August 22, 2019

President Donald Trump has been having trouble attracting energy company campaign contributions that will likely flow eventually, but such problems pale when compared to his possible GOP rivals, according to new reports from a Washington research organization.

Center for Responsive Politics (CRP) research indicates wide skepticism of Mr. Trump’s trade tariff efforts, despite his pro-energy agenda.

And while there are indications that the Trump 2020 campaign will be receiving unexpected support from a number of political sectors, and while research into expected donations is already underway, the fact that the vote remains well more than a year away renders much of the research speculative.

Still, oil, gas, coal and other energy money will likely be crucial to the entire election cycle again over the next 14 months, and the landscape will be even more complicated than the most recent election….
 

By Alex Mills

August 21, 2019

The automobile industry has searched for several decades for the solutions to the many problems it faces in developing vehicles powered by batteries solely.

General Motors (GM) has a long history in trying to develop its EV1 electric car but discontinued that effort in 2003, but continued to offer hybrid vehicles, which operate on battery power with gasoline powered engines as backup.

However, The Wall Street Journal reported this week that GM and Volkswagen say they see no future for hybrids and they will concentrate fully on electric vehicles.

GM will develop some 20 styles of electric vehicles (plug-in) during the next four year under the Chevrolet and Cadillac brands….
 

August 19, 2019

Texas is among 10 states set to receive a total of $181 million for upgrading rural electric systems, with Deep East Texas Electric Cooperative getting a good share…..
 

August 19, 2019

Some specific solar and wind electricity generation systems components are taxable for sales and use while others are exempt, according to a letter from the Texas Comptroller of Public Accounts….
 

August 19, 2019

A group of Sanchez Energy Corp.‘s unsecured debt holders asked a Texas bankruptcy court last Tuesday (8/13) to “put the brakes on the company’s request for Chapter 11 financing.”….
 

August 19, 2019

The Railroad Commission of Texas (Commission) issued a total of 912 original drilling permits in July 2019 compared 1,153 in July 2018. The July 2019 total included 836 permits to drill new oil or gas wells, eight to re-enter plugged well bores and 68 for re-completions of existing well bores. The breakdown of well types for those permits is 212 oil, 58 gas, 537 oil or gas, 93 injection, three service and nine other permits….
 

August 15, 2019

ERCOT said Thursday afternoon a Level 1 alert is in effect — wind generation is down, at least one backup generation ‘is out’ bringing grid to lower overall generation level.

No outages are expected at least for now.

The grid coordinator is calling for electricity users to cut back usage.

Level 1 is the lowest of three levels of emergency alert.

Some fewer generation sources unavailable when compared to earlier in the week, ERCOT Senior Director of System Operations Dan Woodfin saAugust 15, 2019

ERCOT said Thursday afternoon a Level 1 alert is in effect — wind generation is down, at least one backup generation source ‘is out’ bringing grid to lower overall generation level.

No outages are expected at least for now.

This alert is not weather related, ERCOT said.

The grid coordinator is calling for electricity users to cut back usage.

Level 1 is the lowest of three levels of emergency alert.

Some fewer generation sources unavailable when compared to earlier in the week, ERCOT Senior Director of System Operations Dan Woodfin said…..
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August 14, 2019

A longtime oil and gas banking specialist is the new chief commercial officer at the Texas Pacific Land Trust…..
 

August 14, 2019

Crude oil and natural gas production as reported to the Railroad Commission of Texas (RRC) for May 2019 came from 177,644 oil wells and 89,952 gas wells….
 

August 14, 2019

Citgo‘s new CEO is already chairman of the board….
 

August 13, 2019

Reliant Energy is asking its Texas customers to continue conserving electricity through Thursday, after power prices spiked above $9,000/MWh and an emergency action declared by ERCOT on Tuesday afternoon was cancelled after less than two hours….
 

August 13, 2019

Comstock Resources‘ second quarter financial and operations results continue to feature contributions from the 2018 merger of properties from Dallas Cowboys owner Jerry Jones.

The North Texas billionaire contributed Bakken Shale properties to the company in exchange for a controlling interest while it refinanced its long-term debt.

Following are highlights Comstock’s press release on quarterly and half-year results:

For the second quarter of 2019, Comstock reported net income of $21.4 million or $0.20 per diluted share as compared to a net loss of $34.0 million or $2.22 per share for the Predecessor second quarter of 2018. The second quarter 2019 results included an unrealized gain from derivative financial instruments held to manage oil and gas price risks of $12.8 million and Covey Park merger related transaction costs of $1.4 million. Excluding these items, the net income for the second quarter of 2019 would have been $12.7 million or $0.12 per diluted share….
 

August 13, 2019

Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today its financial results for the second quarter ended June 30, 2019 and provided an operational update.

Second Quarter Highlights

• Production of 2.9 Bcfe for the quarter, or 32.3 Mmcfe per day, approximate mid-point of guidance

• Net loss of $5.0 million and EBITDAX of $4.4 million for the quarter. Adjusted EBITDAX of $3.1 million for the quarter, or $4.1 million when excluding non-recurring items described herein
• 17% decrease in general and administrative (“G&A”) costs for the quarter, or a 35% decrease when excluding non-recurring items described herein
• Drilled three wells in Pecos County, TX in the Southern Delaware Basin and a fourth well in July
• Sequential completion operations commenced in July on two wells (including one previously drilled in 2018), and is expected to commence in September for the remaining three wells

…
 

August 13, 2019

August 13, 2019

Lilis Energy, Inc. (NYSE American: LLEX), an exploration and development company operating in the Permian Basin of West Texas and southeastern New Mexico, today reported financial and operating results for the second quarter of 2019.

Second Quarter 2019 Highlights

• Increased net sales production volumes by 32% to 6,341 Boepd, including a 50% increase in crude oil production to 3,925 Bopd, for the three months ended June 30, 2019, as compared to the same period in 2018
• Decreased net loss to $8.6 million, or $0.09 per share for the three months ended June 30, 2019, from $33.7 million, or $0.53 per share for the same period in 2018

….
 

August 13, 2019

The first crude oil delivery arrived this week for Trafigura and Houston’s Buckeye from the Cactus II pipeline in Corpus Christi….
 

August 13, 2019

The State of Texas will issue $8 billion in tax and revenue anticipation notes next week as the fiscal year approaches….
 

August 13, 2019

UK-based independent renewable company Renewable Energy Systems (RES) is joining with Canada’s Algonquin Power & Utilities Corp. on a Texas wind project….
 

By Alex Mills

August 8, 2019

Energy policy no longer has a place in the debates among Democrat candidates for President. The buzz words for Democrats today are “climate change,” “environmental justice” and the “Green New Deal.”

Crude oil, natural gas, coal and nuclear are not a part of the platforms of the 20-something Democratic candidates. Not even the two candidates from Texas – Beto O’Rourke and Julian Castro – have any mention of oil and natural gas on their official webpages. O’Rourke does say he would stop granting federal leases for development of fossil fuels, and develop funding ($5 trillion) for climate change investments and “economic diversification.” Castro’s webpage has no mention of energy or climate change.

During the recent second round of debates last week, former Vice President Joe Biden was asked by the moderator if there would be “any place for fossil fuels, including coal and fracking” in his administration and he replied “no.”

Biden, the leading contender in the polls, does devote a lengthy discourse on his webpage discussing his policy “ensuring the U.S. achieves a 100 percent clean energy economy and net-zero emissions no later than 2050.” To achieve this very lofty goal, Biden says he will issue executive orders, seek legislative remedies, establish “enforcement mechanisms,” and make “historic investment in clean energy.” Those enforcement mechanisms include “action against fossil fuel companies and other polluters who put profit over people.”…
 

August 8, 2019

Anadarko Petroleum is no more; it ceased trading on the NYSE on Thursday and is now part of Occidental….