Texas Tribune said it will sponsor a luncheon Wednesday, May 8, in Odessa with a theme of “West Texas: The State of Oil.” The Tribune said, “Oil and gas production in west Texas broke records last year. The Texas Oil and Gas Association reported that Texas supplied 42 percent of the nation’s oil in 2023 […]

U.S. Energy Information Administration said Tuesday consumption of natural gas in U.S. reached a record 89.1 billion cubic feet per day in 2023. Since 2018 U.S. natural gas consumption has increased by an average of four percent each year. Monthly natural gas consumption set records every month from March 2023 through November 2023. U.S. natural […]

After a record $192 billion in U.S. upstream consolidation last year, according to Enverus Intelligence Research, M&A activity in 2024Q1 appeared to be headed to another record with $51 billion in announced deals. But Enverus said it is “pumping the brakes on another record-setting year as deal activity slowed significantly in March, and Q2 appears […]

Texas Water Development Board is accepting public input for another week before it implements the Texas Water Fund, a special fund in the state treasury outside the general revenue fund to be administered by TWDB.  Voters in November approved $1 billion to address the state’s water supply issues and infrastructure as climate change and a […]

Crude oil production in seven major regions of U.S. is forecast to be up by 16,000 barrels per day in May to 9.863 million barrels per day, according to the latest drilling productivity report from U.S. Energy Information Administration.  EIA expects production in Permian Basin to increase by 12,000 barrels per day in May to […]

U.S., Texas and Permian Basin added drilling rigs in the past week, according to the latest weekly report from Baker Hughes.  As of April 19, there were 619 rigs in U.S. (up 2 in past week, down 134 in past year), 296 in Texas (up 2 in past week, down 81 in past year) and […]

U.S. Energy Information Administration said in its latest short-term energy outlook that it expects average Brent crude oil spot price will increase to $89 per barrel for 2024 after $82 per barrel in 2023.  Forecast average for 2024Q2 is $90 per barrel.  EIA said, “This increase reflects our expectation of strong global oil inventory draws […]

Several analysts told The Telegraph last week they expect the price of a barrel of crude oil could reach $100 by June as Saudi Arabia extends supply cuts and geopolitical tensions continue to rise.  Bjarne Schieldrop of SEB Bank said, “Towards the end of second quarter, I think it’s natural to assume that we’ll see […]