Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Bryce Erickson
Getting Its DUCs in a Row: Appalachia Keeps the Gas Flowing
Key Takeaways Appalachian natural gas production remained relatively stable over the latest twelve-month period, increasing 1.3% despite an 11% decline in active drilling rigs. A 24% reduction in drilled but uncompleted (DUC) well inventory helped operators sustain production while maintaining capital discipline. Appalachia's modest production growth contrasted with stronger gains in the Haynesville, highlighting the impact of regional infrastructure and development economics.
Mercer Capital to Sponsor ACTEC’s 2026 Fall Meeting
Mercer Capital is pleased to sponsor the American College of Trust and Estate Counsel’s 2026 Fall Meeting, taking place October 15 through 18, 2026, at the Hyatt Regency Denver in Denver, Colorado. Bryce Erickson, ASA, MRICS, J. David Smith, CFA, ASA, and Sujan Rajbhandary, CFA, ABV, will attend on behalf of the firm. ACTEC’s national meetings bring together leading trust and estate lawyers, law professors, and other professionals for education, committee sessions, and peer discussion.
New Survey Provides Long-Term Perspective for Family Business Directors
The Family Business Consulting Group and Plante Moran have recently released The American Family Business Survey 1995–2025: A 30-Year Benchmark Study, revisiting a survey conducted three decades ago. The report covers ownership, succession, governance, strategy, and more. The report, available here, is an invaluable resource for family business directors and managers.
Why Dividend Payout Ratios Don't Tell the Whole Story
Key Takeaways A payout ratio describes how much of a year’s earnings was distributed, but it does not reveal whether the amount was sustainable, whether the business had attractive reinvestment opportunities, or whether the policy served shareholders well. Dividends are one use of cash. Directors should also consider reinvestment, share repurchases, debt repayment, and the reserves needed to support the business.
Appalachian Basin Mergers and Acquisitions Update
Key Takeaways Large strategic asset trades returned to the Appalachian Basin. Antero Resources' $2.8 billion acquisition of HG Energy II's West Virginia Marcellus assets and $800 million sale of its Ohio Utica upstream position accounted for most of the disclosed transaction value during the review period. Reported valuation metrics varied widely.
Does Your Family Business Have the Right Mix of Cash and Debt?
Key Takeaways Cash and debt should be evaluated together because changes in liquidity, borrowing, and earnings collectively determine a family business’s financial flexibility and resilience. Appropriate cash reserves and debt levels depend on company-specific factors such as working capital needs, cash flow stability, access to credit, scale, and the family’s tolerance for financial risk.
Value Matters® September 2026
A Wandry formula can help a donor transfer a specified dollar value of closely held stock while leaving the final ownership percentage to be determined through valuation. But when that percentage crosses a control or governance threshold, the rights and marketability of the resulting interest may change, and so may its value. In some cases, the valuation assumptions used to calculate the provisional percentage may no longer apply to the interest they produce.
How Do Reserve Categories Affect Oil and Gas Valuation?
Key Takeaways Reserve categories affect oil and gas valuation through differences in certainty of recovery, required capital, and the timing of expected production and cash flows. PDP reserves generally carry the least development and timing risk, while PDNP and PUD reserves require additional consideration of execution, capital requirements, and timing.
How Should Family Business Directors Use Benchmarking Data?
Key Takeaways Family business directors should build a focused box score of three to five measures tied to the company’s strategy and shareholder objectives rather than relying on a broad dashboard of available metrics. Benchmarking is most useful when directors evaluate performance on both an absolute and relative basis, selecting peer comparisons based on industry, size, tax status, and ownership priorities.
How Do Business Appraisers Account for Cyclicality When Valuing Oilfield Services Companies?
Key Takeaways Oilfield services company valuations require careful consideration of where the company and industry stand in the cycle because current earnings, cash flow, market multiples, and asset values may not reflect sustainable operating conditions.
When Was the Last Time Anyone Read the Buy-Sell Agreement?
Key Takeaways Buy-sell agreements can become outdated as a family business’s ownership structure, debt, liquidity needs, and broader financial circumstances change over time. Walking through a hypothetical triggering event before one occurs can expose gaps or unrealistic expectations around triggers, purchase obligations, valuation, payment terms, and funding.
Digging Into Frac Sand Royalty Valuation
Key Takeaways Frac sand royalty valuation begins with the royalty agreement, since payment structures, thresholds, minimums, and timing provisions determine how production translates into royalty income. A supportable valuation must distinguish gross geological resources from recoverable, saleable, and ultimately sold tons, while recognizing that mine capacity does not necessarily equal expected production.
What Happens If the Formula in Our Buy-Sell Agreement Is Wrong?
Key Takeaways A fixed valuation formula in a buy-sell agreement may become unreliable over time as a family business changes in size, profitability, debt, customer concentration, capital needs, and risk profile. Shareholders should evaluate whether a formula still produces a reasonable result before a triggering event occurs, when buyers and sellers may have conflicting perspectives on value.
UPCOMING WEBINAR: Buy-Sell Agreements: Designing Valuation Processes
Broadcast Date: September 10, 2026 Presenters: Travis W. Harms, CFA, CPA, ABV and Zac L. Lange, CPA, ABV Cost: Complimentary Time: Noon - 1:15pm (CDT) Course Overview and Purpose This webinar will help attorneys, estate planners, family business directors, owners, management, as well as other professional advisors to understand how a thoughtfully designed buy-sell agreement can reduce uncertainty and improve outcomes when ownership interests change hands.
What Questions Should Every Family Business Director Be Asking Before Year-End?
Key Takeaways Family business boards should periodically reassess whether the metrics they monitor still reflect the company’s strategy, priorities, and risk profile rather than relying on measures simply because they have always been used. Capital allocation decisions involving dividends, reinvestment, shareholder liquidity, cash, and debt should be evaluated together so directors can clearly explain how those choices support the company’s objectives and financial flexibility.
Q2 2026 E&P & Oil Field Services Earnings Calls
Key Takeaways Second quarter 2026 earnings commentary showed a broader industry response to improved market conditions, with activity increasing across parts of E&P and OFS while capital discipline and returns remained central to spending decisions.
Why Are Shareholders Surprised by Board Decisions?
Key Takeaways Shareholder frustration often stems less from the board’s decision itself than from receiving the decision without enough context about the alternatives, trade-offs, and reasoning that shaped it. Effective governance requires directors to balance competing priorities such as liquidity, growth, dividends, redemptions, borrowing capacity, and long-term flexibility while helping shareholders understand how those priorities influence capital allocation decisions.
WhiteHawk Minerals Enters the Public Market
Key Takeaways WhiteHawk’s June 2026 IPO raised approximately $200 million in gross proceeds, helping reset the balance sheet and providing access to public capital for future growth.
Are We Measuring the Right Things?
Key Takeaways Revenue and EBITDA are useful starting points, but they do not fully reveal cash generation, capital requirements, or changes in business risk. Directors should evaluate whether management is producing adequate returns on the family’s invested capital while monitoring free cash flow, working capital, leverage, liquidity, and concentration risks.
Value Matters® June 2026
In valuations for gift or estate tax reporting purposes, the subject of the appraisal is not simply a percentage ownership interest, but the specific ownership interest being transferred, together with the legal and economic rights attached to it. Those rights, as defined by the governing documents, are the starting point for understanding the interest holder’s ability to influence management, participate in cash flows, transfer the interest, and ultimately realize value.
UPCOMING WEBINAR: Charitable Gifts of Business Interests - Planning, Timing, and Valuation
Broadcast Date: August 18, 2026 Presenters: Byrce Erickson, ASA, MRICS and Joel Smyer, JD, CEPA® Time: 10:00am - 11:15am (PDT) 11:00am - 12:15pm (MDT) 12:00pm - 1:15pm (CDT) 1:00pm - 2:15pm (EDT) Cost: Complimentary REGISTER FOR THIS COMPLIMENTARY WEBINAR Course Overview and Purpose This webinar will examine charitable giving vehicles, pre-sale gifting strategies, assignment-of-income concerns, qualified appraisal requirements, valuation discounts, and common planning risks.
What Should We Tell Shareholders When Results Are Strong, But the Dividend Is Not Increasing?
Key Takeaways Strong earnings do not necessarily create distributable cash, particularly when the business must fund capital investments, working capital, debt repayment, or liquidity reserves. Directors should assign retained cash a defined purpose and explain why investing it in the business is expected to create more shareholder value than distributing it. Dividend decisions should follow a consistent policy that connects operating performance & strategic capital needs.
Bryce Erickson Discusses the Changing Economics of Upstream Asset Valuations with Hart Energy
Mercer Capital’s Energy Industry Team Leader, Bryce Erickson, ASA, MRICS, recently shared his perspective on upstream asset valuations in two features published by Hart Energy.
Why Can the Same Business Have Different Values?
Key Takeaways Business valuation is based on expected future cash flows, growth opportunities, and risk rather than historical financial performance alone. The same business can have multiple reasonable values because different valuation assignments serve different purposes and apply different standards. Directors should focus on understanding the purpose, assumptions, and judgment underlying a valuation before comparing conclusions or making decisions.
Doing More with Less: The Permian Basin Continues to Deliver
Key Takeaways The Permian Basin continued to increase production despite a decline in active rig counts, demonstrating ongoing gains in drilling efficiency, capital discipline, and operational productivity. Commodity markets experienced heightened volatility due to weather events, changing natural gas fundamentals, and geopolitical tensions, particularly during the latter portion of the review period.
Should We Borrow Money If We Don’t Have To?
Key Takeaways Borrowing should be viewed as a strategic financial tool rather than something to avoid categorically, with the use of debt tied to clearly defined business objectives that support long-term value creation. Maintaining a debt-free balance sheet is not always the most conservative financial choice, as preserving cash and borrowing prudently can enhance flexibility, support growth opportunities, and improve shareholder liquidity.
Permian Basin M&A Update: 12 Months Ended July 30, 2026
Key Takeaways Permian Basin M&A has shifted from transformational consolidation to strategic optimization. Following the major acquisitions completed during 2023–2024, buyers are increasingly targeting assets that expand existing positions, improve operational efficiencies, and extend high-quality drilling inventory rather than pursuing scale alone. Premium valuations remain concentrated in Tier 1 assets with strong strategic fit.
What If Some Shareholders Want Liquidity and Others Want to Stay Invested?
Key Takeaways Family business directors should actively identify and understand differing shareholder liquidity preferences. Structured surveys and other engagement methods can provide valuable insight into shareholder priorities and potential areas of tension. Liquidity decisions should be evaluated as capital allocation decisions, balancing shareholder redemption requests against the company's operational needs, reinvestment opportunities, financial risk, and long-term value creation.
What Family Businesses Can Learn from the Hyperscalers’ $182 Billion Bet
Key Takeaways Capital spending should follow corporate strategy, with directors evaluating whether proposed investments align with long-term objectives and attractive opportunities rather than allowing available projects to dictate strategy. Family businesses should assess whether current opportunities call for a “planting” or “harvesting” posture and match financing choices to the availability and marginal cost of capital as investment needs evolve.
E&P Second Quarter 2026
The Permian Basin continued to demonstrate its resilience in the twelve-month period through June 30, 2026 (the review period). Despite a modest decline in rig counts, production reached new highs as operators continued to emphasize capital discipline, drilling efficiencies, and productivity improvements.
Permian Basin M&A Update: 12 Months Ended June 30, 2026
Key Takeaways Permian Basin M&A has shifted from transformational consolidation to strategic optimization. Following the major acquisitions completed during 2023–2024, buyers are increasingly targeting assets that expand existing positions, improve operational efficiencies, and extend high-quality drilling inventory rather than pursuing scale alone. Premium valuations remain concentrated in Tier 1 assets with strong strategic fit.
Just Released: Q2 2026 Oil & Gas Industry Newsletter
Mercer Capital’s Value Focus: Exploration & Production newsletter provides an overview of the industry through supply and demand analysis, commodity pricing, and public market performance. In addition, each issue of this quarterly newsletter focuses on a region, including Eagle Ford, Permian, Appalachia, and Haynesville, examining general economic and industry trends. In this quarter’s issue, we focus on the Permian.
Bryce Erickson to Speak at Hart Energy’s 2026 Energy Capital Conference
Mercer Capital is pleased to announce that Bryce Erickson, ASA, MRICS, Managing Director, will speak at Hart Energy’s 2026 Energy Capital Conference, taking place June 3-4, 2026, at The Post Oak Hotel in Houston, Texas.
How to Construct a Lifestyle Analysis
A lifestyle analysis is a multifaceted analytical tool that includes several detailed analyses and can be very helpful in marital dissolution engagements. It involves a more in-depth analysis than the financial affidavits typically required in the divorce process. A lifestyle analysis provides an overview of each party’s sources of income and expenses, historically and into the anticipated future, using the facts and circumstances unique to each particular case.
Mercer Capital Sponsors ASA Houston’s 2026 Energy Valuation Conference
Mercer Capital is pleased to serve as a Gold Sponsor of the 2026 Energy Valuation Conference, hosted by the Houston Chapter of the American Society of Appraisers. The conference will take place on Thursday, May 14, 2026, at The Briar Club in Houston, Texas, with both in-person attendance and live webcast options available. Bryce Erickson, ASA, MRICS; J. David Smith, CFA, ASA; and Andrew B. Frew, ASA, ABV, will attend on behalf of Mercer Capital.
“He’s Not Done Yet!” - Oil Company Valuations Rise As Scale And Scarcity Drive Consolidation
The Iran conflict has certainly changed short term oil prices, amongst a whole lot of other things, in the past two months. Before that, however, oil prices did not send a particularly strong signal heading into 2026. Futures curves suggested relatively flat pricing, and operator expectations remained anchored in the high-$50s to low-$60s range. On the surface, that would not typically support a valuation expansion for oil-focused exploration and production companies.
Value Matters® April 2026
Executive Summary In estate and gift tax related business valuation, few inputs are as consequential, and as frequently underestimated, as the valuation date. While the concept appears straightforward, the practical implications are anything but. The valuation date determines the universe of information available to the appraiser, frames the applicable standard of value, and anchors the conclusion in a specific economic, industry, and subject company context.
WEBINAR: Buy-Sell Agreements: What Estate Planners Need To Know
This webinar provides advanced estate planning attorneys with a comprehensive examination of buy-sell agreements in closely held businesses, focusing on their structure, valuation, and tax implications. The webinar covers fundamental concepts, including triggering events, pricing methodologies (fixed, formula, and appraisal-based), and the critical defining elements of effective agreements such as standard and level of value, valuation date, and appraiser qualifications.
Natural Gas Outlook: Producers Face A Familiar Disconnect In 2026 Original
U.S. natural gas markets appear to be entering 2026 with a sense of déjà vu. Although the snowstorm sweeping the country has spiked prices over $5 per mcf and short-term futures prices over $6 (with local prices spiking far higher than that in certain areas), overall outlook for most prognosticators is below $4 for most of the year. Prices remain volatile, equities have struggled to find consistent footing and investor sentiment still skews cautious.
Oil Vs. Gas: Diverging Valuations In The Energy Patch Persist
U.S. Upstream Producers Are Closing 2025 with Sharply Different Stories Depending on the Molecules They Sell 2025 continues some of the same valuation trends that I have written about earlier this year. As U.S. oil producers battle with middling prices, emerging breakeven cost issues, and shrinking Tier 1 acreage, gas investors are foreseeing growth and future profitability.
Change in Republicans’ Thinking Shifts Policy Support in Renewables
Americans have been and continue to be hungry for energy, in any effective form they can get it, renewable or not. While a majority of Americans still prioritize renewables in energy policy, a shift is taking place, mostly among younger Republican and Republican-leaning individuals, according to a recent Pew Research Study. This has been changing since the end of Trump’s first term in office.
Upstream Natural Gas Valuations: A Big Year
The electron precedes the molecule or so the saying goes. Well, that is not really an axiom to my knowledge, but it does seem to fit. Amid the uncertainty in oil markets, for the past year or so, optimism and valuation metrics for natural gas producers have steadily been rising.
The Latest in Natural Gas Valuations
January 31, 2025 Current Events Domestic Production Valuation Issues Natural gas markets continue an optimistic trend towards greater demand to meet a U.S. supply glut. The incoming Trump Administration has promised to pull back regulatory restraints and unleash the industry to “drill baby drill.” However, when it comes to natural gas, there is already plenty of supply; the question is, can that supply become more portable to meet global (instead of regional) demands?
2025 U.S. Oil Outlook
January 17, 2025 Current Events Domestic Production The November election brought optimism to many oil producers who felt hamstrung by the Biden Administration’s policies. Even Biden’s ban on offshore drilling is expected to be challenged or changed when Trump is sworn in. However, administrations can only do so much when it comes to global supply and demand dynamics.
2025 U.S. Oil Outlook: Don’t Count On A ‘Drill Baby Drill’ Mentality
The November election brought optimism to many oil producers who felt hamstrung by the Biden Administration’s policies. Even Biden’s ban on offshore drilling is expected to be challenged or changed when Trump is sworn in. However, administrations can only do so much when it comes to global supply and demand dynamics. In fact, they can usually do little in the big picture; and the big picture is that there is probably going to be more supply coming online in 2025 than demand to meet it.
Should Appalachian Natural Gas Producers’ Stock Price Resiliency Be Surprising?
October 4, 2024 Domestic Production Valuation Issues In a year where natural gas prices have spent almost the entire year under $3.00 per mcf, including a few months under $2.00, the stock prices of publicly traded Appalachian gas producers have remained remarkably stable. In fact, Antero Resources’ price is up this year and Range Resources is basically flat for the year so far. Others such as EQT and Coterra Energy are down only marginally. This could come across as surprising.
Should Appalachian Natural Gas Producers’ Stock Price Resiliency Be Surprising?
In a year where natural gas prices have spent almost the entire year under $3.00 per mcf, including a few months under $2.00, the stock prices of publicly traded Appalachian gas producers have remained remarkably stable. In fact, Antero Resources’ price is up this year and Range Resources is basically flat for the year so far. Others such as EQT and Coterra Energy are down only marginally. This could come across as surprising.
What Does the Valuation Process Entail for an Oil and Gas Royalty Interest?
August 9, 2024 Mineral and Royalty Rights Valuation Issues A lack of knowledge regarding the worth of a royalty interest could be very costly. This can manifest itself in a number of ways. A shrewd buyer may offer a bid far below the interest’s fair market value; opportunities for successful liquidity may be missed; or estate planning could be incorrectly implemented based on misunderstandings about value.
What Does the Valuation Process Entail for an E&P Company?
August 2, 2024 Valuation Issues A lack of knowledge regarding the value of your business could be very costly. Opportunities for successful liquidity may be missed or estate planning could be incorrectly implemented based on misunderstandings about value. In addition, understanding how exploration and production companies are valued may help you consider how to grow the value of your business and maximize your return when it comes time to sell.
Acquisition Premiums Return to the Oil Patch
June 28, 2024 Mergers, Acquisitions, & Divestitures The shale industry is showing signs of maturity. Some acquisition trends appear to be burgeoning, such as acquisition premiums, more debt, and looser hedging requirements. These portend higher values and perhaps more of an emphasis on longer-term drilling inventory as opposed to nearer-term production metrics. Let us take a quick look at them.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Bryce
Contact Bryce, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack