March 16, 2020
ExxonMobil says it will reduce spending just as the company’s issuer credit rating and unsecured debt was lowered by S&P Global Ratings from AAA to AA+…..
March 13, 2020
Irving-based Fluor has a new $1.7 billion deal with the US Navy…..
By Alex Mills
March 12, 2020
Geopolitics and the coronavirus gave crude oil prices a one-two knockout punch that sent prices to the canvass last week.
Prices for West Texas Intermediate on the New York Mercantile Exchange declined from $41 to $30 (27 percent) on Monday, recovered to $34 on Tuesday, but declined again to $33 on Wednesday.
The stock prices of oil companies took a big hit, too. Integrated oil companies ExxonMobil and Chevron dropped 12 percent and 15 percent, respectively, on Monday. Independents Occidental and Apache lost 52 percent and 54 percent, respectively on Monday. Marathon dropped 46 percent, EOG fell 32 percent, and Devon declined 37 percent. Most of these stocks recovered slightly on Tuesday, but all were down again on Wednesday.
The fall out will trickle down to oil service companies and financial institutions…..
The Railroad Commission of Texas assessed $781,554 in fines involving 237 enforcement dockets against operators and businesses at the Commissioners’ Conference last week…..
March 11, 2020
Plano’s Tochlight Energy Resources has agreed with debt holders of its principal and interest to convert to a working interest in the company’s exploration and drilling in the Orogrande Basin…..
March 11, 2020
The CEO of the Texas Reliability Entity (Texas RE), one of the regional electric reliability councils, is announcing his retirement…..
March 11, 2020
With the Houston Rodeo cancelled and a noticeable dropoff in the number of visiting tours at the Texas Capitol building, along with the new “social distancing” recommendations from authorities and the World Health Organization‘s declaration of the new Coronavirus as a “pandemic,” concerns are now turning to cancellations of large gatherings, and there are new concerns about one of Houston’s top oil-and-gas-related gatherings…..
March 11, 2020
The EIA forecast for WTI and Brent prices is now 30% lower….
March 11, 2020
With news media speculating that a suspected case of the Coronavirus in Montgomery County, north of Houston, may be the first incident of “community spread,” the state of Texas has set up a website for all-around information about COVID-19 that can be of good use to employers in keeping track of the spread of the virus…..
March 11, 2020
Longtime columnist for the Dallas Morning News, Robert Wilonsky, is moving on….
March 10, 2020
The Texas Comptroller‘s office drew nearly $372 million in oil production taxes for February, up 38.5% from the same month last year…..
Update: In court on Monday, attorneys for the Texas Public Utility Commission argued that NextEra was aware of risks the company was taking when it bid on the transmission line projects, therefore the company does not deserve an injunction to stop the application of the new Texas “right of first refusal” law while NextEra appeals its previous court defeat
March 11, 2020
A subsidiary of NextEra Energy is asking a state federal judge to reverse a decision ruling on a new Texas grid construction law……
March 8, 2020
Austin mineral and royalty interest acquisition company Brigham Minerals has named a new independent director for its board…..
Update — Adds new results from Sempra (Energy Future Holdings, Oncor), Exterran, Range Resources and Southwestern, in addition to Apache, Calpine, Cenovus, Denbury Resources, El Paso Electric, Enlink, Oasis, Williams Companies, Cheniere, Tellurian, AEP, Cabot, Energy Transfer, Devon, Pioneer Natural Resources, Diamondback, Rattler, Concho, Flowserve, USA Compression, Petrobras, Oil States International, Hoilly Energy Partners, Magnolia, Targa Resources, ONEOK
March 8, 2020
Here are the latest 4th quarter earnings snapshots:…..
March 8, 2020
Rice University, as part of its climate change initiative, is joining with California-based Envision Solar Intl. to build the company’s first charging stations in Texas…..
March 8, 2020
A previously-announced oil well deal has closed between Plano-based independent Denbury Resources and a subsidiary of Israel’s Navitas Petroleum.…..
March 7, 2020
Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, CNBC reports Sunday night CDT, leading to fears of an all-out price war……
March 7, 2019
Saudi Arabia plans to increase oil output next month, going well above 10 million barrels a day, as the kingdom responds aggressively to the collapse of its OPEC+ alliance with Russia….
Spring looks good, and new capacity is coming online in the form of renewables, with more expected
March 5, 2020
The Electric Reliability Council of Texas (ERCOT) is expected record demand for electricity this summer, and grid conditions are expected to be similar to those of last summer, weather permitting — that is, tight……
By Alex Mills
March 5, 2020
Great news! Natural gas set production, consumption and export records in 2019.
More good news for consumers is the very low price currently and the reduction in greenhouse gases.
And the future looks strong, too.
According to projections by the U.S. Energy Information Administration’s (EIA), total dry natural gas production in the United States will continue to increase until 2050.
“The United States began exporting more natural gas than it imports on an annual basis in 2017, driven by increased liquefied natural gas (LNG) exports, increased pipeline exports to Mexico, and reduced imports from Canada,” EIA stated.
EIA expects dry natural gas production to total 34 trillion cubic feet (Tcf) in 2019 once the final data is in, which will be a record. EIA projects that U.S. dry natural gas production will reach 45 Tcf by 2050.
Natural gas consumption increased by 3 percent in 2019, reaching a record of 85 billion cubic feet per day (Bcf/d), according to EIA. “Natural gas continues to account for the largest share of electricity generation after first surpassing coal-fired generation on an annual basis in 2017. In 2019, natural gas accounted for 38 percent of total electricity generation followed by 23 percent for coal and 20 percent for nuclear.”….