Diamondback Energy

[Prunesmoothie]

Can’t remember where I read this but finally saw their sign up at Chesapeake on NW 63rd. Are they moving here from Midland?

[DowntownMan]

Can’t remember where I read this but finally saw their sign up at Chesapeake on NW 63rd. Are they moving here from Midland?

Currently just moving the offices from Lincoln blvd over to 63rd. They were up off Britton and 235 not long ago before moving to Lincoln.

There is rumors that more functions from midland might be headed this way

[April in the Plaza]

Currently just moving the offices from Lincoln blvd over to 63rd. They were up off Britton and 235 not long ago before moving to Lincoln.

There is rumors that more functions from midland might be headed this way

Wouldn’t blame them for that at all. Midland has improved a bit here and there but it’s not even close to OKC’s current and intermediate growth trajectory.

[DoctorTaco]

Currently just moving the offices from Lincoln blvd over to 63rd. They were up off Britton and 235 not long ago before moving to Lincoln.

There is rumors that more functions from midland might be headed this way

I've been hearing these rumors as well. But my gut feeling is that this merger is going to shoot down any momentum in OKC's direction. This is them doubling down on the Midland basin and taking on a lot of staff who are all committed Midland residents.

[PhiAlpha]

I've been hearing these rumors as well. But my gut feeling is that this merger is going to shoot down any momentum in OKC's direction. This is them doubling down on the Midland basin and taking on a lot of staff who are all committed Midland residents.

That's true but growth in Midland is still an issue. The pool of talent in Midland is maxed out and while there is a contingent of people who absolutely love it there, there is an equal or larger group that would jump at the chance to live in another O&G city that isn't Houston. You can definitely recruit people there (by paying for it) but there is a limit to that. There is a reason that Diamondback and Endeavor were the last remaining large companies headquartered there. I think Diamondback merging with a company owned by Autry Stephens probably ensures that the HQ stays there for awhile (maybe forever) but I do think they will take advantage of having an office here (as Diamondback has), especially when it comes to hiring accounting, finance, and administrative roles as it is cheaper and easier to hire people here.

[gopokes88]

That's true but growth in Midland is still an issue. The pool of talent in Midland is maxed out and while there is a contingent of people who absolutely love it there, there is an equal or larger group that would jump at the chance to live in another O&G city that isn't Houston. You can definitely recruit people there (by paying for it) but there is a limit to that. There is a reason that Diamondback and Endeavor were the last remaining large companies headquartered there. I think Diamondback merging with a company owned by Autry Stephens probably ensures that the HQ stays there for awhile (maybe forever) but I do think they will take advantage of having an office here (as Diamondback has), especially when it comes to hiring accounting, finance, and administrative roles as it is cheaper and easier to hire people here.

It's staying there forever. Between Diamondback and Permian Resources, Midland will always have those. Almost every major driller has a corp office in Midland anyway.

Diamondback just might not exclusively grow Midland, and some could spill into OKC. I believe their Chief Accounting Officer is in OKC iirc

[PhiAlpha]

It's staying there forever. Between Diamondback and Permian Resources, Midland will always have those. Almost every major driller has a corp office in Midland anyway.

Diamondback just might not exclusively grow Midland, and some could spill into OKC. I believe their Chief Accounting Officer is in OKC iirc

Yeah my saying maybe was with the caveat that they might be bought out at some point.

Could definitely see OKC getting some spillover as the companies merge.

[gopokes88]

Can’t remember where I read this but finally saw their sign up at Chesapeake on NW 63rd. Are they moving here from Midland?

No but they plan to maintain their Accounting and Supply chain functions in OKC because the workforce here is fantastic.

Wouldn't be surprised if they start using us as leverage against Midland. They were LIVID when the Hogan park deal got shot down,

[shai2022]

No but they plan to maintain their Accounting and Supply chain functions in OKC because the workforce here is fantastic.

Wouldn't be surprised if they start using us as leverage against Midland. They were LIVID when the Hogan park deal got shot down,

As they should be. Eerily similar to Edmond situation.

[liirogue]

Which buildings will they be in? I drove by there the other day and didn’t see a sign.

[gopokes88]

https://www.rbcrichardsonbarr.com/In...2PZONE29035488

Huge buyout of Endeavor. Stock popped 10%. Should have some job growth in their OKC office, although HQ will remain in Midland.

[mugofbeer]

A bit off subject but legislators in CO have submitted bills to totally ban all drilling in CO by 2030 and restrict existing wells to operating only 7 months of the year (summer months restricted). This would totally kill the industry here. Maybe OK should start recruiting CO based O & G companies.

[Dob Hooligan]

A bit off subject but legislators in CO have submitted bills to totally ban all drilling in CO by 2030 and restrict existing wells to operating only 7 months of the year (summer months restricted). This would totally kill the industry here. Maybe OK should start recruiting CO based O & G companies.

Politics

[gopokes88]

A bit off subject but legislators in CO have submitted bills to totally ban all drilling in CO by 2030 and restrict existing wells to operating only 7 months of the year (summer months restricted). This would totally kill the industry here. Maybe OK should start recruiting CO based O & G companies.

They have 3 left, one would be killed by this bill, Civitas, and Ovintiv/Antero are take out targets anyway.

Highly doubt it passes though.

[Bellaboo]

They have 3 left, one would be killed by this bill, Civitas, and Ovintiv/Antero are take out targets anyway.

Highly doubt it passes though.

Camino also based in Denver. They have a lot of wells in central Oklahoma.

[PhiAlpha]

Camino also based in Denver. They have a lot of wells in central Oklahoma.

I think GoPokes is probably referring to large independents when he said there are 3 left. Camino isn't necessarily small but isn't on the level of Ovintiv or Antero. There are a ton of small to midsize O&G companies up there.

I don't think there is any way that bill becomes law. If it did, it would cause a pretty massive revolt from pretty much everyone outside of Denver and the ski towns. That said, they are becoming increasingly nonsensical on that front there so who knows.

[gopokes88]

Camino also based in Denver. They have a lot of wells in central Oklahoma.

i was speaking publicly traded. Civitas would be most effected as they are DJ pure play

[Bellaboo]

i was speaking publicly traded. Civitas would be most effected as they are DJ pure play

Thanks, I know we get royalty $ from them from Grady County wells.

[mugofbeer]

There are a lot more than 3 - that said, l also doubt it will get much traction but it sends a message to the companies they aren't wanted which should make them think about longer term plans.

[Dob Hooligan]

The little bit I read about Mr. Stephens in the WSJ today makes me think that he took the Diamondback deal because he got them to promise to stay in Midland as long as he is alive. An 85 year old owner of a privately owned, asset rich company, who treats his workers like family, is reluctantly facing the fact he isn't going to live forever and his children aren't as committed as he is, would be the type who would support Midland as long as he can.