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Articles by J. David Smith
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
Mercer Capital to Sponsor TexasBarCLE’s 50th Annual Advanced Estate Planning & Probate Course
Mercer Capital is pleased to sponsor TexasBarCLE’s 50th Annual Advanced Estate Planning & Probate course, taking place June 3 -5, 2026, at the Hyatt Regency Frisco-Dallas. J. David Smith, CFA, ASA, and Andrew B. Frew, ASA, ABV, will attend on behalf of the firm. Hosted by TexasBarCLE and cosponsored by the Real Estate, Probate & Trust Law Section of the State Bar of Texas, the annual course brings together estate planning and probate professionals for three days of focused education and discussion.
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.
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.
Mercer Capital to Sponsor The 32nd Annual Advanced Estate Planning Strategies Course
Mercer Capital is proud to sponsor the 32nd Annual Advanced Estate Planning Strategies course, a live, in-person CLE event held April 23-24, 2026, at the St. Julien Hotel & Spa in Boulder, Colorado. Representing the firm at the event are J. David Smith, CFA, ASA, and Barbara Walters Price.
The AI Gold Rush: From $10K to $1M with a Keyboard
The New Moguls Are Cashing in on Code — And You Can Too There’s a new kind of entrepreneur out there, one who doesn’t need a massive team or a venture capital fund. They have a laptop, a fierce curiosity, and an understanding that AI is the most powerful tool in the shed. I’ve seen some of them start with a simple idea and a few thousand lines of code, and in under a year, they’re pulling in six or seven figures.
The Zen of Pythonic Automation: From Mundane Tasks to Masterful Solutions
My journey to automating everything, one elegant script at a time. As a seasoned Python developer, I’ve come to realize that the true power of the language lies not just in its syntax, but in its philosophy of simplicity and efficiency. We are all faced with repetitive, mundane tasks, and for a long time, I treated them as an inevitable part of the job. But then I discovered the transformative power of automation.
My First 7 Days to $2500 with JavaScript
From Side-Project to Full-Time Freelancer: A Deep Dive into High-Value JavaScript Strategies I’ve been writing JavaScript for years. It started as a hobby, a way to make web pages do cool things, but over time, it became my most powerful tool. The truth is, most programmers are sitting on a goldmine without even realizing it. They see JavaScript as just for front-end animations or simple logic, but in reality, it’s a financial engine waiting to be revved up.
My Python Side Hustle: How I Earned $1,500 in One Week
I’ve been a Python programmer for over four years, and I’ve seen firsthand how this language can transform a hobby into a profitable career. The beauty of Python lies in its incredible versatility — it’s not just for data scientists or web developers. It’s a Swiss Army knife that can slice through a multitude of problems, and with each problem you solve, there’s an opportunity to earn.
Eagle Ford Production Edges Downward Again on Reduced Drilling
April 18, 2025 Eagle Ford Shale The economics of oil & gas production vary by region. Mercer Capital focuses on trends in several plays including the Eagle Ford, Permian, Haynesville, and Marcellus and Utica. This quarter we take a closer look at the Eagle Ford. Production and Activity Levels Eagle Ford production (on a barrels of oil equivalent, or “boe” basis) dipped 2.9% since March 2024.
U.S. LNG in 2025
March 21, 2025 Current Events Domestic Production Expectations for the LNG industry in 2025 were modestly positive before the November 2024 U.S. elections but are notably more robust with the transition from the decidedly pro-green/renewable, anti-carbon energy Biden administration to the decidedly pro-American energy dominance Trump administration.
Examining Bakken, DJ Basin, and Woodford Shale Production and Activity
January 10, 2025 Bakken Shale Domestic Production Special Topics The economics of oil & gas production vary by region. Mercer Capital regularly covers trends in the Eagle Ford, Permian, and Appalachian plays. The cost of producing oil and gas depends on the geological makeup of the reserve, its depth, and the cost of transporting raw crude to market. These factors lead to varying production costs across regions.
Navigating Challenges in Appalachian Production
September 20, 2024 Domestic Production Marcellus and Utica Shale The economics of oil & gas production vary by region. Mercer Capital focuses on trends in the Eagle Ford, Permian, Haynesville, and Marcellus and Utica plays. The cost of producing oil and gas depends on the geological makeup of the reserve, depth of the reserve, and cost to transport the raw crude to market. We can observe different costs in different regions depending on these factors.
Permian Production Growth Stands Alone
June 21, 2024 Permian Basin The economics of Oil & Gas production vary by region. Mercer Capital focuses on trends in the Permian, Eagle Ford, Haynesville, and Marcellus and Utica plays. The cost of producing oil and gas depends on the geological makeup of the reserve, the depth of the reserve, and the cost of transporting the raw crude to market. We can observe different costs in different regions depending on these factors. In this post, we take a closer look at the Permian.
Oilfield Water Industry Update, Trends, and the Future
May 17, 2024 Current Events Special Topics The oilfield water industry (OFW, or midstream water) continues to grow in importance within the general upstream energy industry. So much so that while historically considered part of the Oilfield Services Industry (OFS), midstream water is now considered its own industry within the upstream space, separate from the more general OFS.
The Benefits of a Quality of Earnings Analysis for E&P Companies
March 29, 2024 Special Topics Valuation Issues As we’ve often highlighted on this blog, transaction activity in the O&G sector has waned in recent years. Rather than utilizing free cash flows to support expansions via acquisitions, companies have emphasized capital discipline, favoring dividend payouts and buybacks.
Eagle Ford Production Edges Down on Sharply Reduced Drilling
March 22, 2024 Eagle Ford Shale The economics of oil & gas production vary by region. Mercer Capital focuses on trends in the Eagle Ford, Permian, Haynesville, and Marcellus and Utica plays. This quarter we take a closer look at Eagle Ford. Production and Activity Levels Eagle Ford production (on a barrels of oil equivalent, or “boe” basis) decreased nearly 2% year-over-year through March.
Texas Statewide Rule 8 Overhaul
February 23, 2024 Domestic Production Special Topics In October 2023, the Railroad Commission of Texas (the “RRC,” or the “Commission”) announced that for the first time in nearly 40 years, 16 Texas Administrative Code (TAC) §3.8 (relating to Water Protection), also known as Statewide Rule 8 (“Rule 8”), would undergo a significant overhaul. Rule 8, the State’s primary rule for water protection and regulating oil and gas waste, had not seen any major revisions since 1984.
Haynesville DUCs Buoy Production Despite Rig Count Decline
January 12, 2024 Domestic Production The economics of oil & gas production vary by region. Mercer Capital focuses on trends in the Eagle Ford, Permian, Haynesville, and Marcellus and Utica plays. The cost of producing oil and gas depends on the geological makeup of the reserve, depth of reserve, and cost to transport the raw crude to market. We can observe different costs in different regions depending on these factors. This quarter, we take a closer look at the Haynesville shale.
A Beginner's Companion to Theorem Proving in Lean 4
This year, one of my hobby projects has been implementing some basic properties and conversions between Matroids in Lean. My primary resource for doing this has been Theorem Proving in Lean 4 (TPiL), which is an incredibly detailed walk through using Lean as a proof assistant. While useful, it has...gaps—as does the main Lean documentation. A lot of this gap appears to be filled by the Zulip chat.
Appalachian Production Marches on Despite Henry Hub Plunge
September 22, 2023 Marcellus and Utica Shale The economics of oil & gas production vary by region. Mercer Capital focuses on trends in the Eagle Ford, Permian, Bakken, and Marcellus and Utica plays. The cost of producing oil and gas depends on the geological makeup of the reserve, depth of reserve, and cost to transport the raw crude to market. We can observe different costs in different regions depending on these factors. This quarter, we take a closer look at the Marcellus and Utica shales.
Permian Production Growth Holds
July 12, 2023 Permian Basin The economics of Oil & Gas production vary by region. Mercer Capital focuses on trends in the Eagle Ford, Permian, Bakken, and Marcellus and Utica plays. The cost of producing oil and gas depends on the geological makeup of the reserve, the depth of the reserve, and the cost of transporting the raw crude to market. We can observe different costs in different regions depending on these factors. In this post, we take a closer look at the Permian.
Eagle Ford Activity and Production Grow, Despite Price Easing
March 24, 2023 Eagle Ford Shale The economics of oil & gas production vary by region. Mercer Capital focuses on trends in the Eagle Ford, Permian, Bakken, and Marcellus and Utica plays. This quarter we take a closer look at Eagle Ford. Production and Activity Levels Eagle Ford production (on a barrels of oil equivalent, or “boe” basis) increased 7% year-over-year through March. Production was consistently above March 2022 levels, despite a 3% decline from August to December.
Appalachian Production Holds True Despite Market Disruptions
December 16, 2022 Marcellus and Utica Shale The economics of Oil & Gas production vary by region. Mercer Capital focuses on trends in the Eagle Ford, Permian, Bakken, and Marcellus and Utica plays. The cost of producing oil and gas depends on the geological makeup of the reserve, depth of reserve, and cost to transport the raw crude to market. We can observe different costs in different regions depending on these factors. This quarter we take a closer look at the Marcellus and Utica shales.
Bakken Regains Its Footing
September 30, 2022 Bakken Shale The economics of Oil & Gas production vary by region. Mercer Capital focuses on trends in the Eagle Ford, Permian, Bakken, and Marcellus and Utica plays. The cost of producing oil and gas depends on the geological makeup of the reserve, depth of reserve, and cost to transport the raw crude to market. We can observe different costs in different regions depending on these factors. This quarter we take a closer look at the Bakken.
Ecology, Fitness, Evolution
Categorization’s great debate has weighed single-system exemplar theory against the possibility of alternative processing systems. We take an evolutionary and fitness perspective toward this debate to illuminate it in a new way. There are continuities in category processes—extending across millions of years in vertebrate evolution—that have profound theoretical implications. Thus, animals are crucial behavioral ambassadors to this area.
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