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 […]
Production to slowly recover this fall, led by Permian and Gulf of Mexico
U.S. crude oil production will reach a low of about 10.7 million barrels per day in June – a two-year low – before starting to slowly recover, according to Oslo-based energy research firm Rystad Energy. After reaching 12.855 million b/d in March, U.S. monthly production is not likely to exceed 11.7 million b/d before 2022. […]
Marcellus replaces Permian as top destination for fracturing crews
Marcellus Shale in Pennsylvania and West Virginia has surpassed Permian Basin as leading U.S. destination for hydraulic fracturing crews, according to Houston investment advisory group Tudor, Pickering, Holt and Co. The firm said last week 31 percent of active crews were in Marcellus Shale followed by 30 percent in Permian Basin, and 14 percent each […]
Apache, Parsley, 3 other Texas drillers stop filing for permits
Five Texas operators – once some of the most active drillers in the state – have stopped filing for permits with Railroad Commission of Texas. Houston Chronicle reported this week that 24 companies filed 54 drilling permits during week of May 13-19 – lowest number of filings in one week this year. Chronicle said Apache, […]
Texas Petro Index of 181.8 for March declines 14.7 percent in past year
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 […]
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