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.

 

Major companies' recent mergers and acquisitions of independent oil firms have positively reshaped the energy industry in the Permian Basin.

Big oil mergers promise greater stability

/0 Comments/in /by

The recent series of mergers and acquisitions of independent oil companies by major companies has reshaped the energy industry for the better in the Permian Basin.

Odessa oilman Kirk Edwards, State Rep. Brooks Landgraf and Waco economist Ray Perryman say one of the big benefits will be more stability in the oil and natural gas markets as the major companies prove much less reactive to price fluctuations than the independents always were.

Starting last fall and continuing through the spring, ExxonMobil bought Pioneer Natural Resources for $60 billion, Chevron merged with the Hess Corp. for $53 billion, Diamondback Energy obtained Endeavor Energy Resources for $26 billion and Occidental Petroleum acquired CrownRock Operating for $12 billion. ConocoPhillips bought Concho Resources for $13.3 billion in 2020.

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.

Over the next 12 months, US Energy plans to invest over $750 million, primarily targeting projects in the Permian region.

US Energy Development Corporation to invest $750 million on Permian projects

/0 Comments/in /by

U.S. Energy Development Corporation (U.S. Energy) is expanding its operations in the prolific Permian basin. U.S. Energy is poised for significant growth and development in one of the most productive oil and gas regions in the United States.

Over the next 12 months, the company expects to deploy upwards of $750 million, with the majority of this capital earmarked for projects in the Permian.

Following closely on the heels of its success with the JT Morris pad, U.S. Energy brought its Westway 2122 two-well pad online in mid-June. Similar to JT Morris, the Westway project was completed under budget and ahead of schedule.

Click here to read the full article
Source: Oil & Gas 360

—

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

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.

Expanding gas processing capacity may increase Permian crude

/0 Comments/in /by

Crude production is about to pick up in the Permian Basin, analysts say.

Permian players are expanding gas processing and takeaway capacity in the basin—an indication of plans to ramp up crude production over the next two years, according to analysts tracking the region.

Permian crude production has flattened since February, staying within striking distance of 6 MMbbl/d since last fall, according to a study by analytical firm RBN Energy. Consolidation, capital discipline and a lack of natural gas takeaway capacity have led E&Ps to keep production relatively steady.

Click here to read the full article
Source: Hart Energy

—

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

Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts. Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%.

Booming shale production lifts Exxon, Chevron forecasts as oil and gas earning season kicks off

/0 Comments/in /by

Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts as bigger-than-expected oil output from shale fields helped cushion the blow from weakening crude prices.

Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%. Exxon’s outsized result also was aided by a $1.14 billion boost from unsettled derivatives and record fuel production at its refineries.

Chevron, meanwhile, posted adjusted earnings of $3.45 a share that exceeded the Bloomberg Consensus estimate by 23 cents. The oil explorer also raised its dividend by a higher-than-forecast 8%.

Click here to read the full article
Source: World Oil

—

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.

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.