July 2, 2020
Rosehill Resources and Rosehill Operating Company have entered in a Restructuring Support Agreement with some lenders and are preparing to file Chapter 11 bankruptcy in Texas on or before July 15th, expecting to emerge within 75 days….
July 1, 2020
Sales tax revenue collected in June by the state of Texas was down 6.5% when compared to a year ago, thanks in part to continued drops in oil and gas production taxes….
June 30, 2020
New Mexico’s utilities regulator says it’s recommending a plan to partner with New Energy Economy in a renewables plan for power generation resources once Public Service Company of New Mexico (PNM) closes its coal-fired San Juan Generating Station.…
June 29, 2020
Whitewater Midstream‘s upcoming Whistler Pipeline has a new injection of $325 million as it aims for operations to being next year in Texas….
June 29, 2020
San Antonio’s Mirage Energy Corp. is now engaged with a big New York City PR firm to publicize the pipeline and storage companies future efforts….
June 26, 2020
AUSTIN –– Crude oil and natural gas production as reported to the Railroad Commission of Texas (RRC) for April 2020 came from 172,505 oil wells and 87,853 gas wells.
The RRC reports that from May 2019 to April 2020, total Texas reported production was 1.5 billion barrels of crude oil and 10.4 trillion cubic feet of total gas. Crude oil production reported by the RRC is limited to oil produced from oil leases and does not include condensate, which is reported separately by the RRC…..
June 28, 2020
The shale drilling pioneer Chesapeake Energy lost $8.3 billion in 1Q and reported only $82 million in cash at the end of March. In a debtor agreement, Chesapeake has acquired $925 million in a revolving credit debtor-in-possession agreement to keep it going during the bankruptcy process, eliminating about $7 billion of debt along with a $600 million commitment for new equity when it emerges from the court process.
However, with about 73% of unsecured bondholders refusing to go along with the deal, a fight over recoveries is expected and could get contentious as hedge funds that accumulated positions in the bonds fight with the secured debtors
…..
June 25, 2020
Houston crude production and development independent VAALCO Energy Inc. has three new independent directors on the board….
June 24, 2020
ExxonMobil has restarted a Baytown hydrocracker that was shut on Monday because of a malfunction, according to Reuters….
June 23, 2020
Records indicate a PAC supporting a Green Party candidate in Montana’s competitive US Senate contest is backed by a Houston-based group linked to an activist West Texas oilman……
“Shale operators need to cut costs tremendously because of low global prices of crude oil,” and a new spreadsheet analysis procedure can do that.
June 23, 2020
Rather than using complicated reservoir simulations, researchers at Texas A&M University say they’ve come up with a much simpler method to predict the amount of oil and gas that can be recovered from newly-drilled wells, saving time, hassle and money….
June 22, 2020
Construction is getting underway on Odessa property for a new office building to house a Permian Basin office for TEAM Inc.‘s pipeline services division….
June 22, 2020
The largest solar module manufacturer in the US has a new agreement to provide solar-generated electricity to the largest petrochemical site in the western hemisphere….
June 23, 2020
Dedicating the money to communities, Irving-based Vistra Energy said on Monday it’s committing $10 million over the next five years to the advancement of minorities…..
June 22, 2020
ExxonMobil Qatar has appointed Dominic Genetti as president and GM effective July 1, 2020….
June 23, 2020
The US Department of Agriculture is releasing $1.6 billion in loans to utilities and electric cooperatives for use in infrastructure, including more than $40 million in Texas…..
June 19, 2020
Valero‘s top lawyer is moving up to CFO…..
June 19, 2020
O&G permits issued in the Midland region were down by about 30% in April, according to the Railroad Commission of Texas.…
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Emily Pataki re-elected
June 19, 2020
Results of the 2020 PEC Board of Directors election are in.
PEC members in districts 2, 3, and 4 reelected Emily Pataki, and elected Mark Ekrut and Travis Cox to serve on the cooperative’s board of directors…..