April 20, 2020
Empire Petroleum says it’s acquiring through a subsidiary some producing O&G assets and some related midstream properties in Houston, Madison and Leon counties…..
April 20, 2020
Oncor, Cheniere, Reliant Energy, ExxonMobil, Motiva and Atmos Energy continue to make donations to help those most affected by the COVID-19 pandemic……
April 20, 2020
The Railroad Commission of Texas issued a total of 744 original drilling permits in March 2020 compared to 1,137 in March 2019. The March 2020 total includes 671 permits to drill new oil or gas wells, six to re-enter plugged well bores and 56 for re-completions of existing well bores.
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April 20, 2020
Yesterday, Railroad Commission Chairman Wayne Christian joined Kelly Evans on CNBC’s The Exchange to discuss the agency’s virtual meeting on proration and his thoughts on various efforts to stabilize the worldwide market for crude oil. You can view the interview here……
April 20, 2020
Texas Governor Governor Greg Abbott on Friday announced the Governor’s Strike Force to Open Texas and appointed Texas Oil & Gas Association (TXOGA) President Todd Staples as a Leader of the Energy Working Group. The Governor’s Strike Force to Open Texas will help to safely and strategically restart and revitalize all aspects of the Lone Star State — work, school, entertainment, and culture. The Strike Force and its Working Groups will provide input on potential additional openings of activities and services in Texas consistent with guidelines provided by the Centers for Disease Control and Prevention. The Governor will announce a revised plan for the state based on these initial recommendations on April 27…..
April 20, 2020
“Today’s market activity was unprecedented and likely indicative of very limited storage capacity. May contracts traded well into negative territory as the market prepares to shift focus to June contracts. While down somewhat, June contracts traded in a relatively stable range. While this unprecedented volatility is concerning, the greater impact to Texas will come if demand remains historically low for a prolonged period of time and supply gluts continue to strain storage capacity…..
Storage is all leased up…So blame the oil ETF, USO maybe — it’s outlived its usefulness if it ever even had any…”This is temporary but it will be rough for a little while” — Texas representative
April 20, 2020
US oil stocks are just now settling for the day as investors watched oil prices plummet as the afternoon wore on, with WTI dropping below $0 per barrel to as far as -$37.63 a barrel before a little price recovery began…….
April 16, 2020
Canada’s TC Energy faces another setback in its work on the Keystone XL Pipeline as a judge cancels a blanket series of watercrossing permits…..
April 16, 2020
Update: Both SWEPC and Upshur Rural Electric Cooperative said on Wednesday they are near the goal of having all customers back online and expect to finish restoration on Thursday.
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April 16, 2020
To help alleviate the overabundance of crude oil on US markets, the Trump administration is considering a plan to pay oil producers to “keep it in the ground.”….
April 15, 2020
AUSTIN –– The Railroad Commission of Texas issued a total of 744 original drilling permits in March 2020 compared to 1,137 in March 2019. The March 2020 total includes 671 permits to drill new oil or gas wells, six to re-enter plugged well bores and 56 for re-completions of existing well bores.
The breakdown of well types for original drilling permits in March 2020 is 189 oil, 43 gas, 468 oil or gas, 40 injection, and four other permits.
In March 2020, Commission staff processed 1054 oil, 313 gas and 240 injection completions for new drills, re-entries and re-completions, compared to 493 oil, 127 gas, and 43 injection completions in March 2019.
Total well completions processed for 2020 year to date for new drills, re-entries and re-completions are 3,857, compared to 2469 recorded during the same time period in 2019…..
April 15, 2020
Some well-known names in the Texas and national oil business are on a new presidential panel to chart the course for re-opening the nation once the novel coronavirus pandemic appears to be under control…..
April 15, 2020
A broad coalition of power generators, clean energy groups, and think tanks joined Tuesday to ask the Federal Energy Regulatory Commission to examine the implications of imposing carbon pricing in wholesale power markets, according to one report…..
April 15, 2020
PNM Resources, which serves Texas and New Mexico customers, lists a $31.6 million pre-tax loss in its new 1Q unaudited results, which include only a hint of the impact from the COVID-19 virus crisis…..
April 15, 2020
The US Department of Energy says it’s working to help the oil industry find places to store crude oil during the coming months…..
April 15, 2020
Atmos Energy Corp. is increasing the size of its board of directors with the election of a new member…..
April 15, 2020
While the eyes of so many market watchers were on OPEC+ and the RRC this week, Chesapeake Energy announced it a reverse stock split to take effect this morning, but the Oklahoma City company’s stock ended the day on a record downward fall…..
April 15, 2020
The American Petroleum Institute (API) is urging the Railroad Commission of Texas (RRC) to stay away from oil and gas market intervention, even as it said on Tuesday that US. crude inventories increased significantly and the EIA reported on Wednesday an even bigger rise in crude stockpiles….
April 14, 2020
Testimony today to the Railroad Commission of Texas from the Texas Oil & Gas Association President Todd Staples:
“The Texas Oil & Gas Association (TXOGA) is our state’s oldest and largest oil and natural gas trade association whose membership includes every sector of the industry including exploration and production, transportation and storage, refining, and a host of service companies. Our Association strongly opposes the idea of the Texas Railroad Commission exercising proration of oil production, a position that was determined by a wide variety of members, who overwhelmingly oppose proration as a remedy to the current situation. We respect our members who may have a different view.
“Government control of Texas oil production is not the answer. The Texas market is already responding to low prices and depressed demand with greater efficiency than a government-controlled system can and with less damaging consequences than those we would experience from government-imposed controls. What we need is regulatory certainty, and a return to a more stable economic environment, not a fundamental shift in our market-based system. We do not want to give up on the very market-based system that unleashed innovation and technological advancements that have produced the most dynamic oil and natural gas industry in the world, headquartered right here in Texas.”
April 14, 2020
From Chairman Wayne Christian:
