“5,800 horizontal wells could be cut in 2020…Shale industry would carry…as much as $65 billion of the $100 billion spending reduction expected globally.”

March 17, 2020

The oil and gas markets are in turmoil, looking for a bottom price with a volume war in the offing as we await the next OPEC+ meeting, but in the meantime there is a potential for 2 million barrels per day in second quarter surplus while E&Ps slash billions from their budgets……
 

March 17, 2020

Texas has closed its Capitol to the public to slow the spread of the Corona virus….
 

March 17, 2020

Houston’s Hilcorp Energy will keep its finances private while negotiations are underway to buy BP Alaska‘s pipeline assets, after a state government ruling….
 

In the midst of Coronavirus and intense market fluctuations, we are facing challenging and uncertain times. But time and time again, Texas oil and natural gas companies have proven nimble and innovative in difficult times.

As oil and natural gas companies navigate the challenges of the marketplace, we need to do all that we can to maintain the stabilizing force that Texas has become not only for our state, but the world. We can do that by holding fast to a science-based approach to regulation and policies that encourage responsible energy production, expanding pipeline infrastructure to foster growth and tax revenue and encouraging continued investment in innovations that have made the US the world leader in energy production and environmental progress.

Watch TXOGA President Todd Staples detail the status of the oil and natural gas industry in the midst of a fluctuating market below!

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As industry supporters, we know that this industry is well-positioned to face times like these head on in order to continue to provide safe, reliable, affordable and cleaner energy! Help us spread the word about how this industry is committed to doing so!

March 16, 2020

Power retailer Spark Energy has a new CEO….
 

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:…..