The Texas Petro Index by petroleum economist Karr Ingham continued its decline in July despite rising crude oil production. The index fell for the fifth straight month in July to 205.5 from 207.1 in June. After ending 2018 with 212.3, the index increased to 212.5 in January and 213.2 in February. But it declined to […]

U.S. Energy Information Administration this week reduced its 2019 Brent crude oil price forecast to $63 per barrel – $2 per barrel lower than forecast last month. In its Sept. 10 report, the EIA said, “The lower 2019 price forecast largely reflects recent global crude oil price fluctuations and lower forecast global oil demand growth.” […]

Houston-based Freeport LNG Development on Tuesday shipped the first LNG from Train 1 of its liquefaction facility that started producing last month on Quintana Island. Freeport LNG said the commissioning cargo of about 150,000 cubic meters of LNG was loaded aboard the LNG Jurojin, which departed from the Freeport LNG terminal. Michael Smith, chairman and […]

A new study commissioned by the New Mexico Oil and Gas Association and the American Petroleum Institute says the state’s oil and gas industry is expected to continue to grow at a record pace, but billions of dollars of investments in new infrastructure will be needed to get the commodities to market. The report was […]

Wyoming-based Encore Green Environmental, an agriculture company seeking to pair the oil and gas industry with the agriculture industry to reuse produced water, last month reached agreements with Cody Wilson Farms of Midkiff and Antelope Water Management of Austin. The agreements were announced by Marvin Nash, general manager of Encore, during last month’s conference of […]

Reeves County regained sole leadership of the count of active oil and gas drilling rigs in Permian Basin as of Aug. 30, according to Baker Hughes. Two rigs were added in the past week to increase Reeves’ total to 58 to edge Lea, N.M., with 55 (down 1 in last week). Other basin leaders include […]

Midland-based Concho Resources said Tuesday it has agreed to sell assets in New Mexico shelf to an affiliate of Houston startup Spur Energy Partners for $925 million. The assets include 100,000 gross acres (70,000 net) with current production of 25,000 boed and 2,500 operated wells (35 percent of Concho’s operated wells). Tim Leach, chairman and […]

San Antonio-based NuStar Energy said Wednesday it has completed three pipeline projects to expand its capacity to move Permian Basin crude oil to Corpus Christi for export and to move refined products to northern Mexico. NuStar completed the second stage of its WTI export project, a new eight-mile, 30-inch pipeline to transport crude oil from […]