May 6, 2020
Net income was up in the first quarter for Oncor Electric Delivery Service, the Sempra-controlled company said, Sempra itself also did well in its Q1 report….
A statement from Todd Staples, president of the Texas Oil & Gas Association:
“We are pleased that the Railroad Commission will not be pursuing proration because that approach would have made matters worse. The market is a much better arbiter of production than artificial government mandates. There are, however, solutions the Commission can adopt that will be helpful as operators weather this economic crisis. As a member of the Railroad Commission’s Blue Ribbon Task Force for Oil Economic Recovery, TXOGA welcomed the opportunity to work with other industry leaders to make comprehensive recommendations to the Commission on regulatory, operational, legal, and tax solutions that can allow Texas producers to recover within the context of the free market. We are encouraged that the Commission today adopted some of the recommendations and believe their action will be meaningful to maintain jobs for employees and survival for employers.”…..
May 5, 2020
Today, the Railroad Commission of Texas convened for its monthly commissioners’ conference to discuss pending business and regulatory matters, as well as receive an update from the Blue Ribbon Task Force for Oil Economic Recovery. This task force was formed last month by the commission’s chairman, Wayne Christian, to evaluate solutions that will assist oil and gas operators and save jobs as the industry endures historic and unprecedented challenges. Ed Longanecker, president of the Texas Independent Producers & Royalty Owners Association (TIPRO), provided testimony during Tuesday’s public hearing on behalf of the task force and its list of recommendations for consideration by the Railroad Commission. On Tuesday morning, leaders of the Railroad Commission also voted against a proposal to impose limits on oil production in Texas. The following statement can be attributed to Mr. Longanecker:
“On behalf of the Blue Ribbon Task Force for Oil Economic Recovery, I was pleased this morning to update the commissioners of our collective recommendations to keep oilfield workers employed and help Texas operators to survive these exceptionally difficult circumstances.
The recommendations developed by the task force are designed to be broad, yet comprehensive, and include fee relief, relaxed reporting requirements, additional deadline extensions and other mechanisms to expand storage capacity in Texas. The focus of the group’s suggestions is above all-else to provide small producers with regulatory relief at this time, though when possible, the task force encourages relief be granted to all operators, regardless of size, as this crisis does not discriminate and is negatively impacting every sector of the industry…..
May 5, 2020
The Railroad Commission of Texas voted unanimously at its Tuesday meeting to yield fees for new storage projects, but as Commissioner Ryan Sitton told Bloomberg News recently, proration is dead……
May 4, 2020
ONE Gas‘ Q1 report shows quarterly earnings of $1.72 per share, missing the Zacks Consensus Estimate of $1.78 per share. This compares to earnings of $1.76 per share a year ago….
May 4, 2020
Tellurian Inc. says it’s building its cash reserves with a new agreement to sell $56 million in zero-coupon, unsecured notes on gross proceeds of $50 million as the Houston company reports about $41 million in 1Q losses…..
May 4, 2020
Two Wyoming gas drillers are said by a top financial ratings service to be in peril of “imminent” default…..
May 4, 2020
The Oil Prices Outlook for April 2020, published by BBVA Research, indicates that oil prices will remain very low in the second quarter of 2020 but are likely to recover by the second half of the year as the worst of the pandemic is left behind…..
May 4, 2020
Houston’s Oil States International came out with a quarterly loss of $0.14 per share versus the Zacks Consensus Estimate of a loss of $0.21…..
May 4, 2020
A former deputy commissioner at the Texas Commission on Environmental Quality is the new assistant chief of staff at the Texas-centered region of the Environmental Protection Agency (EPA).….
May 4, 2020
There are increasing hopes that US gasoline consumption is on the uptick as states and cities relax stay-at-home orders, with incoming metrics confirming more traffic on the roads each day…..
Largest y/y drop in vehicle sales and rental taxes on record…fuel tax sees biggest drop since 1991
May 3, 2020
State income from oil and gas-related business dropped significantly in the April reporting period, which reflects purchases in March,when the first real effects of the pandemic were being felt…..
May 3, 2020
Ft. Worth’s Lilis Energy saw a slight decrease in revenue for the year 2019 from its previous year, according to the company’s recent report, with a net loss of $297.5 million for the year, up from a $14.8 million loss in 2018….
May 3, 2020
Houston-area-based US Silica is reducing costs beyond its original cutbacks several weeks ago as the company posts a $72.6 million loss in the first quarter…..
May 1, 2020
The US Department of Education is engaged in a wide-ranging investigation into the University of Texas System, its financial disclosures and its connections to a Chinese laboratory and a unit of China National Petroleum Corp.….
Sale does not include Baker Hughes power transmission business
May 1, 2020
The number of active US oil rigs dropped by 53 for a total of 325 in the latest count from Baker Hughes, which has agreed to sell its lift rod business…..
By Alex Mills
April 30, 2020
Gasoline prices from coast-to-coast have declined more than $1 per gallon this year as a result of a massive oversupply of petroleum products.
AAA reported the nationwide average price for a gallon of regular gas at $1.768, and the Energy Information Administration said the average is $1.773 down $1.114 from last year, a decline of 39 percent.
AAA said the average retail price in Texas this week is $1.507 compared to $2.62 a year ago. Cities like Abilene, Tyler and Wichita Falls all reported prices below the Texas average. The average price in Abilene is $1.307, Tyler had $1.398 and Wichita Falls at $1.472.
California has the highest price of $2.751, and Wisconsin has the lowest price at $1.50. Only 12 states, most located on the west and east coasts, has an average price of $2 per gallon or more, AAA said…..
Update: EIA also says renewable energy consumption has increased by 88% last year
April 29, 2020
Energy production exceeded consumption last year for the first time since 1957, according to the Energy Information Administration (EIA).….
Update: RRC taking comments on proposed order to cut production…see the email address and the RRC order below…Could this make Commissioner Craddick a swing voter?
April 29, 2020
RRC Chairman Wayne Christian has taken a stand in a controversial proposal to cut state oil and gas production……
April 29, 2020
Crude oil and natural gas production as reported to the Railroad Commission of Texas (RRC) for February 2020 came from 170,960 oil wells and 86,698 gas wells….