposed on the operator. Hear about the use of farmouts as a dual financing technique to fund drilling costs and preserve the lease where drilling or production is a condition to holding the mineral rights (or renewing the lease). Furthermore, non-traditional lenders, such as private equity and service companies, are willing to earn mineral interests for their own reasons and will step into the role of farmee. Can the farmout agreement serve as an alternative currency in the new low commodity price environment to get the deal done on a handshake without money changing hands?
Originally presented: Nov 2015 Oil and Gas Tax Conference
James D. Reardon,
Porter Hedges LLP - Houston, TX
Christopher Bryant,
Statoil E&P Americas - Houston, TX
Amy Sutton,
Deloitte Tax LLP - Houston, TX
Clifford M. Warren,
Internal Revenue Service - Washington, DC
Todd Way,
Vinson & Elkins LLP - Dallas, TX