The count of active oil and gas drilling rigs remained flat in the past week in New Mexico (103 rigs), but Texas and the Permian Basin each lost 5 rigs. As of Dec. 6, according to Baker Hughes, Permian Basin declined to 400 (489 a year ago), and Texas also fell to 400 (529 a […]
Oil industry in New Mexico contributes to expected $797 million surplus
State government income is expected to outpace spending by $797 million for the coming fiscal year in New Mexico, according to the Associated Press. Economists from three state agencies and the legislative budget office presented a forecast of state revenue this week before the legislature meets Jan. 21 for a 30-day session. Revenues are expected […]
Drillinginfo: Average cost of state-of-the-art drilling rig reaches $25 million
Enverus’ Drillinginfo said last week new state-of-the-art drilling rigs are estimated to cost about $25 million each based on a recent announcement by Abu Dhabi National Oil Co. “We do not look for many new rigs to enter the U.S. market any time soon given the softening environment,” Enverus said Dec. 5. Abu Dhabi National […]
Chevron’s $20 billion budget for 2020 includes $4 billion for Permian Basin
San Ramon, Calif.-based Chevron said Tuesday it will keep its annual capital and exploration budget flat at $20 billion in 2020, including about $4 billion for Permian Basin. Chevron said it will allocate more money to oil projects in Permian Basin, deepwater Gulf of Mexico and Kazakhstan and cut funding to natural gas projects such […]
Construction completed on Altus Midstream’s Diamond cryo complex
Construction has been completed on the third cryogenic natural gas processing train at Diamond cryo complex in Alpine High, Altus Midstream’s plant in southern Reeves County. Oil & Gas Journal said Dec. 4 that Saulsbury Industries of Odessa constructed the gas processing units with capacity of 200 MMcfd each along with associated liquid stabilization, slug […]
Classifying Employees—A Primer
If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck. This saying is better known as the Duck Test and the phase was coined by the Indiana poet James Whitcomb Riley in the 19th Century. Surely you have heard this expression and it immediately […]
Private Equity’s Pros and Cons
December 2, 2001, was a day of infamy for thousands of people. On that date Enron declared bankruptcy, trading at a paltry $.26 per share after topping the scales at more than $90 per share a few months earlier. That is also the time that Midland entrepreneur Tripp Wommack sees as the beginning of prime […]
Harvest Midstream starts construction on Ingleside pipeline, terminal
Houston-based Harvest Midstream, affiliate of Hilcorp Energy, said last month it started construction of the Ingleside pipeline and Harvest Midway terminal. The Ingleside pipeline is a new 24-mile pipeline (24 inches) that will originate from the Harvest Midway terminal and connect to multiple oil export terminals in the Ingleside area, including Flint Hills Resources and […]
Texas rig count declines for sixth straight week, Permian unchanged
Permian Basin held steady at 405 rigs in the latest count of active oil and gas drilling rigs from Baker Hughes. As of Nov. 27 there were 405 rigs in Texas (down 1 in previous week), 103 rigs in New Mexico (down 1 in previous week) and 802 rigs in U.S. (down 1 in previous […]
Kinder Morgan’s Ricketson to speak at CO2 conference in Midland
Darrell Ricketson, vice president and COO of Kinder Morgan EOR, will be a featured speaker next week during the annual CO2 Conference at the new Bush Convention Center in Midland. The conference Dec. 9-13 also will include a field trip to Kinder Morgan’s CO2 operations in Scurry County. Steve Melzer, conference director, told the Midland […]
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