Permian Basin
News
July 30, 2020
During second-quarter 2020, COVID-19, as a global economic event, laid waste to energy markets, and due to the resulting economic lockdown and deep contraction in energy demand, “dealt a gut-punch to the Texas oil and gas industry, which continues midway through the year.” That is the assessment of the Texas Alliance of Energy Producers, and it is borne out by the numbers coming from the association’s Texas Petro Index.
News
July 27, 2020
Rosehill Resources Inc. filed for bankruptcy protection after a plunge in oil prices forced the Permian shale explorer to seek a restructuring of its debt.
News
July 23, 2020
Inspectors with the Railroad Commission of Texas are continuing critical inspections of the Permian Highway Pipeline, one of the largest pipeline projects under construction in Texas in 2020.
News
July 21, 2020
With Chevron agreeing to pay just a 7.5% premium over Noble’s July 17 closing price, the all-stock deal isn’t eliciting much speculation that a new spree of acquisitions is in the offing. That means little prospect of relief for investors in hundreds of struggling drillers in places like West Texas and Oklahoma.
News
July 06, 2020
The Railroad Commission of Texas issued a total of 312 original drilling permits in June 2020 compared to 1,001 in June 2019. The June 2020 total includes 262 permits to drill new oil or gas wells, three to re-enter plugged well bores and 21 for re-completions of existing well bores.
News
June 29, 2020
More than 200 North American oil and gas producers, owing over $130 billion in debt, have filed for bankruptcy since the beginning of 2015, according to a May report from law firm Haynes & Boone. This year alone, at least 20 have gone under after oil prices plunged amid the Covid-19 pandemic.
News
June 25, 2020
Occidental has been under pressure ever since outbidding Chevron to win the purchase of Anadarko Petroleum last year. The deal saddled Oxy with some $40 billion of debt that was looking hard to pay off even before Covid-19 reduced global oil demand.
News
June 24, 2020
Looking out 18 months, U.S. output will still be around 16% below its peak in February, according to an average of surveys from the IEA, Genscape, Enervus, Rystad and IHS Markit. It will probably be at least 2023 before the U.S. again hits its record close to 13 million barrels a day.
News
June 22, 2020
Just months ago, New Mexico, the third-biggest producer of U.S. oil, approved the state’s largest budget ever, paid for by an oil boom that made up 40% of the state’s revenues in 2019. Now that plan has been slashed by more than $600 million, affecting everything from pay raises for state workers to a program designed to provide free community college to state residents.
News
June 22, 2020
Refiners in the top crude-importing region have been forced to accept big reductions in their regular contracted volumes from producers including Saudi Arabia and Iraq in the past couple of months. They’ve also been taken aback by sharp swings in official selling prices.
News
June 19, 2020
In our weekly preview podcast, Kurt and Cameron explore PESA's research into oil and gas job losses and their impact on the economy; what new rig count numbers mean for oilfield service companies; and the potential for Continental Resources to lead another U.S. shale production trend.
News
June 19, 2020
Drillers idled 10 oil rigs in onshore U.S. fields this week, bringing the total to 189, according to data released Friday by Baker Hughes Co. Despite this week’s rise in crude prices to a three-month high around $40 a barrel, they still are more than 35% below the January high.
News
June 16, 2020
On June 16th, the Railroad Commission of Texas heard from the state's oil and gas trade associations, environmental advocacy groups, and several oil and gas producers about the issue of flaring and how Texas can implement meaningful reforms to reduce flaring before oil and gas activity returns to previous highs.
News
June 12, 2020
As the remnants of shale’s turn-of-the-century heyday turn to dust, it’s unclear who will step into the void.
News
June 09, 2020
A bankruptcy filing by Chesapeake would reverberate well beyond its investors and employees because it will put millions of dollars in pipeline, fracing and other contracts at risk.
News
June 08, 2020
Small shale producers and offshore drillers are among stocks soaring after the wider OPEC+ group agreed over the weekend to extend its record output curbs.
News
June 04, 2020
The Railroad Commission of Texas issued a total of 251 original drilling permits in May 2020 compared to 1,050 in May 2019. The May 2020 total includes 208 permits to drill new oil or gas wells, one to re-enter plugged well bores and 27 for re-completions of existing well bores.
News
June 04, 2020
Various government data sets including stockpiles, production, imports and exports are signaling that current official figures on at least some supplies are excessive. While it’s unclear where exactly the discrepancy lies, the difference could signal a more bullish outlook for crude prices.
News
June 02, 2020
EOG Resources Inc., America’s largest shale-focused producer, plans to “accelerate” output in the second half after shutting in about a quarter of its crude in May, exploration chief Ken Boedeker told an RBC Capital Markets conference Tuesday.
News
May 29, 2020
Our look ahead the coming week, including how drillers' ability to react to an increase in oil and gas demand could be impacted by technical and manpower limitations, and what key OPEC players have in store for the first week of June.
News
May 28, 2020
Even if the economy continues to recover and a second wave of the pandemic is less damaging than the first, U.S. shale drillers may still take at least a year before moving rigs back into the field, according to the leader of an oilfield-services company.
