The oil and gas contracts market faced turbulence, with a notable quarter-on-quarter (QoQ) decline of 37 percent in disclosed contract value, dropping from $50.2 billion in Q4 2023 to $31.4 billion in Q1 2024. This decline was accompanied by a decrease in overall contract volume, according to a May 23 report from GlobalData, a data […]
November Elections Could Cause Deceleration of Energy Transition
A Republican victory in 2024 could roll back decarbonization policies and usher in a delayed energy transition for the United States. Low carbon supply investment occurs, just not at the pace for Net Zero. A victory for former President Donald Trump in the November 2024 election, combined with long-standing issues around the U.S. relationship with […]
The Geopolitics of Energy
Students from the Texas Christian University Neeley School of Business met with influential leaders throughout Europe as part of their course, “The Geopolitics of Energy.” The students and instructors from the Ralph Lowe Energy Institute held discussions with the International Energy Agency in Paris (see photo), the Energy Directorate of the European Commission in Brussels, and […]
U.S. energy production exceeded consumption by record amount in 2023
U.S. Energy Information Administration said this week U.S. energy production exceeded consumption by a record amount last year. In 2023 energy production in the U.S. rose four percent to a record of nearly 103 quadrillion BTUs. At the same time, energy consumption in the U.S. fell one percent to 94 quads. Production exceeded consumption by […]
Natural gas operators in Barnett reduced completion activity in 2023
According to a recent report from Enverus, operators in Barnett Shale in north Texas pulled back on completion activity in 2023. Henry Hub prices averaged 62 percent less than the previous year at $2.57 per million BTUs. U.S. Energy Information Administration said, “Record high natural gas production, flat consumption and rising natural gas inventories contributed […]
24 companies in Permian rank among top 100 private operators for 2023
Two companies that operate primarily in Permian Basin are ranked among the top 10 private operators in the lower 48 states, according to a recent report from Enverus. Continental Resources (Rockies) was the No. 1 private operator in 2023 with 690,299 boed, Mewbourne Oil (Permian) was fourth with 408,754 boed, and Endeavor Energy (Permian) was […]
U.S. Energy Development Corp. expanding operations in Permian Basin
Fort Worth-based U.S. Energy Development Corp. said this week it is expanding its operations in the Permian Basin. “Building on a series of recent successes,” U.S. Energy said Tuesday, “the company is poised for significant growth and development in one of the most productive oil and gas regions.” The continued investment includes the recent completion […]
EPA grant enables Fort Worth ISD to purchase 15 electric school buses
Officials from U.S. Environmental Protection Agency were in Fort Worth last week to present a grant of $6.2 million to Fort Worth Independent School District to purchase 15 electric school buses. The grant in the Clean School Bus program to Fort Worth ISD is one of 18 grants in Texas. “Exhaust from these buses can […]
BLM receives $34.4 million in high bids in lease sales in New Mexico, Kansas
Officials from the Santa Fe office of U.S. Bureau of Land Management said last week BLM received $34,414,251 in high bids from its most recent lease sale in New Mexico and Kansas. BLM offered 19 parcels covering 3,128 acres in the two states; 451 bids were received for 14 parcels covering 2,768 acres – 88.5 […]
Drilling rig counts decline to 308 in Permian, 282 in Texas, 588 in U.S.
It was another week of falling drilling rig counts in Permian Basin, Texas and U.S., according to Baker Hughes in its weekly report of June 21. There were 308 rigs in Permian Basin (down 1 in past week, down 33 from 341 a year ago), 282 in Texas (down 3 in past week, down 63 […]
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