A Texas federal judge will allow the state to continue to enforce its new “right of first refusal” law being challenged by NextEra Energy, for the second time turning down the company’s request for an injunction against the state.….
Massachusetts v. ExxonMobil Case Goes Forward In State Court
March 17, 2020
A federal judge ruled on Tuesday that ExxonMobil‘s climate-change-related “consumer protection” court case will be tried in Massachusetts state court…..
Abraxas Lay-Offs, Board and Salary Cuts
March 17, 2020
Abraxas Petroleum is laying off some employees and suspending guidance as it reduces expenses….
Refinery Center Orange County Judge Issues Price Controls, Emergency Orders Over Virus
March 17, 2020
A disaster declaration for Orange County, Texas, home to a refineries and oil companies, took effect Tuesday morning…..
Permian Pumper Permex Petroleum’s New CEO
March 17, 2020
Permex Petroleum, with stakes in the Delaware Basin and elsewhere, has added an experienced oil executive to its board of directors…..
Wind Farm South of Dallas Gets New Owner
March 17, 2020
A Canadian company has a new 100% ownership of a Texas windpower facility…..
Reliant Offers New Corona Virus-Related Customer Assistance
March 17, 2020
Houston’s Reliant Energy is joining dozens of other retail electricity providers in initiating some relief for customers during the Corona virus (Covid-19) crisis…..
Texas Will Continue to Enforce “Right of First Refusal”
March 17, 2020
Deep Cuts In Oilfield Service Markets Are Coming: Rystad
“5,800 horizontal wells could be cut in 2020…Shale industry would carry…as much as $65 billion of the $100 billion spending reduction expected globally.”
March 17, 2020
The oil and gas markets are in turmoil, looking for a bottom price with a volume war in the offing as we await the next OPEC+ meeting, but in the meantime there is a potential for 2 million barrels per day in second quarter surplus while E&Ps slash billions from their budgets……
Texas Capitol Closed to the Public
March 17, 2020
Texas has closed its Capitol to the public to slow the spread of the Corona virus….
Hilcorp To Keep Finances Private in Alaska Deal
March 17, 2020
Houston’s Hilcorp Energy will keep its finances private while negotiations are underway to buy BP Alaska‘s pipeline assets, after a state government ruling….
What does a fluctuating market mean for Texas oil and natural gas? — TXOGA
In the midst of Coronavirus and intense market fluctuations, we are facing challenging and uncertain times. But time and time again, Texas oil and natural gas companies have proven nimble and innovative in difficult times.
As oil and natural gas companies navigate the challenges of the marketplace, we need to do all that we can to maintain the stabilizing force that Texas has become not only for our state, but the world. We can do that by holding fast to a science-based approach to regulation and policies that encourage responsible energy production, expanding pipeline infrastructure to foster growth and tax revenue and encouraging continued investment in innovations that have made the US the world leader in energy production and environmental progress.
Watch TXOGA President Todd Staples detail the status of the oil and natural gas industry in the midst of a fluctuating market below!
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As industry supporters, we know that this industry is well-positioned to face times like these head on in order to continue to provide safe, reliable, affordable and cleaner energy! Help us spread the word about how this industry is committed to doing so!
ExxonMobil Rating Downgraded, Vows to Reduce Spending
March 16, 2020
ExxonMobil says it will reduce spending just as the company’s issuer credit rating and unsecured debt was lowered by S&P Global Ratings from AAA to AA+…..
Fluor In $1.7 Billion Navy Deal
March 13, 2020
Irving-based Fluor has a new $1.7 billion deal with the US Navy…..
Crude Oil Takes Big Hit from Coronavirus and Geopolitics
By Alex Mills
March 12, 2020
Geopolitics and the coronavirus gave crude oil prices a one-two knockout punch that sent prices to the canvass last week.
Prices for West Texas Intermediate on the New York Mercantile Exchange declined from $41 to $30 (27 percent) on Monday, recovered to $34 on Tuesday, but declined again to $33 on Wednesday.
The stock prices of oil companies took a big hit, too. Integrated oil companies ExxonMobil and Chevron dropped 12 percent and 15 percent, respectively, on Monday. Independents Occidental and Apache lost 52 percent and 54 percent, respectively on Monday. Marathon dropped 46 percent, EOG fell 32 percent, and Devon declined 37 percent. Most of these stocks recovered slightly on Tuesday, but all were down again on Wednesday.
The fall out will trickle down to oil service companies and financial institutions…..
RRC Enforcement Actions Taken at Commissioner’s March 4th Conference
The Railroad Commission of Texas assessed $781,554 in fines involving 237 enforcement dockets against operators and businesses at the Commissioners’ Conference last week…..
Torchlight Converts Debt to Working Interest in Orogrande
March 11, 2020
Plano’s Tochlight Energy Resources has agreed with debt holders of its principal and interest to convert to a working interest in the company’s exploration and drilling in the Orogrande Basin…..
Texas RE CEO To Step Down
March 11, 2020
The CEO of the Texas Reliability Entity (Texas RE), one of the regional electric reliability councils, is announcing his retirement…..
Houston O&G Conference Set for May, Organizers Watching Virus and Industry
March 11, 2020
With the Houston Rodeo cancelled and a noticeable dropoff in the number of visiting tours at the Texas Capitol building, along with the new “social distancing” recommendations from authorities and the World Health Organization‘s declaration of the new Coronavirus as a “pandemic,” concerns are now turning to cancellations of large gatherings, and there are new concerns about one of Houston’s top oil-and-gas-related gatherings…..