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Author: <span>Shiloh</span>

Petroleum Companies’ Financial Performance down

By Alex Mills

 

February 6, 2020

As many oil and gas companies began releasing their 2019 financial reports this week, it became apparent that last year was a stinker financially even though there was record production in the U.S.

Exxon Mobil, the nation’s largest energy company, reported a 31 percent decline in earnings compared to 2018.

Chevron reported an 80 percent decline.

Two other international, integrated petroleum companies – BP and Shell – also reported declines of 21 percent and 23 percent, respectively.

The large volume of crude oil and natural gas production in the U.S. has created an oversupply and caused prices to decline.

Crude oil prices dropped this week to $49 down $4.95 (10 percent) from a year ago, and natural gas sold for $1.87 at Henry Hub down $0.78 (29 percent). Prices have been soft during the last five year.

Declining petroleum prices have created lower gasoline, electricity, etc. prices. Gasoline dropped below $2 in some areas in Texas and averaged $2.45 nationwide…..
 

Railroad Commission Announces New Surface Mining & Communications Division Directors: RRC

February 4, 2020

AUSTIN –– The Railroad Commission of Texas announces new directors for the agency’s Surface Mining and Reclamation Division and the Communications Division. Brent A. Elliott is the SMRD director and R.J. DeSilva is the Communications director effective today, Feb. 3.

“R.J. and Brent bring extensive knowledge and experience to their new roles at the RRC,” said Wei Wang, Executive Director to the Railroad Commission. “As our agency continues to lead in energy regulation, I have full confidence that they will add great value to our success through their leadership.”

Elliott brings more than 25 years of mining and exploration-related research to the RRC. He joins the Commission from the University of Texas Bureau of Economic Geology, where he served as an economic geologist for seven years and supervised research staff and guided graduate students. Elliott also has taught a wide variety of geoscience and science education courses over the past 20 years.

R.J. DeSilva brings more than 20 years of experience in news coverage, media relations and state government to the RRC. DeSilva joins the Commission from the Texas Legislative Budget Board, where he served as Communications Officer since 2014. Before joining the LBB, DeSilva was spokesperson for the Texas Comptroller’s Office. DeSilva also was an anchor and reporter for Austin’s NBC affiliate, KXAN-TV for 10 years.

Elliott said, “It is an honor to lead the Commission’s Surface Mining and Reclamation Division. The staff’s commitment to environmental and public safety is well known. I look forward to working with them to continue their dedication toward safety-focused stewardship of mined resources, effective reclamation and constructive communication with the public and industry.”

DeSilva said, “I’m excited to be joining the RRC’s Communication team. This group has excelled at educating the public about the agency’s important regulatory role in protecting public safety and the environment while ensuring energy is safely produced in compliance with Commission rules.”….

Q4 Net, Revenues Up For Texas Pacific Land Trust: Press Release

January 30, 2020

Texas Pacific Land Trust today announced financial and operating results for the fourth quarter and year ended December 31, 2019.

Results for the fourth quarter of 2019:

  • Net income of $71.3 million, or $9.20 per Sub-share Certificate, for the fourth quarter ended December 31, 2019 compared with $62.7 million, or $8.06 per Sub-share Certificate, for the fourth quarter ended December 31, 2018.
  • Revenues of $113.3 million for the fourth quarter ended December 31, 2019, compared with $93.2 million for the fourth quarter ended December 31, 2018.
  • Increases of 26.6% in easements and other surface-related income, 22.0% in oil and gas royalty revenue and 20.6% in water sales and royalty revenue for the fourth quarter ended December 31, 2019 compared with the fourth quarter ended December 31, 2018.
  • EBITDA of $94.9 million for the fourth quarter ended December 31, 2019, compared with $79.3 million for the fourth quarter of 2018, an increase of 19.6%……

 

Enterprise Sees Record 2019 Volumes, Net Income; Changes Management; Takes Pipeline Stake

January 30, 2020
 
Enterprise Products Partners LP‘s net income attributable to limited partners for all of 2019 was $4.6 billion ($2.09 per unit fully diluted), a 9% increase over 2018, the company reported on Thursday, with pipeline delivering record crude, refined products, NGLs and natural gas….