June 2, 2020
Railroad Commission of Texas Commissioner Christi Craddick‘s director of public affairs is the new president of the Texas Alliance of Energy Producers….
June 2, 2020
Dallas’ Peregrine Energy Partners says its continuing to find and act on good deals in the natural gas sector, with some new royalty interest purchases in Pennsylvania and West Virginia…..
June 2, 2020
Shut-in oil wells, layoffs, a pandemic and riots in the big cities isn’t keeping Texas from being the best place to be to conduct business, according to executives polled by Chief Executive.com…..
By Alex Mills
June 2, 2020
The decline in the demand for petroleum products worldwide has delivered a severe blow to the oil and gas industry in Texas as companies are forced to reduce expenses as revenues fall through the floor.
The oversupply of oil caused prices to decline from $60 per barrel in January to a low of -$37 on April 20. The unprecedented crash caused most companies to announce they would cut capital expenditures immediately. The U.S. drilling rig count fell to 318 this week from 915 a year ago, and the Texas Workforce Commission reports the industry in Texas cut 26,300 jobs during April, another record.
Companies had to cut oil production quickly, and they did. The Energy Information Administration (EIA) estimates U.S. oil production has declined about 1 million barrels per day (b/d) from a high of 13 million b/d in March.
Rystad Energy predicts U.S. oil production will decline even further reaching 10.7 million b/d this summer…..
June 2, 2020
Adds Denbury Resources, Sunnova Energy — EOG Resources, Genesis Energy, Holly Energy Partners, Marathon Oil, Noble Midstream Partners, Occidental Petroleum, Plains All American, Range Resources, Vistra Energy. Added to: Callon Petroleum, Calpine Corp, Earthstone Energy, El Paso Electric, Enbridge, Energy Transfer, Goodrich Petroleum, Kimbell Royal Partners, Laredo Petroleum, NRG, Rattler Midstream, Ring Energy, Riviera Resources, Saudi Aramco, Spark Energy, Summit Midstream Partners, Talos Energy and Targa Resources, Vaalco Energy, Weatherford International….
June 2, 2020
The National Hurricane Center is advising businesses like oil, gas and electricity providers to watch the Gulf of Mexico closely as we near the weekend now that Tropical Storm Cristobal has formed…..
June 2, 2020
Texas-based HollyFrontier Corp. has plans to turn around a Wyoming refinery, reducing about 75% of its plant workforce along the way…..
June 2, 2020
CenterPoint Energy, Inc. and Energy Capital Partners, LLC have close on the sale of CenterPoint Energy Services (CES).….
June 2, 2020
El Paso Electric Co. has extended its purchase agreement with a division of J.P. Morgan Investment Management Inc. as the two companies await approval from the FERC…..
June 1, 2020
American Electric Power has only to win approval of the Public Utility Commission of Texas to clear all regulatory hurdles to acquire all of the wind generation being constructed in Oklahoma, intended to serve four states including Texas……
June 1, 2020
Texas oil production tax income received in May reached its lowest monthly level since July 2010 in it’s steepest one-month drop since 1988…..
June 1, 2020
Former Quantum Energy Partners manager and TIPRO member David Bole has died….
May 30, 2020
The US electric power sector has surpassed the Obama Administration’s Clean Power Plan emissions reduction targets 11 years ahead of schedule, according to a new report by the Carbon Tax Center…..
May 30, 2020
Exxon Mobil Corp has restarted the large crude distillation unit at its 369,024 barrel-per-day Beaumont refinery….
May 27, 2020
The president and CEO of Texas Capital Bank NA has stepped down and a temporary successor, who has experience in oil and gas, has been named…..
May 27, 2020
Texas Oil & Gas Association (TXOGA) President Todd Staples recently joined Texas Land Commissioner George P. Bush at Lamar University in Beaumont to discuss how oil and natural gas in Texas are fueling education.
“The Texas General Land Office has long played a key role in funding education across Texas, with the oil and natural gas industry being a strong partner of this mission,” said Bush. “The dollars that this industry pumps into education in Texas are helping provide the learning opportunities that are vital to our state’s efforts to better prepare the next generation of innovators and leaders.”….
May 27, 2020
A new environmental report places San Antonio in 5th place nationally — and first in Texas — in solar energy capacity….
By Alex Mills
May 27, 2020
Crude oil prices have firmed up from its crash one month ago, but the industry’s reduction in capital expenditures and decline in future drilling will negatively impact its ability to replace current production in the future.
The Federal Reserve Bank of Dallas issued a report this week stating: “We expect at least a 35 percent drop in such investment (U.S. oil and gas producers) between the first and second quarters of 2020 in real (inflation-adjusted) terms, which will reduce nonresidential business fixed investment by 6 percentage points alone.”
A big portion of the capital expenditures (capex) by industry includes drilling and completion costs. The U.S. drilling rig count declined this week to historic low of 339 compared to 985 last year, which is a decline of 688 active drilling rigs (70 percent), according to the Baker Hughes Rig Count. In Texas, the rig count declined 332 from 482 a year ago to 150 currently (69 percent)…..
May 27, 2020
Electricity use in the ERCOT was down between three and four percent last week, when compared to the agency’s expected use….
May 26, 2020
A group of independent energy brokers and consultants say they’re launching an education effort that will help “fully implement” requirements mandated last year by the Texas Legislature….