Well, at the writing of this article things are looking much better than over the last two months, as many states are “opening up” and the Covid-19 statistics are not changing dramatically. It appears the worst of the pandemic is behind us. We’ve survived a lot. We’ve survived weeks of full quarantine. We’ve survived negative […]
Mergers and acquisitions decline 68 percent in Texas in 2020Q2
Texas Lawbook said the 89 mergers, acquisitions and joint venture transactions completed by Texas companies in 2020Q2 represented a decline of 68 percent from 2019Q2 as activity in the state reached historic lows. Texas Lawbook, with data from Mergermarket, said the value of the transactions dropped 93.7 percent. The 89 deals were the fewest in […]
Chronicle: Federal loans save 93,117 oil and gas industry jobs in Texas
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 […]
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 […]
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 […]
Ingham’s Texas Petro Index posts second largest decline since 1995
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 […]
Global 2020 spending to decline led by lower forecast for shale investments
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 […]
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 […]
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 […]