NAPE shows the slow and steady pulse of L48 onshore


Our latest US Upstream Week in Brief shares our unique insights into NAPE, the North American Prospect Expo. We use  our analysts' first-hand experience on the summit floor to discuss what kinds of deals were being made, and how E&P companies are maximising their assets in the midst of a market downturn. 

North American E&Ps are feeling some pain in this tough market, but they're still (cautiously) making deals. This year's NAPE summit was subdued, but active. Although marketed assets were largely $10 to $15 per barrel out of the money, mineral investors still showed up in force.

There was a notable lack of deals focusing on a single headline play, but many Permian packages were showcased as potential portfolio additions, and Delaware Basin demand was strong. Stacked pay Appalachian deals were also displayed in abundance — an unsurprising development, given their high exploitation costs. 

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The current slowdown has also ushered in more discussions around non-operated investments, which allow both parties to access each other's data, with the seller receiving a capital injection and the buyer leveraging the seller's existing momentum. Prospect sellers could also be seen offering first rights of refusal on subsequent wells to sweeten their deals.

Where big E&P players typically have the biggest booths and grandest presence at NAPE, lending institutions dominated the floor this year. Given how many operators have seen their reserves bases shrink, subordinated debt discussions were also a hot topic throughout the conference.

To learn more about the dynamics of NAPE, from the trend leaders to the elephants in the room, you can read Lower 48 Research Director Robert Clarke's blog, "North America onshore prospects: down but not out," on

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You can purchase our full US Upstream Week In Brief on demand to read this week's top stories in the North America Upstream sector, including the rising trend of DUC drawdowns, this week's notable bids and deal activity, Moody's latest credit-rating downgrades,  and the implications of a new severance tax affecting Marcellus operators.


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