The next session of the New Mexico state legislature will begin Jan. 16, 2024, in Santa Fe with a record $12.7 billion in tax revenue. Santa Fe New Mexican reported, “State lawmakers will once again head into the legislative session with record oil production in New Mexico pumping up tax revenue to its highest level […]
Wild Things
I’ve alluded in the past to my disdain for the phrase “freak accident”. My standard retort to that is, “As opposed to a planned one?” When people refer to freak accidents, I understand that they are making reference to unplanned results or happenstances. However, I have encountered numerous freaky unforeseen incidents. Seldom do I find […]
A Time for Counting Our Blessings
And in the blink of an eye, the end of the year is upon us. It’s that time of year when thoughts turn to family, friends, celebrations, and the counting of blessings. We’re already hearing Ho, Ho, Ho and the ringing of the bells as we enter stores to buy gifts for our loved ones. […]
DOE announces additional solicitations for SPR for February, March
Since January 2023 U.S. Department of Energy has purchased about 9 million barrels of crude oil at an average price of $75 per barrel, and DOE has announced additional solicitations of 3 million barrels each for February and March 2024. The administration of President Joe Biden authorized withdrawals “to bring down gasoline prices for consumers.” […]
Pipelines under construction to deliver 20 Bcfd to 5 terminals in Texas, Louisiana
More than 20 billion cubic feet per day of natural gas pipeline capacity is under construction, partly completed or approved to deliver natural gas to five U.S. liquefied natural gas export terminals currently under construction. According to the latest Natural Gas Pipeline Tracker from U.S. Energy Information Administration, some of the new pipeline capacity is […]
U.S. ends streak of four weeks of growing rig count, Permian down 3 to 310
Four consecutive weeks of gains in count of active drilling rigs in U.S. came to an end last week. Baker Hughes said as of Dec. 15 there were 310 rigs in Permian Basin (down 3 in past week, down 40 in past year), 308 in Texas (unchanged in past week, down 59 in past year), […]
Freehold Royalties acquires assets in Delaware, Midland basins
Calgary-based Freehold Royalties said last week it entered agreements with two private sellers to acquire high-quality mineral title and royalty assets in Delaware and Midland basins for about $112 million. The assets are located primarily in Martin County in Midland Basin “capturing some of the thickest stacked pay reservoir quality in North America.” The acquisition […]
APA adding sixth drilling rig in Permian Basin in fourth quarter
Houston-based APA Corp. recently said its upstream capital investment in fourth quarter is about $500 million, including increased activity in Permian Basin. APA is adding a sixth drilling rig in 4Q in Permian. Production of 412,000 boed in 3Q reflects quarterly growth in each operating area, including 10 percent in Permian Basin. “Good execution and […]
To Go with the Flow
Since the lifting of oil export restrictions in 2015, the United States has become a major player in international trade in oil as well as in natural gas. The first half of 2023 saw U.S. exports of both commodities surging to new heights. In fact, over that period the United States surpassed Qatar and Australia […]
Martin County passes Midland as leading producer of crude oil in Texas
Martin County has surpassed Midland County as the leading producer of crude oil in Texas, according to the latest data from Railroad Commission of Texas. The commission said Dec. 11 Martin produced 16,971,500 barrels of crude oil in September 2023 – ahead of the 16,338,863 of Midland. Nine of the top 10 counties are in […]
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