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 […]

Plano-based United Energy LNG and Power LNG last week announced an agreement to create a scalable small-scale LNG platform to serve industrial, power and transport markets across North America.  The combined entity, United Energy LNG, oversees a portfolio of three LNG production sites in advanced stages of development, including its first project site in Houston.  […]

U.S. imported only 17 percent of its domestic energy supply in 2024 – half of the record share in 2006 and the lowest share since 1985.  U.S. Energy Information Administration said July 7 in its Monthly Energy Review, “The decline in imports’ share of supply in the previous two decades is attributable to both an […]

The count of active drilling rigs in Permian Basin ended 10 weeks of decline, but the U.S. count fell for the 11th consecutive week.  Baker Hughes said as of July 11 there were 265 rigs in Permian Basin (unchanged in the past week, down 40 rigs or 13 percent from 305 a year ago) and […]

ExxonMobil is the only one of the top seven U.S. operators to report an increase in active drilling rigs in the past year, according to Enverus’ latest Drill Down Report.  ExxonMobil is the leading operator in both U.S. and Permian Basin. In the U.S., ExxonMobil reported 39 working rigs as of July 4 (weekly average […]

This week U.S. Energy Information Administration reduced its forecast for crude oil production this year. In its Short-Term Energy Outlook released Tuesday, EIA said, “Declining oil prices have contributed to U.S. producers slowing their drilling and completion activity this year.  As a result, we forecast U.S. crude oil production will decline from an all-time high […]