Texas breezes past production milestones; small gains in E&P employment while the service sector suffers; the huge imbalance between oil and natural gas in overall Texas production value; the Texas Petro Index up even as crude prices fall — and then there’s the well completions anomaly

July 31, 2019

The US oil industry faces some economic headwinds as a mild state of economic contraction continues, but growth remains strong in Texas with the state’s daily crude output likely higher than 5 million barrels a day, according to analysis by Karr Ingham, economist for the Texas Alliance of Energy Producers (TAEP) and an originator of the Texas Petro Index.

The headwinds include the continued volatility of oil futures prices, steel tariffs and US protectionist trade policy along with natural gas issues including the price, associated gas production and pipeline constraints, Mr. Ingham said during TAEP’s Midyear Update in Houston on Wednesday.

But he emphasized that growth momentum remains, with Texas currently in the process of smashing the all-time record for crude production and, overall, daily oil output standing at 42% of total US production……
 

July 31, 2019

All workers are accounted for, with 37 people sustaining “minor burn” injuries, after an explosion and fire — now said to be under control — at ExxonMobil‘s Baytown Olefins Plant in a unit that contains polypropylene material, according to officials in Harris County……
 

July 30, 2019

Harvest Oil & Gas Corp. is selling practically all its interests in the Barnett Shale….
 

July 30, 2019

A former Apache executive is the new president of EPIC Midstream Holdings….
 

July 30, 2019

The Houston area’s US Silica Holdings Inc. easily beat Q2 earnings expectations with second quarter revenue of $394.9 million and net income of $6.2 million, or $0.08 per basic and diluted share.…
 

July 30, 2019

Houston-based Calpine reports an $86 million drop in net income for the second quarter, largely because of income taxes burdens….
 

July 30, 2019

The parent company of Direct Energy, England-based Centrica, is getting out of the oil and gas business and its CEO is quitting….
 

July 30, 2019

Dallas-based Aethon Energy and Houston’s Burlington Resources are working to expand the Moneta Divide oil and gas field in Wyoming by 4,250 wells….
 

July 30, 2019

Tri-County Electric Cooperative is signing on with the Texas Electric Cooperatives (TEC) alliance, greatly expanding the TEC service area….
 

July 29, 2019

ONE Gas, Inc. (NYSE: OGS) today announced its second-quarter 2019 financial results and updated its 2019 financial guidance….
 

July 29, 2019

BCE Mach II LLC says it’s purchased from an unnamed seller some producing properties in Hemphill and Roberts counties, Texas, along with properties in Beckham, Custer, Dewey, Roger Mills and Washita counties, Oklahoma….
 

July 29, 2019

With the possibility of another tropical storm moving toward Florida and perhaps the Gulf of Mexico, work continues on Texas A&M University’s offshore system of buoys aimed at helping predict the paths and intensities of future hurricanes and related storms….
 

July 29, 2019

Nearly $10 million in funding will go to the University of Texas at Austin for testing of technology to improve fracking oil recovery….
 

July 28, 2019

ONEOK is putting its money on the growth of natural gas in North Dakota to the tune of $400 million, and plans to add to its LPG pipeline in the Permian Basin…..
 

July 27, 2019

Permit applications approved by the Texas Railroad Commission for July 18 through July 24 for Districts 7C, 8 and 8A. Numbers in parentheses indicate the number of permits approved for that leasehold.

>> Anadarko E&P Onshore, LLC, Bullhead 55-1-22 Unit B, Loving, new drill; Heron 54-2-4 Unit, Loving, new drill (2).

>> Apache Corporation, University 2404 East B, Reagan, new drill; University 2404 East C, Reagan, new drill; University 2404 East D, Reagan, new drill.

>> Aqua Terra Permian, LLC, Deets SWD, Midland, new drill; Dishwater SWD, Midland, new drill.

>> Atoka Operating Permian, LLC, Reed Ranch, Sterling, new drill….
 

July 26, 2019

An Oklahoma electric co-operative that distributes power into Texas has a new power purchase agreement with NextEra Energy Resources….
 

July 26, 2019

An electric transportation and sustainability website says polls have consistently shown American support for the Green New Deal and a new poll indicates that support continues….
 

By Alex Mills

Crude oil, gasoline and natural gas prices have been flat throughout the summer.

Crude oil prices during June and July peaked on July 12 at $60.21 per barrel on the New York Mercantile Exchange and bottomed out on June 6 at $51.14, according to data from the U.S. Energy Information Administration (EIA). Crude oil closed on Wednesday at $56.22.

Gasoline averaged $2.75 per gallon last week throughout the U.S., which was a decrease of $0.029 from the previous week and a decline of $0.081from a year ago. EIA said Texas had the lowest average gasoline prices last week at $2.501, and California had the highest at $3.569 per gallon.

EIA reports there has been an oversupply of crude oil and petroleum products, which has contributed to the soft prices.

“The US driving season has peaked but the global gasoline market remains tight,” according to a report from Bank of America….
 

July 25, 2019

Targa Resources says its current will become its new CEO.

…
 

July 24, 2019

Medallion Pipeline Company LLC is looking for binding, long-term commitments to use capacity leased on the EPIC Crude Pipeline that’s under construction….