U.S. reported additional drilling rigs as of July 18 for the first time in 12 weeks.  The 11-week decline dropped the count from 587 as of April 25 to 537 as of July 11 before growing by 7 to 544 in Baker Hughes’ latest report.  Still the count is down 7.2 percent from 586 a […]

Minneapolis-based Xcel Energy said last week it will build 17 new power projects in Texas and New Mexico to add 5,168 megawatts of new capacity to Xcel’s generation fleet by 2030.  That includes 3,200 megawatts of dispatchable generation and energy storage and 1,968 megawatts of wind and solar facilities.  The region’s electricity demand is expected […]

Corpus Christi’s recent ship channel improvement project deepened the channel to 54 feet from 47 feet and widened it to 530 feet in most places.  That enables more efficient transport of crude oil, LNG and other commodities, including ship traffic by very large crude carriers.  And it attracted three major pipelines from Permian Basin so […]

Newly expanded Port of Corpus Christi, third largest U.S. port in total waterborne tonnage, said last week 2025 is a record year for the ship channel.  In the first six months, port customers moved 102.4 million tons of commodities (previous record 99.5 million in 2024), and that included record second quarter of 51.1 million tons […]

According to New Mexico’s Legislative Finance Committee, offering the market rate of 25 percent for premium oil and gas leases is projected to contribute an additional $50 million-to-$75 million annually to the Land Grant Permanent Fund. Oil and gas royalties from the State Land Office are transferred to the fund and invested by the State […]

Employment in the nation’s energy services sector declined in June for the third consecutive month, according to the Energy Workforce and Technology Council.  The report issued last week detailed a decline in June to 635,077 jobs – a loss of 3,153 positions from May.  Data from Bureau of Labor Statistics analyzed by the council for […]

Dallas-based Rising Phoenix Capital, privately held investment firm, said last week it acquired mineral rights in Midland Basin operated by ConocoPhillips through its Maroon Bells Fund.  The acquisition in Ector and Midland counties includes both producing wells and near-term permitted development.  Jace Graham, CEO, said July 11, “This deal strengthens our position in the heart […]

For the first time, New Mexico State Land Office auctioned oil and gas leases at the new 25 percent royalty rate.  The new state law, which took effect June 20, allowed the State Land Office to offer its prime parcels in core of Delaware Basin at market rates.  That resulted in a record-breaking auction that […]

According to U.S. Energy Information Administration, the share of the nation’s crude oil and petroleum imports from OPEC countries has declined 77 percent since 2006.  In its Monthly Energy Review last week, EIA said imports from Saudi Arabia, Arabia, Algeria, Iraq and other OPEC countries has been declining since 2006 while imports from Canada have […]