The iconic pump jack, emblazoned on hats, jackets, signs, and the hearts of oil and gas people everywhere, is alive and well. No one thinks it’s going anywhere any time soon, because it does still have much work to do. But underneath the surface, some cracks are appearing in its once ubiquitous and seamless armor. […]
Being Woke: Oilfield Services Adapt to 2020
The key words in today’s economic world would seem to include “disruption, adaptation, and creativity.” Nowhere are these words more pertinent than in the oilfield services sector. There, additional key phrases would be “burning iron” and “squeezing profits.” The three companies contacted for this article exemplify another word—“diversity”—as each has taken a different path to […]
Permian crude loaded on first vessel at South Texas Gateway
Crude oil from Permian Basin was loaded July 16 on the first marine vessel to launch from South Texas Gateway, a new state-of-the-art terminal in Ingleside at Port of Corpus Christi. Four pipelines serve South Texas Gateway developed by Buckeye Partners, a leading global terminal operator that owns 50 percent of the terminal. Phillips 66 […]
EIA report: Crude oil production to continue to decline in August
U.S. crude oil production from seven major shale plays is expected to decline by about 56,000 barrels per day in August to about 7.49 million b/d – the lowest in two years – according to Monday’s monthly drilling productivity report from the U.S. Energy Information Administration. The biggest decline is expected in Eagle Ford in […]
Natural Gas: What’s Next?
Can natural gas prices rise even in a generational downturn like the COVID-19 situation? Analysts including the U.S. Energy Information Administration (EIA) feel that prices were already so low that they had nowhere to go but up anyway. In the Permian Basin in particular, gas prices were artificially low due to takeaway constraints. Such constraints […]
Railroad Commission hears recommendations on reducing flaring
Commissioners of the Railroad Commission of Texas heard recommendations on flaring from three groups at a hearing in Austin June 16 and asked the RRC staff “to consider the recommendations and come back to the commission this fall with a plan of action.” Commissioners heard from industry trade associations, environmental advocacy groups, and oil and […]
EOG Resources among independents “best positioned” for recovery
U.S. bank Goldman Sachs told Argus Media that Parsley Energy, Pioneer Natural Resources, EOG Resources, Concho and Diamondback Energy are among upstream independents “best positioned for a recovery given their favorable supply costs, well inventories and balance sheets.” Argus said June 15 that EOG is focusing on developing its position in Delaware Basin. The firm […]
Permian crude oil production expected to decline in July to 4.263 million b/d
Production of crude oil and natural gas in each of the seven major regions in the U.S. is forecast to decline in July, according to the latest drilling productivity report from U.S. Energy Information Administration. The June 15 report said oil production in Permian Basin is expected to fall by 7,000 b/d to 4.263 million […]
Chronicle: “Drilling revival may soon be underway in Permian Basin”
Drilling permits filed in Texas in the first week of June were more than double the previous week, according to Houston Chronicle, as activity returns to the state’s oilfields. For the week of June 3-9, 42 companies filed for 109 permits with the Railroad Commission of Texas – compared to 53 permits the previous week. […]
EOG Resources, Parsley Energy to restore crude production in shale fields
Houston-based EOG Resources and Austin-based Parsley Energy are among the earliest producers in shale fields to reveal plans for a crude oil rebound. Last week Bloomberg said EOG Resources, the nation’s largest shale-focused producer, plans to accelerate production in the second half of 2020 after shutting in a quarter of its crude in May. Permian […]
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