Houston-based Callon Petroleum said recently that 85 percent of its capital expense budget of $725 million for 2022 will be allocated to Permian Basin. Callon said the increase of $216 million from last year reflects an increase in the number of drilled wells and the impact of inflation on the cost of such items as […]
Calgary-based energy company Xfuels relocates to Texas
Calgary-based Xfuels said last week it is relocating to Texas to help the company expand in the U.S. Xfuels is a diversified energy company with three vertically integrated businesses acquired in a merger with Cycle Energy Industries. Texas subsidiary Cycle Oil and Gas acquires and optimizes underdeveloped upstream assets, holds royalty and non-operated positions, and […]
Texas oil and gas industry adds 5,100 jobs in February – most in decade
Texas Oil and Gas Association said this week employment in the state’s oil and gas production industry in February increased by about 5,100 jobs – the biggest gain in more than a decade and the second highest in 30 years. The oil and gas production sector employed 181,900 people in Texas in February – up […]
Rig counts in first quarter up 8.7 percent in Permian, 17.7 percent in Texas
Rig counts in first quarter were up 8.7 percent in Permian Basin, 17.7 percent in Texas and 14.3 percent in U.S. Baker Hughes said as of March 25 there were 319 rigs in Permian (316 week ago, 221 year ago), 326 in Texas (320 week ago, 205 year ago), 96 in New Mexico (97 week […]
Oxy outlines plans for direct air carbon capture plant in Permian Basin
Houston-based Occidental Petroleum last week outlined its plans to build the world’s largest direct air carbon capture facility in Permian Basin. Construction is scheduled to begin during second half of 2022, and operations are expected to begin at DAC1 in late 2024. Oxy officials said March 23 they plan to invest up to six percent […]
Capitol Update: 87th Texas Legislature
While COVID cast the first shadow over the 2021 legislative session, the polar vortex that iced the Lone Star State Feb. 13-17 cast yet another, with both continuing to delay regular proceedings. On Feb. 12, Gov. Abbott issued a disaster declaration in all 254 counties in response to the frigid winter storm that left millions […]
New Mexico agencies reduce spending 5 percent as oil revenue declines
Analyst Bernadette Johnson of Enverus told members of the New Mexico’s legislative finance committee last week that she expects natural gas prices to increase in 2021, but she said demand and prices for crude oil will take longer to recover. She said Nov. 19 that the industry in New Mexico has lost 7,400 jobs since […]
Declining rig counts extend 12 weeks in U.S., 11 weeks in Permian Basin
The streaks of declining rig counts have reached 12 weeks in the U.S. and 11 weeks each in Texas and Permian Basin as of May 29, according to Houston-based Baker Hughes. There were 148 active rigs in Permian Basin (162 previous week, 452 previous year), 127 rigs in Texas (138 previous week, 480 previous year) […]
Texas, New Mexico state governments amend budgets with declining revenue
State governments in Texas and New Mexico are considering the impact on their budgets of declining revenue. Texas’ top lawmakers – Governor Greg Abbott, Lt. Gov. Dan Patrick and House Speaker Dennis Bonnen – sent a letter last month to heads of state agencies, colleges and universities to submit plans by June 15 to cut […]
Report shows growth in Permian’s contribution to state revenue
In the past five years, the percentage of the state’s revenue from taxes and royalties paid by oil and gas producers in Permian Basin has increased to 67.2 percent from 48.1 percent. A new report developed by Texas Taxpayers and Research Association said Texas oil and gas producers in 2019 contributed a record $13.4 billion […]