OPEC Warns of Severely Limited Excess Capacity of Oil

By Alex Mills

August 6, 2022 — The shortfall of global oil supplies sent prices up more than 50% this year, and the group of oil exporting countries warned this week the shortage probably will continue beyond 2023.

The Organization of Petroleum Exporting Countries (OPEC) and its non-member partners, which includes Russia (the second largest oil exporting country), met Wednesday and increased its projected production level 100,000 barrels per day (b/d) to 43.955 million b/d.

“The meeting highlighted with particular concern that insufficient investment into the upstream sector (exploration and production) will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023 from non-participating non-OPEC oil-producing countries, some OPEC member countries and participating non-OPEC oil-producing countries,” OPEC said in a news release.

The warning from OPEC noted that the “severely limited availability of excess capacity.”…

Democrats Want to Tax and Spend on Green New Deal Policies in an Inflationary Recession: Wayne Christian, RRC

August 5, 2022 — President Joe Biden and Senate Democrats have revived their progressive “Build Back Better” agenda to continue an almost two yearlong spending spree, paid for with debt and tax hikes on nearly every American. Few ideas are more economically disastrous than debt spending in an inflationary environment and raising taxes during a recession. And Democrats are planning on doing just that.

The pending partisan proposal spends $370 billion on various pieces of the radical Green New Deal climate agenda, raises taxes by $326 billion, and increases regulations on energy production that will further drive up energy costs across-the-board. But this is just more of the same from Biden’s tenure to date. High taxes, unnecessary regulations, and irresponsible deficit spending is what caused the mess we are in – with $4 a gallon gasinflation at 40-year highs, and two straight quarters of economic contraction….


The Texas Energy Report NewsClips – August 11, 2022 Asterisk (*) denotes news stories that may be inaccessible because the remaining portions are behind a paywall   Top Stories   Texas Tribune – …

Oil, Gas, Overall Texas Sales Tax Revenues Break Records In July

August 2, 2022 — The State of Texas brought in well over a billion dollars in oil and natural gas production taxes in July, Comptroller Glenn Hegar said on Monday, shattering state records.

And overall, tax revenue totaled $3.88 billion in July, 14.7% more than in July 2021, also the highest monthly collections on record.

Natural gas production tax income was up 185% over July, 2021, at $532 million (the largest income on record).

Oil tax receipts were up 84% year-over-year at $694 million (also the largest on record).

Motor fuel tax income was up 3% over July of last year at $324 million…

The 80 TER Texas Energy Companies List: 2nd Quarter 2022 Earnings Results Roundup

This resource is updated as information becomes available.



Reported second-quarter 2022 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $525 million or $1.02 per share, compared with GAAP earnings of $578 million or $1.16 per share in second-quarter 2021. Operating earnings for second-quarter 2022 were $618 million or $1.20 per share, compared with operating earnings of $590 million or $1.18 per share in second-quarter 2021.

Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2022 GAAP and operating earnings for the quarter was largely due to the write-off of an equity investment in the Flat Ridge 2 wind facility in Kansas, charges related to the anticipated sale of AEP’s Kentucky operations, a gain on the sale of mineral rights, and the mark-to-market impact of economic hedging activities.

More at the press release



Amplify Energy

  • During the second quarter of 2022, the Company:
    • Achieved average total production of 20.4 MBoepd, which was held flat compared to the first quarter, despite reduced production at Bairoil attributable to the annual maintenance turnaround
    • Generated net cash provided by operating activities of $20.7 million and net income of $29.2 million
    • Delivered Adjusted EBITDA of $16.3 million
  • As of July 31, 2022, net debt was $185 million, consisting of $215 million outstanding under the revolving credit facility and $30 million of cash on hand
    • Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.3x1
  • Updated the Company’s full-year 2022 guidance, increasing expectations for production and Adjusted EBITDA
  • Southern California Release Incident (the “Incident”) Updates:
    • Amplify continues to work cooperatively with all regulatory agencies to secure the remaining required approvals to safely and promptly repair and restart the pipeline
    • As reported in Amplify’s first quarter earnings release, on April 15, 2022, Amplify received approval for its permanent pipeline repair plan from the Pipeline and Hazardous Material Safety Administration

More at the press release…..