For many companies in the Oil Patch—producers or service companies—insurance is one of the top expenses, especially when the reckoning includes health policies—and premiums for that coverage are rising quickly. But the protection from loss and liability provided by insurance is important, and for many service companies it’s required by most Master Service Agreements (MSAs). […]
A Rebound Taking Shape?
Sooner or later, oil comes to the surface. It’s true in the world of nature. Any spillage of oil or gasoline on a lake or pond will float above the water. It’s true in the world of subsurface geology. Crude oil wants to rise to the surface of the earth. That’s why “traps” and anticlines […]
Seeking Its Own Level
From 2017-2019, UTPB’s Water in Energy Conference was markedly more successful than its founders had imagined. Designed to connect “industry leaders and researchers, sharing in best practices and cutting-edge approaches to some of the oil and gas industry’s most pressing water issues,” the conference in each of the first three years saw tremendous growth in […]
The NGL Factor
In Memphis, Elvis is The King. In the Permian Basin, Oil is The King. Oil’s had a long string of hits in West Texas, dating back more than 100 years. Its backup singers, natural gas and natural gas liquids, have their place, but they’ll never be the star of the show. In fact, NGLs are […]
The Deepest Dip
On April 20, 2020, the benchmark price of oil—WTI—fell to an unprecedented level of -$37.61 for May 2020 futures contracts. While this event was not on the level of the invasion of Normandy or the release of the next iPhone version, its shock waves ripped through oil and gas boardrooms around the world—mostly because it […]
Going with the Flow
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 […]
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