Posts

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.

Basin’s oil production goes ever higher

/0 Comments/in /by

Pumping a record 6.3 million barrels of oil per day and poised to reach 6.6 mb/d next year, the Permian Basin is driven by good prices, technological advances and fact-based optimism that the worldwide demand for oil and natural gas will stay strong for decades to come.

And as much oil and gas as it’s producing, a convergence of factors ensures that the Basin can and will generate even more. The prediction of 6.6 mb/d next year is from the U.S. Energy Information Administration.

Odessa oilman Kirk Edwards, State Rep. Brooks Landgraf and Waco economist Ray Perryman say the region continues to lead the world in energy innovations.

Click here to read the full article
Source: OA Online

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

 

Exxon, Chevron and Oxy led the way in a blockbuster year for Texas oil mergers amid a consolidation wave that is projected to continue.

How a spree of oil and gas mergers are setting the stage for 2024

/0 Comments/in /by

Last year was big for Texas oil companies as they jockeyed for access to petroleum-rich plots of the Permian Basin and branched into new territories.

Recent megadeals struck by Chevron and Exxon put pressure on others in the oil industry to catch the consolidation wave, potentially kicking off a new round of mergers and acquisitions that could have a profound impact on Houston for years to come. Additionally, milestone acquisitions made by Exxon and Occidental Petroleum in the carbon capture space also set the stage for Houston to be ground zero for the growing industry.

Click here to read the full article
Source: Houston Chronicle

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

Occidental's president and CEO, Vicki Hollub, asserts that the Permian still has significant oil to develop, disputing concerns about falling well productivity.

The Permian oil boom isn’t over just yet

/0 Comments/in /by

The Permian has more oil in place to allow output growth for the next few years, Occidental’s president and CEO Vicki Hollub said this week, commenting on mounting concerns among analysts that well productivity in the top oil-producing U.S. shale basin is dropping off.

“Well, we’ve seen continuing improvement in our oil well productivity and so we haven’t seen a drop off,” Hollub said at the ADIPEC energy conference in Abu Dhabi, as carried by Reuters.

While there has been a degradation of productivity with some operators, the Permian “still has enough additional oil to develop that will continue to grow over the next few years,” Oxy’s Hollub said.

Click here to read the full article
Source: Oil Price

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

Production in the oil-and-gas-rich Permian Basin hits records recently, juicing oil company profits and easing energy supply worries.

US Permian Basin oil production — and profits — have surged

/0 Comments/in /by

Production in the oil-and-gas-rich Permian Basin of West Texas and New Mexico hit records recently, juicing oil company profits and easing energy supply worries.

It shows U.S. oil companies are responding to higher prices, with increased drilling and pumping after what seemed like months of foot-dragging.

Russia’s invasion of Ukraine generated a global oil shock in 2022. U.S. crude climbed over $120 a barrel back in March, and average gasoline prices jumped to more than $5 per gallon in June.

Click here to read the full article
Source: AXIOS

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.