A new report from Oslo-based research firm Rystad Energy released last week said global spending this year on oil and gas drilling is forecast to fall to its lowest level in 15 years – with shale investments expected “to take the biggest hit.” Rystad said shale spending will fall by more than 50 percent to […]
Bloomberg: ExxonMobil to delay startup of refinery in Beaumont
Bloomberg reported last week that ExxonMobil will delay startup of its refinery expansion in Beaumont by a year to 2023 “as the oil giant weathers low demand for petroleum products and seeks to save cash amid the covid-19 pandemic.” The project will make the Beaumont refinery the largest in the world, according to Bloomberg. Jeremy […]
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 […]
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 […]
Know Thyself
What will history say about you? I pose the question because we may be living through the worst times in our history. We are thrown into the mayhem of 2008, 911, the 1980s, Pearl Harbor, and the Spanish Flu all at once. What has been your reaction to the crisis of 2020? How have you […]
Brighter Days Ahead
In 2020, oil and gas has gotten a bum rap. Even in an industry that has almost always had to buck an unfairly negative sentiment from media and from certain special interests, oil and gas has taken a beating in 2020. In the past year or more, the financial markets have added their voices to […]
Rystad: Hydraulic fracturing starts to begin recovery in third quarter
Oslo-based Rystad Energy said May 15 that starts of new hydraulic fracturing jobs in U.S. will hit a low in May before a recovery begins in 2020Q3. Rystad said, “The covid-19 pandemic and the low oil price environment it has created continue to affect global energy markets and activity levels by oil and gas producers.” […]
Workforce Commission says industry lost 26,300 jobs in April
Texas Workforce Commission said oil and gas industry lost 26,300 jobs in the state last month – the largest loss of jobs in the industry in one month in Texas since record-keeping began in 1990. Drilling, completion, production and related sectors employed 192,600 people in April – a decline of 12 percent from 218,900 in […]
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