Global Oil CEOs Stress Need for Fossil Fuels Despite Push for Cleaner Energy
December 7th, 2021, HOUSTON—A global energy conference devoted to future technologies and low-carbon strategies kicked off in Houston on Monday with top executives from energy companies affirming the need for more oil for decades to come.
New Mexico drilling permit roundup: 43 new permits approved by Oil Conservation Division last week
Albuquerque Business First
November 24th, 2021- One permit was approved in Chaves County, 25 in Eddy County and 17 in Lea County.
Oil production at biggest U.S. shale field set to hit new record
November 15th, 2021- Crude oil production from the Permian Basin, the largest U.S. oil field, is set to surpass its pre-pandemic record in December, a swift turnaround that has not been replicated in the country's other oil regions.
Permian Basin roars back to life as oil prices top $80 a barrel
October 11, 2021 - Oil prices above $80 a barrel are once again spurring a revival of shale drilling in America’s biggest oil field, where production is expected to return to pre-pandemic highs within weeks.
Is The World Sleepwalking Into An Oil Supply Crunch?
July 15, 2021 - Under-investment in oil supply will lead to a tight oil market later this decade. It’s a narrative that’s gained increasing traction as capital expenditure on upstream oil and gas has shrunk.
Oil Field Service Companies See Light At The End Of The Tunnel In Oil Markets
King Operating Corporation
“The positive activity momentum we see in North America and international markets today, combined with our expectations for future customer demand, gives us conviction for an unfolding multi-year upcycle,” Jeff Miller, Halliburton’s chairman, president, and CEO, said last month in the Q2 results release.
Analyst sees Permian basin output fully recover from COVID shutdown by 2022
August 3, 2021 - The Permian Basin, the largest oil-producing basin in the US, was the most affected play in the country during the COVID-19 pandemic times. However, production of crude oil and natural gas from this play is likely to exceed the pre-pandemic levels by 2022 amid market recovery from the pandemic, says GlobalData, a leading data and analytics company.
Oil Industry Experts Say Shale Will Rise Again
March 27, 2020 - The American shale industry shocked the world with its rebound after the 2014-2016 bust, setting records for output that pushed the U.S. to the top spot among oil-producing countries. A handful of experts is saying that will happen again.
Another Permian Basin Peak Oil Prediction… Yawn.
Watts up with that?
January 19th, 2020 - How many things can one “investor” get wrong? The Permian M&A market was booming in 2019 and overall, 2019 actually closed on an upswing. Regarding Permian Basin production, almost everyone is forecasting a slowdown in growth. A slowdown is...
STUDY: EDDY COUNTY LEADS NEW MEXICO OIL AND GAS INDUSTRY, PERMIAN TO LAST FOR DECADES
January 31, 2020- Many effects of Eddy County’s oil boom were immediately clear in recent years. Eddy County sits atop the largest oil & gas reserve ever found. Read more about this study from the Arrowhead Center at New Mexico State University.
New Permian Pipelines Boost U.S. Gulf Coast Crude Exports
Pipeline & Gas Journal
January 14, 2020 - HOUSTON/NEW YORK (Reuters) — Three new major pipelines coming out of the Permian Basin have helped crude exports from Corpus Christi, Texas surge in recent weeks, often surpassing hubs such as Houston and Beaumont, Texas. The infrastructure boom at...
OPEC+ Halts Slide In Oil Prices
January 28, 2020 - U.S. oil production is expected to average 13.3 million barrels per day (mb/d) in 2020, an increase of 9 percent from last year, according to the EIA. The agency sees output averaging 13.7 mb/d in 2021.
Texas, By Itself, Is Now The World’s Third Largest Oil Producer
That’s not a typo. It’s the truth about the world’s most dynamic energy superpower, and what the Eagle Ford and Permian Basin have done for Texas’ oil industry. Much of the excitement in Texas centers around the Permian Basin. Some oil execs believe the amount of oil in the Permian rivals...
Permian has more than half of nation’s rigs
With 405 rigs in operation, the Permian Basin now accounts for more than half of the nation’s drilling activity, according to the oilfield services company Baker Hughes. The nation’s rig count stands at 803...
ConocoPhillips forges 10-year plan for 'new normal' future
S&P Global Platts
Houston — ConocoPhillips set out a 10-year companywide business plan Tuesday that allows the world's largest independent upstream company to increase production 3%/year on an average annual $7 billion capital budget based on $50/b oil, its top executives said.
The plan also projects...
The Port of Corpus Christi is a Beehive of Activity
I visited the Port of Corpus Christi in late August for the first time this year, and I was honestly stunned by the level of activity taking place there. From the dredging of the main channel to construction activities taking place in and around Portland and Ingleside and from the development of a deepwater port facility at...
Chevron Sees Boom Boom Boom Permian
Rigzone via Bloomberg
(Bloomberg) -- Chevron Corp. sees a “boom boom boom kind of economy” in West Texas, shrugging off signs of a Permian Basin slowdown showing up in everything from jobs to hotel rooms.
Steve Green, president of Chevron’s North American business, was insistent that...
OPEC vs the U.S.: Who Controls Oil Prices?
Up until the middle of the 20th century, the United States was the largest producer of oil and controlled oil prices. In the years to follow, OPEC controlled the oil markets and prices for most of the latter part of the 20th century. However, with the discovery of shale in the U.S. and advances in drilling techniques, the U.S. has re-emerged as a top producer of oil. In this article, we explore the...
This Texas area is expected to double oil output to 8 million barrels in just four years, boosting US exports
The transportation tie-up at the Permian Basin is about to ease up, and a new network of pipelines will help U.S. producers unleash more crude into the Gulf Coast and then onto the world market.
Permian Shale Primed For Mergers and Acqusitions
As oil executives from across the world gather in Houston for the annual CERAWeek by IHS Markit conference, the Permian Basin in the U.S. Southwest is on the cusp of a radical transformation with one simple premise: bigger is better. The energy industry appears primed for deals at a time when Big Oil is flexing its muscle in the region.
Occidental Bids $38 Billion for Anadarko, Challenging Chevron
The New York Times
HOUSTON — Occidental Petroleum unveiled an audacious $38 billion takeover bid for Anadarko Petroleum on Wednesday, challenging Chevron — a company four times its size — in a battle for dominance of the biggest and most productive oil field in the United States.
The Permian Basin Still Has Plenty of Room to Run
The Motley Fool
The Permian Basin is a gift that keeps on giving. Oil producers have pumped out an astounding 30 billion barrels from the region since its discovery in 1921. However, an estimated 46 billion barrels of recoverable oil remain on the Delaware Basin side alone. The region has decades of growth ahead.
Permian Takes The Crown As World’s Top Oil Field
Saudi Aramco — the national oil company of Saudi Arabia and the world’s largest oil company — lifted a veil of secrecy around the company’s operations. For the first time in decades, operational details for Saudi Aramco were revealed in a bond offering.
ExxonMobil to increase, accelerate Permian output to 1 million barrels per day by 2024
IRVING, Texas – ExxonMobil said today it has revised its Permian Basin growth plans to produce more than 1 million oil-equivalent barrels per day by as early as 2024 – an increase of nearly 80 percent and a significant acceleration of value.
Why The Permian Basin May Become The World's Most Productive Oil Field
No other oil field has ever come close to topping the production rate of Ghawar, and up until recently I would have agreed its production would never be topped.
But I am becoming more convinced that the Permian Basin could eventually give Ghawar a run for its money.
This Texas area is expected to double oil output to 8 million barrels in just four years, boosting US exports.
The oil and gas industry is building out pipelines as drillers expect to up their output from the Permian to where it could double over the next four years, to 8 million barrels a day. That's more than all of the oil the U.S. produced just six years ago.
More oil and gas pipelines in the Permian Basin will boost both production and safety
Drillers have forecast their production in the Permian Basin will double in the next four years, a remarkable achievement that underscores the efficiency of modern extraction capabilities.
The Permian Basin Continues To Drive Record U.S. Energy Growth
The giant Permian Basin of West Texas and Southeast New Mexico continues to expand its role as the main driver of energy growth in North America.
How a 'Monster' Texas Oil Field made the U.S. a Star in the world market
The New York Times
Innovation, investment and inviting geology have given new life to an oil patch that once seemed spent. The oil field is now the world’s second most productive.
Exxon becomes top Permian driller
Exxon Mobil Corp. has overtaken rivals to become the most active driller in the Permian Basin, showing the urgency with which the world’s biggest oil company by market value is pursuing U.S. shale. Even after a slow start in the region of...
U.S. drillers add oil and gas rigs for fifth week in a row -Baker Hughes
October 8, 2021 - U.S. energy firms this week added oil and natural gas rigs for a fifth week in a row as oil prices soared to their highest since 2014 prompting some drillers to return to the wellpad.
USGS: Permian Basin's Vast reserves could be bigger than anyone imagined
Some of the largest energy companies in the U.S. have already invested billions of dollars on claims up and down the Texas-New Mexico state line, tapping one of the nation's richest and most prolific...
Shell's New Permian Play Profitable at $20 A Barrel
OPEC’s worries about the booming U.S. oil production have increased significantly with the big three oil companies’ interest in shale. Exxon Mobil Corp., Royal Dutch Shell Plc, and...
IHS Markit: Stunning Permian Growth to Double Production by 2023
The oil production of the biggest U.S. shale play, the Permian, will more than double to 5.4 million bpd in 2023. If it were an OPEC member, the region in West Texas would be...
Permian on Track to become Largest Oil Basin in The World
The Permian Basin has long been touted as the fastest growing shale play in the United States, but now its oil-producing prowess is being highlighted again as the...
Texas is About to Create OPEC's Worst Nightmare
OPEC's bad dream only deepens next year, when Permian producers expect to iron out distribution snags that will add three pipelines as much as...
Meet the New Permian, It's Double the Size of the Old One
The U.S.’s fastest growing oil field may have even more to give. The Permian’s Delaware Basin, the less drilled part of the giant West Texas and New Mexico oil field, holds more than...