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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Crude Prices: When Will the Upturn Turn Up?

July 1, 2020 by PBOG

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 […]

Filed Under: Business & Analysis, Online Exclusive, The Financial Picture Tagged With: Financial picture, Oil and Gas, oil crude price, permian basin

Ingham’s Texas Petro Index posts second largest decline since 1995

June 18, 2020 by PBOG

Texas Petro Index from Texas Alliance of Energy Producers declined sharply in April from the previous month “as the state’s oil and gas economy began to register the full effects of covid-19, the Saudi-Russian price war and the resulting economic shutdown.” The index fell to 171.0 in April from 181.9 in March; the 10.9 drop […]

Filed Under: PBOG Newsletter, The Financial Picture Tagged With: covid-19, Saudi-Russian price war, Texas Petro Index decline

Global 2020 spending to decline led by lower forecast for shale investments

June 18, 2020 by PBOG

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 […]

Filed Under: PBOG Newsletter, The Financial Picture Tagged With: drilling forcast, financial value, Rystad

Bloomberg: ExxonMobil to delay startup of refinery in Beaumont

June 18, 2020 by PBOG

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 […]

Filed Under: PBOG Newsletter, The Financial Picture Tagged With: Beaumont refinery, ExxonMobil

Texas, New Mexico state governments amend budgets with declining revenue

June 4, 2020 by Sarrah Barton

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 […]

Filed Under: PBOG Newsletter, The Financial Picture Tagged With: budget cuts, permian basin

Brighter Days Ahead

June 1, 2020 by PBOG

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 […]

Filed Under: Online Exclusive, The Financial Picture Tagged With: financial, Oil and Gas, oil investments, permian basin

Texas Petro Index of 181.8 for March declines 14.7 percent in past year

May 22, 2020 by PBOG

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 […]

Filed Under: PBOG Newsletter, The Financial Picture Tagged With: Financial picture, permian basin

Concho to average 8 rigs for remainder of 2020; Kermit sand plant idled

May 7, 2020 by PBOG

Midland-based Concho Resources said last week it is again reducing capital spending for 2020 to $1.6 billion (40 percent below original budget) and complete about 110 to 130 gross operated wells. Concho said April 30 it expects to average about 8 rigs for the remainder of the year. First quarter oil production totaled 209,000 b/d […]

Filed Under: Business & Analysis, PBOG Newsletter, The Financial Picture Tagged With: drilling rigs, Oil and Gas, permian basin

Navigating a Twofold Crisis

May 4, 2020 by PBOG

You have to like a guy who does the thing that gives people a measure of hope. Just when the grimness of the colossal price drop in crude oil was deflating people’s outlook for their economic future, someone did something uplifting. Kirk Edwards published an “Open Letter to President Trump” in the Odessa American on […]

Filed Under: Business & Analysis, Featured Article, PBPA, The Financial Picture Tagged With: Financal, Oil and Gas, PBPA, permian basin, Saudi-Russia price war

Nowhere to Go: Oil Cuts Loom

May 1, 2020 by PBOG

IHS Markit expects up to 10 MMb/d of world oil production will be cut or shut-in from April to June 2020 as oil storage fills up and output from financially strapped companies begins to fall. If oil cannot be sold or stored, it cannot be produced. Transportation constraints and lack of access to every available […]

Filed Under: Business & Analysis, Drilling Deeper, News, The Financial Picture Tagged With: Oil and Gas, oil production, permian basin, Saudi-Russia price war

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