Operators in Permian Basin’s energy industry continue to announce reductions in capital budgets for 2020. They include: Phillips 66 said March 24 it will defer its Red Oak pipeline as part of reducing its 2020 capital budget by $700 million to $3.1 billion. With Plains All American Pipeline, Phillips 66 formed Red Oak Pipeline to […]
Petro index declines again as production grows, total employment declines
Texas Petro Index by petroleum economist Karr Ingham declined for the 11th straight month in January 2020 to 191.9 after 193.6 the previous month in December 2019 and 212.5 a year ago in January 2019 (base 100 in January 1995, peak 313.9 in November 2014). In the past year, as of January, oil price (monthly […]
Permian Basin oil production to reach 4.792 million b/d in April
Permian Basin is forecast to be the only one of seven major producing regions in U.S. to grow its crude oil production in April, according to the drilling productivity report of March 16 from U.S. Department of Energy. Permian is expected to add 38,000 barrels per day in April compared to March to reach 4.792 […]
Officials consider consequences of drop in oil prices for state budget
Although it’s too soon to know how current global and national events will affect the state budget, the budget-writing process will begin soon as lawmakers prepare to convene in Austin in January 2021 for the next session of the legislature. Texas’ last budget adopted in spring 2019 was balanced with $2.9 billion to spare, comptroller […]
Basic Energy Services acquires C&J Well Services from NexTier
Fort Worth-based Basic Energy Services said March 9 it acquired production assets of NexTier for $94 million. NexTier’s production operation, known as C&J Well Services, was established in San Angelo in 1948 by Frank Pool and is reportedly the third largest rig servicing provider in the U.S. Keith L. Schilling, president and CEO, said, “This […]
Commission cancels March 31 meeting as calls come to limit production
Railroad Commission of Texas canceled its meeting scheduled Tuesday, March 31, because of the coronavirus outbreak as the commission receives calls to limit crude production. The commission has the authority to determine how much oil a lease can produce, according to Houston Chronicle, but it hasn’t used that power since 1973. The Chronicle said, “With […]
Permian Basin gains in rig count for 2020 erased in one week
The gains in rig count in 11 weeks of 2020 in Permian Basin were erased in one week in Baker Hughes’ report of March 13. The Houston-based oilfield services firm said 13 rigs were idled in the past week to bring the total oil and gas drilling rigs from 418 down to 405 – the […]
Crude oil, natural gas operators reduce spending in Permian Basin
More operators are reacting to commodity price downturn and industry current conditions by reducing 2020 capital spending in Permian Basin. They include: Apache reduced its 2020 capital budget to about $1.1 billion – down from about $1.75 billion – and will idle all its rigs in Permian Basin and reduce drilling elsewhere. “We are significantly […]
Yergin: “Problem of oil price war in middle of constricting market”
Historian Daniel Yergin, vice chairman of research firm IHS Markit, said last week the combination of an oil price war led by Saudi Arabia and Russia and a coronavirus pandemic is unlike anything in the history of the oil industry. Yergin told reporters March 12 in Washington, D.C., “There have been many cases of an […]
Permian Basin adds rigs for fifth straight week
Permian Basin, Texas and New Mexico continue to add oil and gas drilling rigs, according to weekly report of March 13 from Baker Hughes. Permian Basin added 3 rigs for a new total of 418 (464 a year ago), Texas added 4 rigs for a total of 408 (501 a year ago), and New Mexico […]
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