With its auctions 100 percent online due to COVID-19, Ritchie Bros. drew record buyer demand in 2020. As a result, the company’s latest Used Equipment Market Trends report is showing price inflation across all majority equipment categories. For example, U.S. truck tractor prices increased 8 percent over the same time period (three months ending December) […]
Five Ways Operators Can Reduce Costs
by Susie Yuill, Enverus Integrated Marketing COVID-19 has radically altered the patterns of our daily lives, including our ways of doing busines. As the end of the year approaches, many businesses routinely find themselves assessing how they can perform better in the future. And while the pandemic has been devastating on multiple fronts, one thing […]
Texas Oil and Gas Industry Paid $13.9 Billion in State, Local Taxes
According to just-released data from the Texas Oil and Gas Association, the Texas oil and natural gas industry paid $13.9 billion in state and local taxes and state royalties in fiscal year 2020, funds that directly support Texas schools, teachers, roads, infrastructure, and essential services. TXOGA President Todd Staples hosted a media briefing recently to […]
Brief Q&A on AI and the Energy Industry
Ambyint, a leader in well optimization and in the application of artificial intelligence in the oil and gas space, recently tapped its COO, David Zahn, for a question-and-answer session regarding the use of AI in the oil patch. That exchange appears below. Q.: How has the pandemic and/or oil price crash accelerated the outlook for […]
Consultants Say Focus on Testing Of Goodwill, Asset Impairment
By Kevin Cannon Market equity prices and indices continued to decrease for many energy companies during 2020. For instance, between January 13, 2020, and December 31, 2020, the S&P Oil and Gas Exploration and Production Select Industry Index decreased by approximately 36 percent, inclusive of a rebound in the second half of the year. Likewise, […]
Researchers Name Technologies Disrupting the Energy Industry
The rise of renewable energy and electric vehicles will lead to significant changes the energy system has not seen in more than a century—bringing both new challenges and new opportunities. Lux Research, a leading provider of tech-enabled research and advisory services, has released its annual report, “Foresight 2021: Top Emerging Technologies to Watch.” The new […]
Energy Transfer acquires Enable Midstream, including Texas assets
Dallas-based Energy Transfer said last week it agreed to acquire Enable Midstream Partners of Oklahoma City in an all-equity transaction valued at $7.2 billion. Energy Transfer’s Feb. 17 announcement reported “complementary assets with significant integration opportunities.” The acquisition will increase Energy Transfer’s footprint across multiple regions and provide increased connectivity for its natural gas and […]
Winter storm slows drilling in Permian Basin, Texas, New Mexico
Recent winter storms that brought ice, snow and sub-zero weather to Texas in February slowed drilling activity in the oil and gas industry. Baker Hughes said that as of Feb. 19 Permian Basin and Texas each added only 1 active rig in the previous week, and rig counts in New Mexico and U.S. were unchanged. […]
Permian Basin flaring intensity remains below levels before March 2020
Enverus said last week estimates of flaring intensity in Permian Basin, measured via satellites, was about 160 MMcfd for January 2021. Estimated flaring intensity remained steady in October, November and December 2020 at more than 200 MMcfd. Enverus added, “An increase in egress capacity out of the basin as well as greater pressure on operators […]
Ring Energy wells in Yoakum County to produce in first week of March
The Woodlands-based Ring Energy said this week four horizontal wells drilled in December and January in northwest shelf San Andres “on some of our highest rate-of-return acreage in Yoakum County” are expected to be completed and on production by the first week of March. Ring Energy said Monday it plans to drill 6-to-8 wells and […]
