Companies across sectors, including technology, retail, and banking and payments, continued to announce layoffs, and a sizable decline in active jobs (number of jobs available for application) is also apparent in August 2022, reveals GlobalData, a data and analytics company. An analysis of GlobalData’s Jobs Analytics database has identified a seven index-points decrease in active jobs in August 2022 due to […]
Is WTI Crude Recession Proof?
By Ryan Dusek How quickly things have changed. Just a year ago, the Federal Open Market Committee (FOMC) gave a picturesque view of the economy. Any inflation was transitory and would likely fall to 2 percent in 2022. The federal funds rate would remain lower longer with little chance of a recession. At that same time, […]
Hempstead Facility Adds Capabilities
Logan Industries, a hydraulic repair, manufacturing, and rental company, has expanded its machining capabilities at its Hempstead, Texas, facility, adding a CNC horizontal boring mill and a CNC vertical turning center. The state-of-the-art facility, which encompasses more than 50,000 square feet of covered workspace, enables Logan to offer world-class machine design, manufacturing, and service. Both machines […]
The Not-So-Great Resignation
by Dr. M. Ray Perryman Among the most widely discussed economic phenomena in our post-pandemic world is the so-called “Great Resignation,” a phrase used to describe what seems on the surface to be unusually high numbers of people leaving their jobs after the arrival of COVID-19. It goes without saying that the toll the pandemic […]
Geoprediction Software Gets Update
Ikon Science, a global provider of knowledge management solutions designed to optimize subsurface discovery, announced Sept. 26 the release of RokDoc Version 2022.4., an industry-leading geoprediction software. As global energy demand continues to grow and drilling activities increase to meet this challenge, subsurface teams in E&P companies are challenged to deliver key reservoir insights faster […]
The Future of the Permian Basin Remains Bright
We are so thankful for all of you that joined us in Midland last month to participate in our 60th Annual Meeting. We are so proud that for so many years, our humble Association has worked diligently to support the safe and responsible development of our region’s natural resources and all of your work and […]
Texas, U.S. add rigs in past week, Permian Basin unchanged with 346
Texas and U.S. added oil and gas drilling rigs last week, according to Baker Hughes’ weekly count as of Oct. 21, while Permian Basin was unchanged with 346 rigs (268 year ago). There were 371 rigs in Texas (365 week ago, 249 year ago), 105 in New Mexico (109 week ago, 87 year ago) and […]
Ring Energy reduces fourth quarter capital expenditures
The Woodlands-based Ring Energy said Oct. 13 it reduced 2022Q4 capital guidance by 15 percent and maintained production guidance. The Permian-focused company now estimates 2022Q4 capital expenditures of $42 million to $46 million – down from its previous estimate of $50 million to $54 million. Ring plans to complete and place on production the remaining […]
Laredo Petroleum expects decrease in production in fourth quarter
Tulsa-based Laredo Petroleum said Oct. 18 it expects 2022Q4 production to be 72,500 to 75,500 boed and oil production to be 32,000 to 34,000 b/d – down from third quarter production. Capital expenditures in 2022Q4 will be $135 million to $145 million – in line with 2022Q3. The Permian-focused operator said 2022Q3 production was 79,500 […]
Declining DUC count, gas pipeline constraints may reduce oil production
U.S. Energy Information Administration said this week the nation’s crude oil production could be limited by the declining number of DUC wells (drilled but uncompleted) and natural gas pipeline constraints. More wells were completed than drilled in U.S. from July 2020 through September 2022, and the number of DUC wells fell to 4,333 – fewest […]
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