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U.S. drilling to surge as operators prepare to take advantage of higher crude prices

U.S. drilling to surge as operators prepare to take advantage of higher crude prices

The loss of Russian crude supplies and the lingering effects of Covid-19 have driven oil prices to multi-year highs. U.S. operators have shown restraint, but according to World Oil’s mid-year forecast, a further activity increase is in the offing.

The war in Ukraine has limited Russian oil and gas supplies and has the potential to cause a major shift in the world’s energy market. No one knows how long Russia intends to wage war in Ukraine or how much of its crude will be affected by sanctions or for how long. The uncertainty caused by the supply disruption has driven crude prices to multi-year highs. And anxieties persist that surging oil prices may rise so high that demand destruction will damage the global economy and cause a worldwide recession. However, Russia’s invasion of Ukraine is creating a new market for U.S. LNG producers, as product flows to Europe to replace Russian natural gas. The longer the conflict persists, the more entrenched U.S. LNG will become. 

ESG impact. Although the U.S. petroleum industry faces continued pressure from President Biden and environmental groups about the imperative of reducing fossil fuel usage to slow GHG emissions, the drive for rapid implementation has lessened. However, the transition to renewables and clean energy alternatives has created an unprecedented reduction of investment in hydrocarbon-based energy, in favor of developing green resources. During 2021, global oil and gas discoveries hit their lowest level in 75 years. Total global discovered volumes in 2021 were calculated at 4.7 Bboe, the lowest tally since 1946. This trend is predicted to continue in 2022. A data-based comparison shows a significant reduction in recoverable oil resources that will drive commodity prices higher and further damage global energy security. 

U.S. production surges. Despite a sizeable drop in recoverable resources, U.S. oil production remains on track for a record in 2023, even as output grows more slowly than anticipated amid increased costs and labor shortages in America’s shale fields. Output is expected to expand at an average 840,000 bopd next year, down from a prior forecast of 860,000 bopd, according to the EIA. While production is still seen reaching an all-time high in 2023, the government revised its forecast slightly lower to 12.7 MMbopd. The current, annual, U.S. record average is 12.3 MMbopd, set in 2019. 

At the start of the year, production in the U.S. (11.7 MMbopd), Saudi Arabia (10.2 MMbopd) and Russia (11.0 MMbopd) was running at nearly full capacity. Brent and WTI were trading at $86.51/bbl and $83.22, respectively. When Russia invaded Ukraine on Feb. 24, 2022, the EU and international community reacted quickly by boycotting Russian supply. The embargo quickly pushed prices up, and in June, Brent was trading for $122.71/bbl and WTI hit $114.84/bbl, the highest price since August 2008. Prices retreated in July, down to $111.93/bbl for Brent and $101.62/bbl for WTI, due to rising interest rates and fear of economic recession, despite restricted Russian supply. 

Demand to lessen. The global surge in the cost of fuel is starting to weigh on demand, according to Vitol Group, the world’s largest independent oil trader. Consumers are being impacted by the run-up in gasoline, diesel and other oil products said Mike Muller, head of Vitol Asia. There is clear evidence of economic stress being caused by high oil and natural gas prices, according to Muller. 

MACRO U.S. PICTURE 

The Baker Hughes rotary rig count stood at 588 units during the week ending Jan. 7, 2022. U.S. drilling activity climbed steadily for the next seven months, although it slowed in July and August, reaching 760 in the week ending Sept. 2. Although the 172-rig increase represents a Jan.-Sept. increase of 29%, U.S. shale operators have resisted ramping-up drilling activity and remained relatively disciplined with their capital expenditures. The speed at which new rigs have been deployed to the field is considerably less than in previous up-price cycles. Most U.S. shale companies are still being conservative, as priorities remain focused on protecting balance sheets and generating free cash flow. 

This conservative approach, along with high oil prices, has enabled shale companies to reduce their debt burdens in the second quarter, signaling room for them to pay dividends, buy back shares or make acquisitions. A metric commonly used to measure companies’ ability to pay down their borrowings has widely improved among oil and gas producers, as they repurchase some bonds and pile up cash amid ballooning profits. 

Net debt reported by a group of independent operators, including ConocoPhillips and Pioneer Natural Resources, averaged less than 0.6 times their annual earnings before items such as interest and taxes in the second quarter, down from 1.7 times a year earlier. Many companies have reached their debt target. Energy companies have made great strides toward repairing and reinforcing their balance sheets and are in a much stronger position to handle another downturn in commodity prices. 

With WTI trading between $85/bbl and $95/bbl, U.S. shale producers are on course to generate $200 billion this year, enough to make the industry debt-free by 2024 and potentially fund a pivot toward more natural gas production (Deloitte). High oil prices and disciplined capital spending mean U.S. shale producers are on track for their most profitable year on record, part of a global trend that will see the oil and gas industry generate a record $1.4 trillion of free cash flow. After paying down debt and rewarding shareholders, U.S. producers will likely focus more on natural gas production, due to high demand and prices around the world. Producers will also make record profits from U.S. LNG operations. They are expected to generate $59 billion this year, double last year’s amount and easily recouping the $45 billion of losses from 2013 to 2020. 

OVERALL U.S. FORECAST 

Due to sustained higher oil prices, World Oil forecasts a noticeable uptick in drilling activity for the remainder of the year, projecting 18,600 total wells for 2022—a 34% increase from the 2021 count of 13,877. Total footage is projected to increase from 191.5 MMft in 2021 to 256.4 MMft in 2022—an increase of 34%. During 2022, 8,769 wells are estimated to have been drilled during the first six months, while 9,831 are expected to spud in the second half of the year, for a half-to-half increase of 12.1%. A 14.9% increase in footage is expected in the last six months. 

MERGERS AND ACQUISITIONS 

Oil prices have been rising since the start of 2021, bolstered by restricted Russian supplies and recovering demand. However, upstream M&A activity, which typically follows oil prices, remains well below pre-pandemic levels. The total count and value of U.S. upstream deals during the first eight months of 2021 were down 30% and 46%, respectively, from the same period in 2019. 

While the ongoing capital discipline of operating companies is the primary reason behind the slowdown in upstream M&A activity, limited visibility of buyers into the carbon profile of sellers’ assets is a growing factor. Companies pursuing their net-zero goals are either looking to acquire low-carbon-intensity barrels or divest the high-intensity ones, implying that there might be an acreage consolidation or portfolio restructuring on the horizon (Deloitte). But a large resource size and an attractive offering price may not be enough to elicit a response from a buyer focused on meeting its net-zero targets. Therefore, M&A activities would need not only to be financially accretive, but also to support ESG goals. 

Devon Energy agreed to acquire Validus Energy for $1.8 billion in cash, to expand in the Eagle Ford shale play in South Texas. The deal will add to Devon’s cash flow and earnings in the first year, and boost its variable dividend by up to 10%, based on current oil futures prices. Devon also said the transaction will enable the acceleration of the return of cash to investors via its existing $2 billion stock buyback program. Buying Validus will add 42,000 net acres adjacent to Devon’s existing leasehold in the Eagle Ford. Validus’s production is approximately 35,000 boed, with volumes expected to increase to 40,000 boed over the next year. 

EQT to buy Marcellus assets. EQT Corp, the largest U.S. natural gas producer, agreed to acquire THQ Appalachia, a privately held company, in a $5.2 billion deal to expand holdings in the Marcellus shale. The company purchased the assets from Alta Resources for $2.9 billion. It also acquired Chevron’s assets in Appalachia for $735 million in 2020. THQ Appalachia produces nearly 800 MMcfgd in West Virginia. The company has about 11 years of inventory at maintenance capital levels. EQT is expected to produce the equivalent of 5.5 Bcfd this year. 

Heading into 2022, most operators expected pricing to increase for nearly all service lines but seismic. Labor, tubulars, fracturing/stimulation, and transportation were the areas of greatest concern. A modest 15% expected pricing to remain stable, including nearly 39% for completion equipment, 35% for other services, and 33% for drilling. Further pricing concessions were expected by a modest few for seismic services and tubulars. 

Further pricing increases are expected in the second half of 2022, with limited availability of OCTG and casing potentially curtailing spending revisions. Overall spending in OFS is expected to remain about 25% below 2019 levels until 2025. With margins at the mercy of another price cycle and reduced spending, many OFS companies are crafting a new strategy for the future of energy. With a broadening decarbonization mandate across industries, companies have an opportunity to lead the way for customers by fully re-engineering traditional OFS business models and solutions outside the traditional oilfield services and to other industries. 

Many large service providers have diversified beyond core services. One large company has restructured its business by launching cloud and edge computing services, whose rate of growth is expected to outpace that of their O&G business in a few years. Similarly, Halliburton and Baker Hughes are partnering with start-ups and academic institutions, through their Halliburton Labs and Baker Hughes Energy Innovation Center, respectively, to accelerate technology development for diverse energy and industrial applications. 

However, digitalization will only help to a certain extent. Providing integrated solutions for decarbonizing upstream projects, implementing subscription-based revenue models or diversifying into the low-carbon space, such as hydrogen and CCUS, are key to future growth. 

LEASING DECLINES 

The number of licensed blocks and total acreage fell to near all-time lows, as the sector struggles to shake off the effects of the Covid-19 pandemic and the ensuing oil market crash (Rystad). Only 21 leasing rounds were completed globally through August this year, half of the 42 rounds held in the first eight months of 2021. The acreage awarded so far this year has shrunk to a 20-year low of 320,000 km2. Global leasing rounds are expected to total 44 this year, 14 less than in 2021 and the lowest level since 2000. 

Global spending on exploration has been falling in recent years, as oil and gas companies seek to limit risk by focusing on core producing assets and regions with guaranteed output, aiming to streamline their operations and build a more resilient business amid market uncertainty and the threat of a recession. The political landscape is also contributing to the decrease in license awards, with many governments pausing or halting leases and encouraging companies to wrap up exploration activity within already awarded blocks. This trend is likely to continue, as governments are less eager to invest in fossil fuel production and instead look ahead to a net zero future. 

The onshore exploration sector is a significant contributor to the decline in awarded acreage. Total onshore acreage awarded in leasing activity has plummeted from more than 560,000 km2 in 2019 to a mere 115,000 km,2 so far this year. Offshore leased acreage hit a high point in 2019 before dropping off a cliff in 2020 and has remained relatively flat in the past two years. Concluded leasing rounds have dropped significantly in the U.S., driven primarily by the cancellation of Lease Sales 259 and 261 in the Gulf of Mexico and Cook Inlet in Alaska. 

EMPLOYMENT 

Employment in the U.S. oilfield services and equipment sector rose by an estimated 6,865 jobs to 648,914 in August, according to data from the Bureau of Labor Statistics and analysis by the Energy Workforce & Technology Council. Gains in August make OFS employment the highest since the Covid-19 pandemic began, but they are still off the pre-pandemic mark in February 2020 of 706,528. Overall, U.S. employers added 315,000 jobs, down from July numbers but still representing a strong pace of growth.

CAPEX FORECAST 

North American spending is forecast to increase 33% from 2021 levels, which is an acceleration from 20.6% growth projected in a December survey and builds on the modest 1% increase experienced in 2021, according to James West, senior managing director at Evercore ISI. The increase is driven by a 1,260 bps acceleration in the U.S. to 36% growth, which more than offset a 2.8% decline in spending in 2021 excluding the historical capex of distressed companies that have since been acquired or privatized. Private and independent operators are leading the recovery, with capex accelerating by 1,440 bps and 1,550 bps from the December survey to 56% and 42%, respectively, and also accelerating from 41% and 5% growth in 2021. More modest growth of 25% and 19% are anticipated from the majors and NOCs, both of which contracted further in 2021. 

While the majors have more than offset declines in 2021 despite recent divestitures—with Evercore’s projected 2022 spending nearly 7% above 2020 levels—spending from the NOCs remains 25% lower, to account for less than 1% of total U.S. spending (vs. almost 2% in 2020). Overall, the majors account for almost 30% of U.S. capex, down from 36% in 2020, while the independents, including privates, account for 70% of all spending, up from 62%. U.S. capex is on track to recover within 25% of pre-pandemic levels and approach levels last seen in 2009 before the start of the oil shale revolution. 

There could be modest upside to NAM spending in in the second half of 2022, with current spot prices above the $84/Bbl WTI and $5.18/MMbtu HH average basis for establishing 2022 budgets. While half of survey respondents would maintain their budget, regardless of changes in the oil and gas price, one-third are willing to flex capex higher for rising cash flow. However, Evercore believes upside is likely to remain muted, as activity could be constrained by the availability of goods, services and labor. 

Operators have been highly disciplined over the past year, as commodity prices increased. Yet, a new round of consolidation may drive spending higher, if commodity prices stabilize at a significantly higher range and confidence in the duration of the cycle increases. From a lower base, Evercore believes the set-up is positive for growth in 2023 and beyond. 

EIA FORECAST 

The EIA’s Short-Term Energy Outlook, published September 2022, reports that STEO is subject to heightened uncertainty resulting from Russia’s full-scale invasion of Ukraine and how sanctions affect Russia’s oil production. Also contributing to uncertainty is the production decisions of OPEC+, the rate at which U.S. oil and natural gas production rises, and other contributing factors. Less robust economic activity in the STEO forecast could result in lower-than-expected energy consumption. 

Oil price forecast. Russia’s full-scale invasion of Ukraine has resulted in shifting trade patterns, leaving Europe to find substitutes for Russia’s oil. This change has driven up the price of Brent contracts to a level high enough to reduce Asia’s imports of Brent and to retain more oil in Europe. EIA forecasts the spot price of Brent crude will average $98/bbl in the fourth quarter of 2022 and $97/bbl in 2023. The possibility of petroleum supply disruptions and slower-than-expected crude oil production growth continues to create the potential for higher oil prices, while the possibility of slower-than-forecast economic growth creates the potential for lower prices. 

Crude production forecast. U.S. crude oil production is forecast to average 11.8 MMbopd in 2022 and 12.6 MMbopd during 2023, which would set a record for the most U.S. oil output during a year. The current record is 12.3 MMbopd, set in 2019. 

Natural gas prices. In August, the Henry Hub spot price averaged $8.80/MMBtu, up from $7.28/MMBtu in July. Natural gas prices rose in August because of continued strong demand for natural gas in the electric power sector, which has kept natural gas inventories below their five-year (2017–2021) average. EIA expects HH price to average $9/MMBtu in in the fourth quarter of 2022 and then fall to an average $6/MMBtu in 2023, as U.S. natural gas production rises. 

Natural gas production. Dry natural gas production has been rising relatively steadily since the first quarter of 2022, when it averaged 94.6 Bcfd. EIA forecasts U.S. natural gas production to average 99.0 Bcfd during fourth-quarter 2022 and then rise to 100.4 Bcfd in 2023. 

U.S. FORECAST 

Given the restricted Russian supply, demand recovery and resulting increase in crude prices, operators working the various U.S. plays plan to noticeably increase drilling activity for the remainder of 2022. Overall, activity in the Texas shale plays will improve in the second half of the year, with the exception of District 7B, District 8 and District 8A, which will suffer slight second-half losses. However, drilling on the Texas side of the Haynesville is projected to improve 26% on a y-o-y basis. Gulf of Mexico activity will increase 8.4%, but a decline of 70% is forecast offshore California, both on a y-o-y basis. 

Gulf of Mexico. Higher oil prices should help boost activity slightly in the GOM, and it appears that offshore operators are poised to resume limited development in 2022-2023 after last year’s decline. World Oil’s survey results and federal officials’ predicted well counts show a slight increase during second-half 2022. World Oil forecasts that GOM activity totaled 63 wells in the first half of the year, with another 65 scheduled to be drilled during second-half 2022. The projected 128-well total will be 8.4% higher than 2021’s figure of 118. Footage drilled should be up 6.6% on a y-o-y basis. 

STATE-BY-STATE OUTLOOK 

Texas. Most of the shale plays in the Lone Star State are gaining ground during 2022. On a half-over-half basis, World Oil predicts Texas wells will gain 11.6%, with the 2022 total being 39% more than the 2021 figure. In the Permian basin, District 8 will be up 8% in the second half, buts its total will be 26% higher than wells drilled in 2021. Districts 7C and 8A will enjoy much-improved drilling activity, with gains of 33% and 172% respectively, compared to their 2021 totals. 

The Eagle Ford forecast is also good, with District 1 forecast to improve 30% in the second half and up 64% on a y-o-y basis. District 2 will experience a 4% gain in activity in the second half, and is also projected to be up 26% on a y-o-y basis. District 4 in the Eagle Ford will experience a 47% increase between the two halves and post a massive 157% gain from 2021’s level. The reason that District 4 is surging is more gas-related activity. Of the 12 Railroad Districts, 10 are forecast to experience gains, with only two losing ground on a half-over-half basis. Again, more gas drilling is a factor, especially in RRC 6, with the Haynesville up 36% y-o-y. 

DUC wells decline. According to EIA’s July 2022 tally, the DUC total stood at 4,277, a reduction of 1,680 wells since July 2021, a reduction of 28%. In the Permian basin, operators have completed 1,092 DUC wells during the July 2022-July 2021 interval, a reduction of 48%. All other regions declined too, with the exception of the Haynesville, which added 80 DUC wells up to 477, a y-o-y increase of 20%. 

Oklahoma. Although the SCOOP and STACK plays are not as prolific as the Permian or Eagle Ford, acreage in Kingfisher, Canadian, Blaine, and Grady counties continues to attract interest for hydrocarbon development. But the region’s inconsistent geology and less-than-ideal shale formations have produced unpredictable results, reducing ROI. However, with higher oil prices, the plays have become more attractive, and we predict a major increase in Oklahoma’s activity. World Oil forecasts companies will drill 79% more wells in 2022 than last year’s total. Total footage will also surge forward 75%, with operators making 15.7 MMft of hole. 

Louisiana. In the state’s northern portion, we forecast operators developing Haynesville shale gas will drill 25% more wells in 2022, than they did in 2021, with total footage up approximately 17%. With natural gas prices at near-record highs, the increase in activity could continue, similar to the Haynesville play in Texas RRC District 6. Despite near-record high natural gas prices, DUCs in the Haynesville were up to 477 in July, a jump of 20%. In the mature, shallow oil plays of southern Louisiana, we expect operators to drill 46% more wells compared to last year. Well footage is expected to increase 29% on a y-o-y basis. 

North Dakota. The Bakken is running out of steam. Although transportation issues remain a challenge in this oil-rich shale play, a greater concern is that the sweet spot has reached maximum infill development. However, higher oil prices will help negate the cost of drilling the 21,100-ft wells. Considering these factors, along with data from state officials and World Oil operator surveys, we forecast that drilling will be up a disappointing 4%, with footage increasing 2.9%, y-o-y, in the Peace Garden State. 

Northeast (Pa./W.V./Ohio). In the Northeast, Marcellus activity is on an upward trend, similar to other U.S. shale plays. Improving natural gas prices and increased LNG exports from Dominion Energy’s massive Cove Point facility are helping drive activity higher in the region. According to survey results, operators tapping the high-quality reservoir in Pennsylvania will increase the number of wells drilled this year by 18%, compared to the number drilled in 2021. Total footage for 2022 is forecast to jump 16.5%. 

In Ohio, operators working the Utica play plan to focus on growth and capitalize on higher gas prices, with this year’s total well count expected to finish 30% higher than last year’s level. Footage is forecast to increase 31%. In West Virginia, World Oil forecasts operators will drill 84 more wells than the number spudded in 2021, up 62%. We also forecast a 64% surge in total footage in the Mountain State. Despite surging gas prices, operators working the shale fields of Appalachia were able to reduce the region’s DUC count by only eight wells in July on a y-o-y basis, a reduction of just 11%. 

Midwest (Illinois/Kansas). There are approximately 32,100 oil and gas wells, 10,500 Class II injection wells and 1,750 gas storage wells producing from 650 fields in Illinois. These wells are controlled by 1,500 operators. There is oil production in 40 of the 102 counties, mainly in the southern part of the state. Drilling will surge, with a 61% increase in wells forecast for 2022, compared to 2021’s level. Although the wells are relatively shallow, they provide work for the oilfield community and the drilling crews. We forecast a 59% jump in total footage. 

In Kansas, much of the shallow drilling in the Hugoton basin appears to stay below the Baker Hughes rig count radar. But according to the Kansas Corporation Commission, drilling in the Sunflower State is projected to increase 24% in 2022, compared to the 1,005 drilled in 2021. Total footage is forecast to jump 24%. 

Rocky Mountains. The Denver Julesburg basin has experienced a constant decline since production peaked in November 2019. Reversing this trend will depend on the capital allocation from major operators in the region. The DJ basin accounted for 7% of oil and 6.6% of natural gas production in the Lower 48 in 2021 (GlobalData). While other U.S. basins have increased their rig count with the rise in commodity prices. Operators, like Oxy and Chevron, are earning better returns from investments in other basins, but could grow production in the DJ by completing their DUC backlog. 

In Colorado, officials continue to attempt to ban, or severely limit, drilling in the state. In 2019, the state passed Senate Bill 118, “which fundamentally altered the oil and gas industry’s future in the state,” according to Colorado Governor Jared Polis. However, it appears companies intend to push back and continue operations on existing leases, as World Oil expects operators in Colorado to drill 40% more wells in 2022, compared to activity during 2021. Total footage is projected to increase by 40% on a y-o-y basis. 

In 2019, a federal judge ordered a halt to exploration on 300,000 acres in Wyoming, saying the government must account for its cumulative effect on climate change. The ruling came in a lawsuit filed by a pair of environmental groups, challenging the BLM’s decision to lease federal lands for energy development in the state. Given that nearly 50% of all lands in Wyoming are owned by the federal government, a ban on federal leasing would decimate the natural gas industry and Wyoming’s economy. Despite the ongoing lawsuit, operators working in the state plan to increase drilling activity by 24% in 2022. World Oil predicts footage will increase 25%. 

Canadian Overseas Petroleum received a resource report prepared by Ryder Scott that confirmed its deep oil discovery on lands in Converse and Natrona counties, Wyoming. The report confirms the deep discovery has total original oil in place of 993.5 MMbbl. This supports the company’s conclusion that the Frontier 2 and Dakota discoveries are large stratigraphic oil accumulations encompassing the reserves at the company’s Cole Creek field. The report outlines 118 horizontal well locations to exploit the identified Frontier 2 and Dakota reserves. COPL plans to drill one Frontier 1 well and two horizontal Frontier 2 wells as part of its 2022-2023 drilling campaign, commencing in fourth-quarter 2022. 

Acreage in New Mexico has become as desirable as land on the Texas side of the Permian basin. Increased completion efficiencies in the Bone Springs formation will help support activity, as drilling in the Land of Enchantment is forecast to increase 23% on a half-over-half basis and 30% y-o-y for 2022. Total footage will increase 33% y-o-y. 

In California, we expect onshore operators to spud four fewer wells in 2022, compared to 2021. But with no new discoveries, operators working the Golden State are forced to survive by maintaining less-attractive heavy oil fields and residual acreage from long-ago discoveries. However, considering the mature nature of these fields, onshore footage is forecast to climb 15% (y-o-y), suggesting deeper total depths as operators squeeze out more oil from these old fields. Drilling offshore California will drop dramatically, with only three wells expected in 2022, a y-o-y decline of 70%. Accordingly, footage is forecast to drop 65%. 

In Alaska, the U.S. DOJ filed a brief defending the Willow project, an energy development within the NPRA on Alaska’s North Slope that has been halted by litigation. The Biden administration announced it would review the Willow plan, approved in 2020 by the Trump administration, for consistency. The project is proposed by ConocoPhillips, and if approved, the project will provide 100,000 bopd, $10 billion in revenue for state, local and federal governments during its lifespan, 2,000 construction jobs, and 300 permanent jobs. It appears the prospect of opening new acreage is having the desired effect. Offshore work will surge 109% in 2022, 12 more than spud in 2021. Onshore activity on the North Slope is projected to increase 67%, with total footage up 67%. 

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You can always opt not to disclose information to us, but keep in mind that some information may be needed to create an account or take advantage of some of the features of the Website. Even if you have agreed to receive operational communications from us, you may always decide to stop receiving such materials by sending an email to privacy@pipexch.com

 

Transfer of Information to Third Parties

Pipe Exchange will not transfer your personal details and any information collected pertaining to your activities on the Website (provided that such details and information identify you personally) to any third party, except in the following cases or as otherwise outlined in this Privacy Policy:

  • If Pipe Exchange reasonably believes that you have abused your rights to use any of the Services, or performed any act or omission that Pipe Exchange reasonably believes to be violating any applicable law, rules, or regulations. Pipe Exchange may share your information in these cases, with law enforcement and other competent authorities and with any third party, as may be required to handle any result of your wrongdoing;
  • If Pipe Exchange reasonably believes that it is required by law to share or disclose your information in order to prevent, investigate, or take action regarding illegal activities.  In addition, to establish or exercise our legal rights or defend against legal claims;
  • Further, your personal information may be disclosed as permitted or required by, or in response to lawful requests by applicable local law enforcement agencies or regulatory agencies, or agencies with responsibility to oversee and enforce national security;
  • In any case of dispute, or legal proceeding of any kind between you and Pipe Exchange, or between you and other users or third parties with respect to, or in relation with the Services;
  • In any case where Pipe Exchange may reasonably believe that sharing information is necessary to prevent serious damage to your person or property or to the person or property of any third party;
  • If Pipe Exchange organizes the operation of the Services within a different framework, or through another legal structure or entity, or if Pipe Exchange is acquired by, or merged with another entity, provided however, that those entities agree to be bound by the provisions of this Privacy Policy;
  • Pipe Exchange may share personally identifiable information and information related to your use of the Website, with companies or organizations connected to or affiliated with Pipe Exchange, such as service providers (e.g., an email service provider to send you emails on our behalf), with the express provision that their use of such information must comply with this Privacy Policy; or
  • Pipe Exchange is also entitled to transfer or share anonymous, statistic or aggregative information with companies or organizations connected to Pipe Exchange, and with suppliers, business partners, advertisers, and every third party, according to Pipe Exchange’s absolute discretion; however, Pipe Exchange will not disclose your identity to them, knowingly or deliberately, without receiving your consent.  

Children’s Online Privacy Information

Pipe Exchange does not knowingly collect personal information from minors who are under the age of 16 through the Website and/or the Services thereon. If a parent or guardian becomes aware that his or her child has provided us with personally identifiable information without his/her consent, then he or she should contact Pipe Exchange at the information described below. If we become aware that a child under the age of 16 has provided us with personally identifiable information, we will delete such information from our files. Further, the Children’s Online Privacy Protection Act (“COPPA”) requires parental consent for collection of data from children younger than the age of 13 years old. For tips on protecting children’s privacy online, generally, please view the U.S. Federal Trade Commission (“FTC”) website at http://www.ftc.gov/privacy/privacyinitiatives/childrens.html.

Cookies 

  1. What is a cookie?

A cookie is a small text file that is stored in your web browser that allows Pipe Exchange or a third party to recognize you. Cookies might be used for the following purposes: (1) to enable certain functions; (2) to provide analytics; (3) to store your preferences; and (4) to enable ad delivery and behavioral advertising.

Cookies can either be session cookies or persistent cookies. A session cookie expires automatically when you close your browser. A persistent cookie will remain until it expires or you delete your cookies. Expiration dates are set in the cookies themselves; some may expire after a few minutes while others may expire after multiple years. Cookies placed by the website you’re visiting are sometimes called “first party cookies,” while cookies placed by other companies are sometimes called “third party cookies.”

  1. What cookies are used when I use the Pipe Exchange Website?

When you access and/or use the Website, Pipe Exchange or a third party may place a number of cookies in your browser. Some of the cookies will only be used if you use certain features or select certain preferences, and some cookies will always be used.

Each cookie serves one of four different purposes:

  1. Essential Cookies: These first party cookies allow users to use a feature of the Website such as: (i) staying logged in, or (ii) making purchases.
  2. Analytics Cookies: These cookies track information about how the Website is being used so that we can make improvements and report on our performance. We may also use analytics cookies to test new ads, pages or features to see how users react to them. Analytics cookies may either be first party or third party cookies.
  3. Preference Cookies: These first party cookies store your Website preferences.
  4. Ad Targeting Cookies: These third party cookies (also known as “behavioral” or “targeted” advertising) are placed by advertising platforms or networks in order to: (i) deliver ads and tracks ad performance, and (ii) enable advertising networks to deliver ads that may be relevant based upon your activities.

Finally, we may set cookies within emails we send to you (if you have consented to receiving emails from us). These cookies are used to track how often our emails are opened and clicked on by our customers. You can manage email cookies in the same way as website cookies, as explained above.

  1. How do third parties use cookies on the Pipe Exchange Website?

Third party companies like analytics companies and ad networks generally use cookies to collect user information on an anonymous basis. They may use that information to build a profile of your activities on the Website and other websites that you’ve visited.

  1. What are my cookie options?

If you don’t like the idea of cookies or certain types of cookies, you can change your browser’s settings to delete cookies that have already been set and to not accept new cookies. To learn more about how to do this, visit the help pages of your browser. Please note, however, that if you delete cookies or do not accept them, you might not be able to use all of the features we offer, you may not be able to store your preferences, and some of our pages might not display properly.

You may also opt out of third party cookies by following the instructions provided by each third party in its privacy policy.

  1. Do you use any other user tracking technologies?

We use additional technologies to help track user activities and preferences. For example, we use Google Analytics and when you visit the Website via Facebook, we use tracking pixels.

  1. Interest-Based Advertising

We and third parties engage in interest-based advertising provided by vendors in order to deliver advertisements and personalized content that we and other advertisers believe will be of interest to you. To the extent third-parties are using cookies or other technologies to perform these services, Pipe Exchange does not control the use of this technology or the resulting information for online, mobile, or email advertising, and is not responsible for any actions or policies of such third parties. Advertisements, emails, and other messages may be delivered to you by Pipe Exchange or its service providers based on your online or mobile behavior, your search activity, your geographic location or other information that is collected by us or obtained from third parties. Some of our vendors and we may use our own or third-party aggregated or anonymized personal information, demographic data, and other inferred commercial interests to assist in the delivery of our advertisements to you.

In addition, we and our business partners use third parties to establish deterministic or probabilistic connections among devices (such as smartphones, tablets, and computers) to deliver more relevant advertising to you and for advertising analytics and reporting purposes. This means that information about your use of websites or applications on your current device may be combined with information from your other devices. We also may share this information and other inferences with third parties to allow them to target advertising, personalize content, or analyze behavior. This allows, for example, advertisements you see on your tablet to be based on activities you engaged in on your smartphone. These business partners may share and combine information from cookies with identifiers (such as device IDs assigned by Google or Apple) and IP addresses to make connections among related devices. This also allows for a more personalized experience across the Website.

If you have any questions about our Cookie Policy, you may contact us by sending an email to privacy@pipexch.com or by writing to us at:  14025 West Road, Suite 100, Houston, TX 77041

 

Social Media Features

The Website includes social media features, such as the Facebook and LinkedIn buttons/icons. These features may collect your IP address, which page you are visiting on our site, and may set a cookie to enable the feature to function properly. Social media features are either hosted by a third party or hosted directly on the Website. Your interactions with these features are governed by the privacy policy of the company providing it. 

 

Links to Third Party Sites

The Website may contain links to other sites that are not owned or controlled by Pipe Exchange. Please be aware that we are not responsible for the privacy practices of such other sites. We encourage you to be aware when you leave our site and to read the privacy statements of each and every web site that collects personally identifiable information. This Privacy Policy applies only to information collected by the Website. 

 

How We Store Your Information

Data Security

Pipe Exchange implements data security systems and procedures to secure the information stored on Pipe Exchange computer servers. Such systems and procedures reduce the risk of security breaches, but they do not provide absolute security. Therefore, Pipe Exchange cannot guarantee that the Website and Services are immune to unauthorized access to the information stored therein and to other information security risks.

 

Our Commitment to Data Security. To prevent unauthorized access, maintain data accuracy and ensure the correct use of information, we have applied reasonable and appropriate physical, electronic and managerial procedures to safeguard and secure the information we collect online. We also limit access to personal data and confidential information on our systems to only those employees with a specific need to access this information. However, due to technological limitations and the risk of unlawful interceptions and accessing of transmissions and/or data, we cannot completely assure you, and you should not expect, that your personal information, and any other electronically communicated information, will be absolutely confidential.

The security of your personal information is important to us. When you enter sensitive financial information via our Website, the transmission of that information is encrypted using secure socket layer technology (SSL).

Please remember that you play a valuable part in security as well. To the extent you have created an account on our Website, your password to access our site, which you select at registration, should never be shared with anyone and should be changed frequently.  After you have finished using our site, you should log off and exit your browser so no unauthorized persons can use our site with your name and account information.

Information Retention and Access to Personal Information. We’ll retain information for as long as your account is active or as needed to provide you the Services, to comply with applicable law, resolve disputes, and to enforce our agreements.   If your personally identifiable information changes, or if you no longer desire to use and access our Services, you may correct, update, delete/deactivate your information by emailing Pipe Exchange via the contact information listed below. Before Pipe Exchange is able to provide you with any information or correct any inaccuracies, however, we may ask you to verify your identity and to provide other details to help us to respond to your request. But please note: (1) there might be some latency in deleting this information from our servers and back-up storage; (2) we will not delete anonymized data and may continue to use it as describe in this Privacy Policy; and (3) we may retain information if necessary to comply with our legal, tax or accounting obligations, resolve disputes, manage security risks, or enforce our agreements. Even if you cease your use of the Services, we may retain certain information in order to meet our obligations.

Under California Civil Code Sections 1798.83-1798.84, California residents are entitled to ask us for a notice identifying the categories of personal information which we share with our affiliates and/or third parties for marketing purposes, and providing contact information for such affiliates and/or third parties.  If you are a California resident and would like a copy of this notice, please submit a written request to: privacy@pipexch.com

International Transfer of Information Collected

We are a global company, with customers around the world and it is important to note that the Services, and the Website, may be operated via servers situated in the United States and elsewhere. If you are located outside of the United States, please be aware that any information which you supply to Pipe Exchange (including, without limitation, personal information (e.g., your name, phone number, email address, etc.) may be transferred to, processed, and used in the United States and elsewhere. To provide you with the Services, you irrevocably and unconditionally consent that we may store, use, process, transfer and transmit such information in accordance with this Privacy Policy in the United States and locations around the world – including those outside your country which may provide different rules, regulations, and protections regarding privacy. Information may also be stored locally on the devices used to access the Services, which may be mobile.

We have taken appropriate safeguards to ensure that your personal data will remain protected in accordance with this Privacy Policy, whether your personal data is within our control or has been entrusted to our third party service providers and partners.

Changes to this Privacy Policy

From time to time, Pipe Exchange may change the terms of this Privacy Policy. Changes will take effect once they are posted online and by accessing and/or using the Website or Services after we make any such changes to this Privacy Policy, you are deemed to have accepted such changes.  If you do not agree with any of the amended terms, you must avoid any further use of the Website and/or Services offered by Pipe Exchange.

 

Inquiries or Concerns?

You may contact Pipe Exchange by emailing us at privacy@pipexch.com and we will do our best to provide a prompt response to your question.

PIPE EXCHANGE TERMS OF USE

Last updated: August 2019

Welcome to https://pipexch.com/Pipe Exchange (the “Website”). The Website is owned and operated by Pipe Exchange LLCPipe ExchangePipe Exchange including its related companies, affiliates and subsidiaries (collectively “Pipe Exchange,” “we,” “us,” “our”). We make the Website available to you, subject to the following Terms of Use (these “Terms of Use”). PLEASE READ THE FOLLOWING TERMS OF USE CAREFULLY BEFORE USING THE WEBSITE. By using the Website, you agree to these Terms of Use and agree they create a legally binding agreement between you and Pipe Exchange. If you do not agree to these Terms of Use, you may not use the Website. These Terms of Use are effective unless and until terminated by Pipe Exchange.

Minors are not authorized to access or use the Website for any purpose.

CHANGES TO TERMS OF USE

Pipe Exchange reserves the right, at any time, to modify, amend, alter or update these Terms of Use. These changes will be effective as of the date we post the revised version. By continuing to use the Website following such modifications, amendments, alterations or updates, you agree to be bound by such modifications, amendments, alterations or updates. Therefore, you should periodically visit this page to review our most current Terms of Use.

You may access the current version of these Terms of Use at any time by clicking on the link marked “Terms of Use” at the bottom of each page of the Website.

PRIVACY POLICY

In the course of your use of the Website, you may be asked to provide certain personalized information to us (such information referred to hereinafter as “User Information”).  Our information collection and use policies with respect to the privacy of such User Information are set forth in the Website’s Privacy Policy which is incorporated herein by reference for all purposes.  You acknowledge and agree that you are solely responsible for the accuracy and content of User Information, and you agree to keep it up to date. 

INTELLECTUAL PROPERTY RIGHTS

Pipe Exchange respects the intellectual property rights of others. As between you and Pipe Exchange, and except any User Information which you provide, all rights, title and interests in the Website, including all the content (including, for example, audio, photographs, illustrations, graphics, other visuals, video, copy, software, etc.), code, data and materials thereon, the look and feel, design and organization of the Website, and the compilation of the content, code, data and materials on the Website, including but not limited to any copyrights, trademark rights, patent rights, database rights, moral rights, sui generis rights and other intellectual property and proprietary rights therein (collectively the “Content”) are owned by Pipe Exchange or by third parties who have licensed or provided their Content to us. The Website is protected under Trademarks (as defined below), copyright, patent, trade secret and other intellectual property rights laws, and your use of the Website does not grant to you ownership of any Content you may access on the Website. You are prohibited from using the Website to infringe or violate any intellectual property rights. Pipe Exchange may terminate your right to access the Website if it believes you are using the Website in a manner that infringes the copyright, trademark, patent or other intellectual property rights of another.

We may investigate occurrences that may involve violations of the security of the Services or of the law and we may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations.

The trademarks, logos, service marks and trade names (collectively the “Trademarks”) displayed on the Website or on content available through the Website are registered and unregistered Trademarks of ours and others and may not be used unless authorized by the trademark owner.  All Trademarks not owned by us that appear on the Website or on or through the Website’s services, if any, are the property of their respective owners.  Nothing contained on the Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any Trademark displayed on the Website without our written permission or that of the third-party rights holder.  Your misuse of the Trademarks displayed on the Website is strictly prohibited.  Pipe Exchange will aggressively enforce its Trademark rights to the fullest extent of the law, including the seeking of criminal prosecution.

PERSONAL USE ONLY

The Website and the Content are intended for your personal use.  You may access and view the content on the Website via your computer or other internet compatible device, and make single copies or prints of the content on the Website for your personal, internal use only.   The Website and the services offered on or through the Website, including Pipe Exchange’s e-publication and any other content and materials thereon, are only for your personal, non-commercial use. Except as otherwise provided on the Website, you may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, sell, create derivative works from, transfer, or sell any information, software, products or services obtained from the Website. Use of the Website to sell a product or service, or to increase traffic to your website for commercial reasons, such as advertising sales is expressly forbidden.

PROHIBITED USE

Any commercial distribution, publishing or exploitation of the Website, or any content, code, data or materials on the Website, is strictly prohibited unless you have received the express prior permission of Pipe Exchange or the applicable rights holder.  You may not otherwise download, display, copy, reproduce, distribute, modify, perform, transfer, create derivative works from, sell or otherwise exploit any content, code, data or materials on the Website.  If you make other use of the Website, or the content, code, data or materials thereon, except as otherwise provided above, you may violate copyright and other laws of the United States, other countries, as well as applicable state laws and may be subject to liability for such unauthorized use.  Pipe Exchange will aggressively enforce its intellectual property rights to the fullest extent of the law, including the seeking of criminal prosecution.

SECURITY

You are prohibited from violating, or attempting to violate the security of the Website. Any such violations may result in criminal and civil liabilities to you.  You warrant and agree that, while using the Website and the various services and features offered on or through the Website, you shall not: (a) impersonate any person or entity or misrepresent your affiliation with any other person or entity; (b) insert your own or a third party’s advertising, branding or other promotional content into any of the Website’s content, materials or services, or use, redistribute, republish or exploit such content or service for any further commercial or promotional purposes or take any action that would constitute or could be interpreted as an endorsement or sponsorship by Pipe Exchange of any third party site, content, information or other materials, or in any manner that would violate the terms and conditions of any such third party sites; (c) attempt to probe, scan, or test the vulnerability of any system or network; or (d) attempt to gain unauthorized access to data not intended for you and/or other computer systems through the Website.  You shall not: (i) engage in spidering, “screen scraping,” “database scraping,” harvesting of e-mail addresses, wireless addresses or other contact or personal information, or any other automatic means of accessing, logging-in or registering on the Website or for any services or features offered on or through the Website, or obtaining lists of users or obtaining or accessing other information or features on, from or through the Website or the services offered on or through the Website, including, without limitation, any information residing on any server or database connected to the Website or any services offered on or through the Website; (ii) obtain or attempt to obtain unauthorized access to computer systems, materials, information or any services made available on or through the Website through any means; (iii) use the Website or the services made available on or through the Website in any manner with the intent to interrupt, damage, disable, overburden, or impair the Website or such services, including, without limitation, sending mass unsolicited messages or “flooding,” “spamming,” or “crashing” any systems; (iv) use the Website or the Website’s services or features in violation of Pipe Exchange’s or any third party’s intellectual property or other proprietary or legal rights; or (v) use the Website or the Website’s services in violation of any applicable law.  You further agree that you may not attempt (or encourage or support anyone else’s attempt) to circumvent, reverse engineer, decrypt, or otherwise alter or interfere with the Website or the Website’s services, or any content thereof, or make unauthorized use thereof.  You agree that you will not use the Website in any manner that could damage, disable, overburden, or impair the Website or interfere with any other party’s use and enjoyment of the Website. You may not obtain or attempt to obtain any materials or information through any means not intentionally made publicly available or provided for through the Website. Pipe Exchange will investigate any alleged violations and will cooperate with law enforcement agencies in their investigations.

THIRD-PARTY CONTENT

Some of the information and material available through the Website are provided to Pipe Exchange by third parties (“Third-Party Material”). In some instances, the source of the Third-Party Material is identified. Third-Party Material is provided for your convenience only and Pipe Exchange does not endorse these materials or the parties who supply them to us. Pipe Exchange does not warrant or represent that these Third-Party Materials are current, accurate or reliable.

COPYRIGHT AGENT

We respect the intellectual property rights of others, and require that the people who use the Website do the same.  If you believe that your work has been copied in a way that constitutes copyright infringement, please forward the following information to Pipe Exchange’s Copyright Agent, designated as such pursuant to the Digital Millennium Copyright Act, 17 U.S.C. § 512(c)(2), named below:

  • Your address, telephone number, and email address;
  • A description of the copyrighted work that you claim has been infringed;
  • A description of where the alleged infringing material is located;
  • A statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law;
  • An electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest; and
  • A statement by you, made under penalty of perjury, that the above information in your Notice is accurate and that you are the copyright owner or authorized to act on the copyright owner’s behalf.
  • For all email submissions please include the subject line: DMCA Takedown Request.

 

Pipe Exchange has adopted a policy of terminating, in appropriate circumstances, accounts of users of the services or the Website who are deemed to have repeatedly uploaded content that infringes the intellectual property rights of others.

 

Copyright Agent:

Pipe Exchange Legal

c/o Pipe Exchange LLC

14025 West Road.
Suite #100
Houston, TX 77041

Phone: + (713) 934-9480

Email: dmca@pipexch.com

DISCLAIMER OF WARRANTIES

THE WEBSITE AND ITS CONTENT ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER. PIPE EXCHANGE, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTY OF MERCHANTABILITY, NON-INFRINGEMENT OF THIRD PARTIES RIGHTS, AND THE WARRANTY OF FITNESS FOR PARTICULAR PURPOSE. PIPE EXCHANGE MAKES NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE MATERIAL, SERVICES, SOFTWARE, TEXT, GRAPHICS, AND LINKS FOUND OR CONTAINED ON THE WEBSITE. PIPE EXCHANGE DOES NOT WARRANT THAT THE WEBSITE, THE CONTENT, OR ITS SERVERS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOU UNDERSTAND AND AGREE THAT YOU OBTAIN MATERIAL THROUGH THE USE OF THE WEBSITE AT YOUR OWN DISCRETION AND RISK AND THAT YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGES TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS.

ALL MATERIAL CONTAINED IN THE WEBSITE IS FOR GENERAL INFORMATION ONLY, HAS NOT BEEN INDEPENDENTLY VERIFIED, HAS NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE REGULATORY AUTHORITY AND MAY CONTAIN ERRORS OR OMISSIONS OF MATERIAL INFORMATION. THE MATERIAL AND INFORMATION CONTAINED ON THE WEBSITE SHOULD NOT, THEREFORE, BE USED OR RELIED UPON FOR ANY SPECIFIC REASON OR APPLICATION WITHOUT INDEPENDENT COMPETENT PROFESSIONAL EXAMINATION AND VERIFICATION OF ITS ACCURACY, COMPLETENESS, SUITABILITY AND APPLICABILITY. ANYONE MAKING USE OF THE MATERIAL DOES SO AT HIS/HER/ITS OWN SOLE AND EXCLUSIVE RISK AND ASSUMES ANY AND ALL ACTUAL OR POTENTIAL DAMAGE OR LIABILITY RESULTING FROM SUCH USE.

LIMITATION OF LIABILITY

IN NO EVENT SHALL PIPE EXCHANGE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE MATERIAL ON THE WEBSITE OR SITES LINKED TO THE WEBSITE, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT PIPE EXCHANGE IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

TERMINATION

Pipe Exchange may terminate, change, suspend or discontinue any aspect of the Website or the Website’s services at any time.  Pipe Exchange may restrict, suspend or terminate your access to the Website and/or its services if we believe you are in breach of our terms and conditions or applicable law, or for any other reason without notice or liability.  Pipe Exchange maintains a policy that provides for the termination in appropriate circumstances of the Website use privileges of users who are repeat infringers of intellectual property rights.

USER’S REMEDY

If you are dissatisfied with any portion of the Website or with any of these Terms of Use, your sole and exclusive remedy is to discontinue using the Website.

GOVERNING LAW AND VENUE

These Terms of Use and the relationship between you and Pipe Exchange shall be governed by the laws of the United States and the State of Florida without regard to its conflict of law provisions. You hereby irrevocably submit and consent to the personal and exclusive jurisdiction of the courts located within Miami-Dade County, Florida and agree that any cause of action that may arise under these Terms of Use and all disputes arising out of or relating to the use of the Website shall be commenced and be heard in the appropriate court in Miami-Dade County, Florida. The failure of Pipe Exchange to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of such right or provision. If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision, and the other provisions of these Terms of Use remain in full force and effect. 

QUESTIONS ABOUT TERMS OF USE

If you have any questions regarding these Terms of Use, please either:

Send an email to sales@pipexch.com

Write to Pipe Exchange at the following address:

14025 West Road

Suite 100

Houston, TX 77041