New Mexico reported record production of crude oil and natural gas last year, but the rate of year-to-year growth declined. The state’s Oil Conservation Division said New Mexico produced 367.8 million barrels of oil in 2020 – an increase of 10.8 percent from output of 331.8 million in 2019. The rate of increase from 2018 […]
Permian Basin reaches 221 by adding rigs for ninth straight week
Increasing crude oil prices continue to stimulate drilling activity. Houston-based Baker Hughes said as of March 26 Permian Basin added rigs for the ninth straight week. With an additional 5 rigs in the past week, Permian Basin has 221 rigs after starting 2021 with 175. There also are 205 rigs in Texas (202 previous week, […]
NuStar Energy to expand refined products pipeline to Albuquerque
San Antonio-based NuStar Energy said March 3 it will develop 6,000 barrels of incremental pipeline capacity for additional refined products, including gasoline, diesel and jet fuel, into the Albuquerque region. NuStar will upgrade pump stations in a pipeline system it jointly owns with Phillips 66 Partners that transports refined products from Amarillo to Albuquerque. The […]
Freehold Royalties closes on royalty acquisitions in Permian Basin
Calgary-based Freehold Royalties said March 4 it closed on two additional royalty transactions for $3.8 million to complement its positions in Permian Basin and Bakken. These assets are expected to add 75 boed to the company’s average 2021 production. The two acquisitions follow a U.S. royalty buy for $58 million that closed Jan. 5 weighted […]
U.S. to Drive Pipeline Growth
The United States is expected to drive global growth in crude oil trunk/transmission pipelines by 2024, according to GlobalData, a leading data, and analytics company. The United States will account for almost one-fourth of the total pipeline length growth by 2024. With expected length additions of 4,900 km from projects that have received approval or […]
West Keynotes Midland Event
The Republican National Hispanic Assembly of Midland hosted Lt. Col. (Ret.) Allen B. West for a speaking engagement. Currently chairman of the Republican Party of Texas, West is a Christian constitutional conservative, combat veteran, and former member of the U.S. Congress. He was the monthly luncheon speaker for their membership event held Feb. 11. His […]
New Mexico Legislature Adjourns, Texas Lawmakers Pick up the Pace
New Mexico Legislature Adjourns, Texas Lawmakers Pick up the Pace The first session of New Mexico’s 55th Legislature has adjourned. “What a session it was!” shared Stephen M. Robertson, executive vice president of the Permian Basin Petroleum Association (PBPA). All committees and floor sessions were held virtually. Testifying in committee was made difficult with varying […]
The Specs on SPACs
“SPACs” are all the rage, but acquisition concerns loom. Special purpose acquisition companies (“SPACs”), also known as “blank check companies,” have always been a component of the capital market landscape. Touted for their ability to help private companies go public faster without the costly and rigorous process involved in a traditional initial public offering (IPO), […]
Abbott Opens Texas 100 Percent
Texas Governor Greg Abbott issued an executive order March 2 lifting the mask mandate in Texas and increasing capacity of all businesses and facilities in the state to 100 percent. The Governor made the announcement at Montelongo’s Mexican Restaurant in Lubbock in an address to the Lubbock Chamber of Commerce. Oil and gas industry observers […]
Let’s Dig a Little Deeper
Like the old saying goes, there are only two kinds of people when it comes to digging or doing excavation work. There are (1) those who have hit a line, and (2) those who are going to. I do not know anyone who has not hit a line unless they just started digging for the […]
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