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 […]
Shell files permits for 5 wells in Loving County to lead Texas drillers
Global operator Shell led drillers in filing permits in Texas for the week of May 20-26, according to Houston Chronicle. Oil major Royal Dutch Shell said it will continue its drilling program in Permian Basin with 5 horizontal wells on 2 leases in Loving County. They target Phantom field of Wolfcamp to depths of 11,600 […]
In Session: 2021
The Texas Legislature meets in a regular session every two years, convening on the second Tuesday in January of every odd-numbered year. These biennial sessions are limited to 140 days. The governor has the authority to call special sessions as necessary, which cannot exceed 30 days. The 87th Texas Legislature is set to meet January […]