Following new domestic and global trends, International Energy Agency said recently that energy companies allocated only 48 percent of their operating cash flow for capital spending in 2022 – down sharply from 93 percent in 2016. And they increased dividends and share repurchases to 39 percent of cash flow compared to 7 percent in 2016. […]

Texas’ budget for the next two years signed into law Sunday by Gov. Greg Abbott includes $481 million for fiscal years 2024 and 2025 for Railroad Commission of Texas, which regulates the state’s oil and gas industry. HB 1 authorizing a budget of $321.3 billion was certified by comptroller Glenn Hegar before being signed by […]

Denver-based Civitas Resources said Tuesday it is acquiring oil-producing assets in Delaware and Midland basins in west Texas in two separate agreements totaling about $4.7 billion from portfolio companies of NGP Energy Capital Management. The deals mark Civitas’ entry into the Permian Basin. “These transactions make Civitas a better company,” CEO Chris Doyle said, “and […]

U.S. Energy Information Administration said natural gas production in Permian Basin reached a record 21 billion cubic feet per day in 2022 – an increase of 14 percent over 2021 – and continues to increase in 2023.  The latest EIA drilling productivity report says Permian is expected to produce 22.878 Bcfd in July– up 60 […]

A recent report from Texas Climate Jobs Project and Marshall Center at University of Texas said methane mitigation could create 35,000 jobs in Texas – 20,000 jobs to implement standards of the proposed methane rule by U.S. Environmental Protection Agency and 15,000 other jobs to address emissions, including 5,000 to cap orphan wells.  Christopher Agbo, […]

U.S. Department of Energy is accepting offers for an additional three million barrels of sour crude oil for the nation’s strategic petroleum reserve for delivery in September to the Big Hill SPR site in southeast Texas.  DOE said June 9 the deadline to receive offers is June 20.  Minimum offer is 300,000 barrels, and maximum […]

The counts of active drilling rigs in U.S. as of June 16 fell for the seventh consecutive week and for the sixth time in the last seven weeks in Permian Basin.  Baker Hughes said there are 342 rigs in Permian Basin (down 4 in past week, down 3 in past year), 347 in Texas (unchanged […]

Seven major U.S. shale regions continue to produce record amounts of oil, according to U.S. Energy Information Administration, although July’s forecast is only 8,000 barrels per day higher than June.  That’s the smallest increase since December 2022.  EIA said June 12 in its latest drilling productivity report seven regions are expected to produce 9.375 million […]

U.S. Department of Labor said recently average hourly earnings for front-line oil and gas workers rose 0.7 percent in April from the previous month to $43.28 to climb above $43 an hour for the first time.  Compared to a year ago, pay is up 12 percent.  Bloomberg reported June 2, “The relative strength in shale […]