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:
The problem for O&G: Demand or lack thereof….The problem for the RRC: Demand if you do and demand if you don’t
April 14, 2020
The Railroad Commission of Texas spent Tuesday hearing online-only testimony about suggestions that it begin production limits on oil in Texas……
April 14, 2020
Oil pipeline supplier Tenaris SA is temporarily closing its Baytown threading plant as part of a suspension of some operations because of the floundering oil & gas markets…..
April 13, 2020
Fitch Ratings says it has affirmed the Long-Term Issuer Default Rating (IDR) of Calpine Corp. at ‘B+’….
April 13, 2020
Morgan Stanley says it’s going to be a long year but a national recovery from the COVID-19 is already on the way, although patience will certainly be a virtue……
April 12, 2020
CenterPoint Energy has closed on the sale of one of its subsidiaries….
April 12, 2020
Concho Resources Inc. is telling the Railroad Commission of Texas that it’s shutting some “uneconomic” production…..
April 12, 2020
American Petroleum Institute President and CEO Mike Sommers today issued the following statement regarding the announcement of a historic OPEC+ agreement to cut global oil production beginning in May.
“We welcome today’s announcement of an agreement by other producing nations to follow the lead of the global marketplace – and U.S. producers – to reduce supply to align with lower energy demand as result of the pandemic. This is a significant agreement that will foster increased stability in energy markets to the benefit of both American energy consumers and producers. We commend the president’s leadership and his administration’s diplomatic engagement to urge nations to bring global oil supply in line with the lower energy demand as a result of the pandemic.
“In the U.S., market conditions have led U.S. producers to reduce U.S. oil production to meet historic drops in demand. While the U.S. today leads the world in daily oil production, oil is produced, refined, used and traded across the globe, and most of the world’s oil is produced by foreign government owned entities – some of whom announced oil production increases last month just as global energy use was decreasing due to the pandemic…..
April 12, 2020
OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said.
“This could be the largest reduction in production from OPEC for perhaps a decade, maybe longer,” said U.S. Energy Secretary Dan Brouillette, who credited President Donald Trump’s personal involvement in getting dueling parties to the table and helping to end a price war between Saudi Arabia and Russia. (AP)….
April 8, 2020
Demand for electricity set a record for April between 5 and 6 pm on Wednesday, as reported by the Electric Reliability Council of Texas.….
