Sabine CEO says 'Anything's Possible' on Haynesville M&A

By Nissa Darbonne Oil and Gas Investor Tue, 04/09/2024

Sabine Oil & Gas CEO Carl Isaac said it will be interesting to see what transpires with Chevron’s 72,000-net-acre Haynesville property that the company may sell.

Nissa Darbonne, executive editor-at-large, Hart Energy: Hi, thank you for joining us. I'm Nissa Darbonne, executive editor-at-large for Hart Energy. I'm visiting with Carl Isaac. Carl is president and CEO of Sabine Oil & Gas, a major Haynesville producer, entirely focused on the Texas side. Carl, first thank you for joining us and you just presented at DUG Gas+ here in Shreveport. Among the points that you made in your presentation was that Sabine is built and continues to operate for the long game that you're obviously you've not been built to exit, but you could be a buyer. Is that accurate?

Carl Isaac, Sabine CEO: I think anything's possible, but we're absolutely built for the long term. Our owners bought us in 2019 and made it very clear that they were looking out to 2050. So there's a lot of time that passes between now and 2050. So I would say anything is possible.

ND: Meanwhile, in terms of the history of Sabine, except for kind of your original formation companies, your asset base, you've built by bolting-on property, and I understand that you've now accumulated 65,000, is it additional acres? Is that net or gross?

CI: It is around 50,000 each net in the Haynesville and the Cotton Valley play. So, 100,000 total.

ND: Okay. And you've just done this somewhat quietly, just blocking and tackling.

CI: Just kind of normal course blocking and tackling.

ND: Here and there. The Chevron property is in your neighborhood. The Chevron property being near DeBerry [Texas], being kind of northeast of Carthage, if you will. It's a really relatively undeveloped property that rumor has it Chevron may put on the market if it can get its deal with Hess closed over Guyana. So is that Chevron property, I imagine that's very interesting to you. Would you actually step up and buy that one?

CI: Well, we've actually had the opportunity to do several deals with Chevron on a farm-out basis and those acres that we were just talking about. So I think it's going to be very interesting to see what transpires with acreage block that you're talking about right now.

ND: And how are you all handling these low natgas prices?

CI: It's pretty simple. We're not selling gas that's not hedged, so we're curtailed about 75 million [cubic feet] a day right now. We were curtailed on average for 2023, about 50 million a day. And we say we don't need practice. We need to make a return.

ND: Super. Thank you so much, Carl. Appreciate it.

CI: Thank you for having me.

ND: And thank you for joining us. For more information, find it right here at


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