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….
April 29, 2020
Former Texas House District 146 Democratic Representative Al Edwards has died, according to Houston’s mayor….
Operator and petroleum engineer becomes first woman to chair a major Texas oil and gas trade association
April 29, 2020
Cye Wagner of Fort Worth-based Cooper Oil & Gas Inc. has become Chair of the Texas Alliance of Energy Producers’ Board of Directors. ….
By Alex Mills
April 27, 2020
“Classic supply and demand imbalance.” “Perfect storm.” “Insane.” That’s how government and oil industry officials described the historic collapse of crude oil prices this week.
On Friday of last week (April 17), oil closed at $18.27 per barrel for May delivery, but when markets opened on Monday the selloff began and West Texas Intermediate (WTI) oil closed at -$37.63. It is the first time oil traded in negative territory.
Crude oil is traded, bought, sold all over the world, and the price varies from day-to-day and location-to-location. Most news sources report the futures price quoted for “front month” delivery, also called 30-day delivery, from the New York Mercantile Exchange (NYMEX). However, speculators can put contracts on “forward months” going 60 days, 90 days, or even a year into the future. When the price for these contracts is higher than the front month speculators are betting that prices will be higher in the future than currently. This is called “contango.” Traders have been calling the current situation a “super contango.”….
April 27, 2020
More than 70 Democratic lawmakers from both chambers have joined a suit challenging the Trump administration for rolling back Obama-era power plant regulations….
April 27, 2020
Global oil supplies will likely fall by more than 6% over the next ten years because of delays in investment by oil companies according to Rystad Energy…..
April 27, 2020
Governor Greg Abbott is reopening Texas in phases beginning Friday, he said at a news conference at the Capitol Monday afternoon, with half of the state’s counties reopening to a greater extent than counties hit hard by the novel coronavirus…..
April 27, 2020
Oil and gas inspectors at the Railroad Commission of Texas have already surpassed annual inspection targets, even with more than four months remaining in the fiscal year…..