Texas Petro Index by petroleum economist Karr Ingham declined again in March to 181.8 for the 13th consecutive month. That represents a decline of 14.7 percent since the index of 213.3 a year ago in March 2019. Also in the past year, oil price (monthly average) was down 50.4 percent, natural gas price (first of […]
Cimarron Energy acquires emissions control provider Aereon
Houston-based Cimarron Energy said April 30 it completed its purchase of Austin’s Aereon, global provider of emissions control solutions and services for upstream, midstream and downstream markets. It follows Cimarron’s acquisition last year of Midland’s Hy-Bon Engineering/EDI. Aereon was formed in 2014 by combining Flare Industries and Jordan Technologies. Jeff Foster, CEO, told Midland Reporter […]
Crude production to decline in June to lowest levels since 2018
Crude oil production in seven major regions in U.S. is expected to fall to levels not seen since 2018 as operators respond to the price collapse and oversupply. Led by declines in Permian Basin, production next month is expected to fall by 197,000 barrels per day to 7.822 million b/d, according to U.S. Energy Information […]
Belting It Out
A 16.6-mile-long covered conveyor belt system would bring sand for hydraulic fracturing from West Texas into Southeast New Mexico, according to a development plan written by OLC Kermit, LLC, a subsidiary of Atlas Sand Company, LLC. The plan was submitted in January to the Bureau of Land Management (BLM) Carlsbad Field Office as part of […]
What a Difference a Month Makes
Be proactive, or better still, don’t repeat the mistakes of the past. In April, I wrote about finding a new job. Now I find that my advice may be ridiculous because with the possibility of so many being unemployed, any new job may do. I write these articles two months in advance and, consequently, I […]
The Ones in the Middle
With the slowdown in drilling due to several issues, including quarantines related to the coronavirus, combined with frantic construction of pipelines over the last four years, pipeline shortages may soon be over. A trade agreement with China, which had promised to jumpstart petroleum exports to that country, has been dampened by that same virus due […]
Concho to average 8 rigs for remainder of 2020; Kermit sand plant idled
Midland-based Concho Resources said last week it is again reducing capital spending for 2020 to $1.6 billion (40 percent below original budget) and complete about 110 to 130 gross operated wells. Concho said April 30 it expects to average about 8 rigs for the remainder of the year. First quarter oil production totaled 209,000 b/d […]
Navigating a Twofold Crisis
You have to like a guy who does the thing that gives people a measure of hope. Just when the grimness of the colossal price drop in crude oil was deflating people’s outlook for their economic future, someone did something uplifting. Kirk Edwards published an “Open Letter to President Trump” in the Odessa American on […]
Where Will All the Water Go?
As operators in the Permian and elsewhere across the United States and around the world announce capex cuts of 50 percent or more, drilling rigs are stacking up like dry bones in the valley. A two-thirds (so far) reduction in drilling means a similar cut in frac’ing. Saltwater disposal wells (SWDs) and their attached pipelines […]
Were Oil & Gas Producers Hedged For Price Collapse?
By Shane Randolph and Josh Schulte While energy markets continue to be volatile, fewer oil and gas producers have hedges in place than in prior years. In addition, a number of producers hedged with strategies containing sold puts on large portions of their production. This essentially creates a trap door where a company doesn’t have […]
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