An analysis of data from U.S. Small Business Administration by Houston Chronicle shows that more than $1 billion in forgivable loans for Texas companies in the federal government’s pandemic relief program saved more than half of the state’s oil and gas industry jobs. The federal government issued 6,610 loans to crude oil and natural gas […]
Presta acquires assets in Glasscock, Howard, Midland, Pecos, Scurry
Fort Worth-based Presta Petroleum and Presta Royalty acquired properties in 30 counties in Texas and 20 counties in Oklahoma in two recent transactions. They are the sixth and seventh acquisitions of family-owned entities Presta has purchased since launch in September 2018. Presta also owns assets in New Mexico, Colorado, Arkansas and Wyoming. Permian Basin holdings […]
Pipeline completion in Mexico expected to boost gas exports from Permian
The recent completion of a natural gas pipeline in central Mexico is expected to boost exports from Permian Basin. The southern most segment of the Wahalajara system (Villa de Reyes-Aguascalintes-Guadalajara pipeline) began operations in June connecting new markets in Mexico to U.S. sources. The Wahalajara system, which receives 0.89 billion cubic feet per day, is […]
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 […]
San Antonio companies secure funding for U.S.-Mexico projects
San Antonio companies Mirage Energy and Northern Hemisphere Logistics said June 17 they secured funding from Bluebell International for development of natural gas pipelines from Texas to Mexico, 786 bcf of underground storage and the Isthmus corridor liquids transportation project. The announcement said Mirage’s natural gas storage facility will be “the largest natural gas storage […]
Texas company debuts tanker to be used as offshore LNG import terminal
The Woodlands-based Excelerate Energy last week debuted another tanker that can be used as an offshore LNG import terminal. The Sequoia was delivered to Excelerate after construction in South Korea. Houston Chronicle said Sequoia can store 173,400 cubic meters of LNG; it belongs to a class of ships known as floating storage and regasification units […]
Crude Prices: When Will the Upturn Turn Up?
In an article posted this week entitled, “Oil Rebounds with Economic Data Outweighing Virus Resurgence,” Bloomberg’s Hailey Waller and Grant Smith set forth some much-needed positive news for the oil and gas industry. It’s the question that is on everyone’s minds. When will the price of crude oil rise to a level that can sustain […]
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 […]
Midland’s Intrepid acquires directional drilling business of Gyrodata
Midland-based Intrepid Directional Drilling Specialities acquired the directional drilling business, including personnel and equipment, of Houston-based Gyrodata to double Intrepid’s capabilities in North America and expand its presence in Latin America. Robert Trainer, president and CEO of Gyrodata, said April 30 when his company announced the sale, “We are helping to build a truly unique […]
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 […]
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