Basin’s oil production goes ever higher
The Permian Basin is pumping a record 6.3 million barrels of oil daily, with projections to hit 6.6 mb/d next year, driven by tech advances and disciplined practices.
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Entries by Breakthrough Investment Group
Oil prices rise on large crude inventory draw
Crude oil prices moved higher today after the US EIA reported an estimated inventory decline of 6.9 million barrels for the week to August 30.
Big oil mergers promise greater stability
Major companies’ recent mergers and acquisitions of independent oil firms have positively reshaped the energy industry in the Permian Basin.
US Energy Development Corporation to invest $750 million on Permian projects
Over the next 12 months, US Energy plans to invest over $750 million, primarily targeting projects in the Permian region.
Expanding gas processing capacity may increase Permian crude
The development of gas processing plants and a pipeline opening in the Permian Basin are expected to give crude producers a boost in the second half of 2024.
Oil and gas companies are swimming in so much cash that they’re cutting back on borrowing at a faster pace
The oil and gas industry has experienced a number of booms and busts over the past few decades, but for now, it appears to be flush with cash.
US oil is stealing market share from OPEC+
US oil is now encroaching on the key markets of the OPEC+ group, which has been restricting supply in an effort to boost oil prices.
US oil and gas companies profits skyrocket as the US becomes the energy supplier of choice
Despite the Biden administration’s ambitious climate goals, the oil & gas industry in the US has seen unprecedented growth and profitability.
Booming shale production lifts Exxon, Chevron forecasts as oil and gas earning season kicks off
Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts. Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%.
How a spree of oil and gas mergers are setting the stage for 2024
Exxon, Chevron and Oxy led the way in a blockbuster year for Texas oil mergers amid a consolidation wave that is projected to continue.