Permian Basin
News
May 04, 2020
A Texas regulator who had proposed mandating oil production cuts is now calling those efforts “dead” a day before the state was set to vote on the measure.
News
May 01, 2020
It’s too soon to tell how long the reductions will last, but if implemented for a full year, they would overshadow any previous American production slide going back to at least 1984.
News
April 29, 2020
Crude oil and natural gas production as reported to the Railroad Commission of Texas (RRC) for February 2020 came from 170,960 oil wells and 86,698 gas wells.
News
April 24, 2020
The Railroad Commission of Texas assessed $1,141,580 in fines involving 212 enforcement dockets against operators and businesses at the Commissioners’ Conference this week.
News
April 22, 2020
A historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% for the world’s biggest producer of oil.
News
April 21, 2020
One day after WTI crude closed at -$37.01, the Texas Railroad Commission declined to vote on a proposal to set limits on oil production in the state. In political parlance, the commission kicked the proverbial can down the road for two weeks.
News
April 20, 2020
With oil at -$37.00/bbl, Kurt and Cameron explore how market forces are compelling action on a state, federal and international level, and what can be expected on Day Two of the negative oil price era.
News
April 20, 2020
A perfect storm of weak demand, unbridled production by warring producers, and an exhaustion of storage capacity drove West Texas Intermediate crude to its lowest closing price in modern history.
News
April 16, 2020
ConocoPhillips is voluntarily curtailing 225,000 gross boepd, and reducing cash usage by more than $5 billion in 2020.
News
April 16, 2020
No one is feeling the pain of an oil collapse more than the shale producers. Except, perhaps, their suppliers.
News
April 16, 2020
The three Railroad commissioners are faced with what may be the major decision of their professional lives—whether to prorate or not. And, in tandem, the fate of many industry companies and individuals’ jobs could be hanging in the balance.
News
April 15, 2020
Kurt and Cameron discuss oil's crossing of an important psychological milestone, what the Saudis are doing in advance of the OPEC+ cuts taking effect, and an in-depth look at the historic TRRC meeting, and the long-range impact of a decision by the regulator either for or against prorationing.
News
April 13, 2020
"I have not advocated for Texas to prorate. I have advocated that we consider it. I felt that we should be open to evaluating any path that helps to bring the international oil community together in a global deal," Texas Railroad Commissioner Ryan Sitton said in an emailed statement Monday.
News
April 13, 2020
President Donald Trump said the “big Oil Deal” sealed on Sunday will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in shale that will likely bring about a wave of bankruptcies and job cuts.
News
April 09, 2020
Occidental Petroleum wants U.S. government financial aid for the oil industry even as the biggest producer of Permian Basin crude urges Texas regulators not to interfere with market forces.
News
April 09, 2020
U.S. shale drillers are engaged in a bitter test of wills as sinking oil prices force the weakest operators to retreat just as OPEC urges the world’s biggest source of crude to help rescue a market roiled by the coronavirus pandemic.
News
April 07, 2020
Exxon Mobil Corp. is targeting its premier shale assets for deep cuts as it slashes worldwide spending to a four-year low and delays major projects to adapt amid the worst oil-price rout in decades.
News
April 07, 2020
Collapsing oil prices are having at least one positive side effect: less flaring in North America’s biggest shale field.
News
April 07, 2020
The largest U.S. oil-producing state hasn’t restricted crude production in almost 50 years, but a growing chorus of explorers and related industries are advocating just such a move.
News
April 07, 2020
Halliburton is making reductions to its field staff in Oklahoma and Texas, including its Duncan field camp, as the company continues to adapt to a new market normal following a crash in shale exploration.
News
April 02, 2020
Texas Railroad Commission Chairman Wayne Christian
