Major domestic oil and natural gas companies have published their fourth quarter and full-year earnings results, and the reports show an industry committed to meeting global energy demand while reducing emissions during a tumultuous year. The energy sector is a cyclical business, and companies’ record profits come on the heels of record losses incurred in
Read More...In the most recent Federal Reserve Bank of Dallas survey of energy executives, industry leaders expressed rising uncertainty about the future of oil and natural gas, along with increased input costs, supply chain bottlenecks, and labor shortages. However, despite their concerns, the majority of firms plan to increase capital spending in 2023. For the eighth
Read More...According to the U.S. Energy Information Administration, Texas’ and New Mexico’s Permian Basin, is projected to increase oil output by 50,000 barrels per day—bringing overall production to a record-high of 5.453 million barrels per day throughout November. This is the largest increase in oil production between the six oil and natural gas drilling regions in
Read More...Similar to the previous quarter, findings from the latest Federal Reserve Bank of Dallas survey of energy executives indicate companies are experiencing rising input costs, supply chain constraints, and yet, firms are still increasing oil and natural gas production in Texas, southern New Mexico, and northern Louisiana. However, concerns about the future of oil and
Read More...ConocoPhillips has reported a third quarter 2020 net loss of $450 million or 42 cents per share, Kallanish Energy reports. That compares to 3Q 2019 net earnings of $3.1 billion or $2.74 per share. Third quarter 2020 adjusted earnings were a loss of $300 million or 31 cents a share, compared with 3Q 2019 adjusted
Read More...The U.S. Bureau of Land Management has opened a public comment period for a proposed conveyor system on public lands to move sand for hydraulic fracturing (fracking) in the Permian Basin of West Texas and New Mexico, Kallanish Energy reports. The Kermit Overland Conveyor Project is being developed by Texas-based OLC Kermit LLC, a subsidiary of
Read More...The need for new infrastructure and the importance of American energy were the key messages during President Donald Trump’s speech during his visit to Midland-Odessa, the de facto capital of the Permian Basin. The president was in the world’s largest oilfield to tour an oil rig and speak to constituents about the importance of the
Read More...Joint venture partners WhiteWater Midstream, MPLX LP, along with lead investor in the Agua Blanca pipeline system First Infrastructure Capital, this morning announced a positive final investment decision to expand the Delaware Basin Agua Blanca system. The expansion includes a 42-inch trunkline that more than doubles system capacity to over 3 billion cubic feet per day
Read More...Enterprise Products Partners has announced it has long-term agreements that support additional expansion of the Midland to Echo crude oil pipeline system. The midstreaming giant will build a pipeline that connects the partnership’s 6-million-barrel (Mmbbl) Midland, Texas, storage facility to its Echo Terminal through its Eagle Ford system in South Texas. This line will have
Read More...Energy industry experts who comprise the Potential Gas Committee announced Wednesday the volume of producible natural gas in the U.S. has jumped roughly 20% since their last assessment two years ago. The increase of 557 trillion cubic feet (Tcf) reported by the Pgc is the highest assessment in its 54-year history. The organization estimates total
Read More...U.S. pipeline operator Plains All American has abandoned a plan to institute a surcharge to offset Section 232 steel tariffs for its new Cactus II Pipeline, following objections by ConocoPhillips and Encana, according to regulatory documents secured by Kallanish, sister publication of Kallanish Energy. The proposed tariff would have been $0.05/barrel on its 670,000 barrels
Read More...Houston pipeline operator Kinder Morgan has sued a suburb of the Texas capital city of Austin over passage of an ordinance the company alleges is designed to keep its proposed Permian Highway natural gas pipeline out of town — despite the route being approved by state regulators. In a lawsuit filed last week in U.S. District
Read More...On the heels of news in April that Texas and New Mexico’s Permian Basin is the highest producing oilfield in the word, we now know that the United States hit another record that same month, thanks in large part to production in that region. U.S. crude oil production reached 12.2 million barrels per day in
Read More...Experimental development has helped Encana increase its productivity in the Permian, contrary to WSJ narrative The story of the Permian Basin in West Texas and Southeast New Mexico in recent years is nothing short of incredible. We’ve known for a century that there’s good rock there, but did anyone ten years ago – or even
Read More...The United States has long been a top global producer of natural gas, but the shale revolution has solidified U.S. energy dominance in recent years. And, as EID’s latest video shows, it’s being led by growth in the Appalachian and Permian basins. [embedded content] Booming shale production in the Permian and Appalachian Basins has ushered
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