No slowdown for the Permian Everybody is getting into the action in the Permian basin and in the Delaware portion of the basin in particular. Even Norway’s TGS-NOPEC Geophysical Company (ticker: TGS) has landed in the Permian. TGS announced today that it has commenced field operations on the West Kermit 3D seismic survey in the Delaware Basin. The project will encompass a
Permian rig count growth a boon to Texas’s overall economy Dallas-based Comerica Bank (ticker: CMA), released its Texas Economic Activity Index last week, saying its measure of the Texas economy advanced for a second consecutive month, gaining 0.4 percentage points in October to a level of 91.0. September’s index reading was 90.6. October’s index reading is 25%, above the index cyclical
Land tax revenues increasing amid the oil downturn Texas is one of the country’s preeminent wealth generators for both agriculture and oil and gas. In fiscal 2016, the two industries contributed a combined $3.4 billion in tax revenues to the state. The downturn in oil and gas activity has had a significant impact on Texas’ tax receipts, however, and land
Fraser Institute Study Compares How Texas and Alberta Managed Public Finances between 2004 and 2014 A new report from the Fraser Institute, titled “One Energy Boom, Two Approaches: Fiscal Restraint Has Left Texas in Better Shape than Alberta,” concludes that Alberta’s undisciplined spending and fiscal mismanagement rather than the drop in energy prices was been responsible for its history of deficits
Total oil and natural gas production per day has rolled over and started to decline in Texas, according to data recently released by the Texas Railroad Commission. Total oil production for August 2016 was 84.8 MMbls, a six percent decrease from July production at 90 MMbls and an 18% decrease from August 2015 levels of 103.9 MMbls. Gas followed a
Most wells testing in the top 20: EOG leads the Eagle Ford, Pioneer leads the Midland, Cimarex leads the Delaware KLR Group released a research note Thursday covering well data provided by the Texas Railroad Commission for the third quarter of the year, noting that activity is down overall, but that test rates are increasing per well. July 2016 production
From the Midland Reporter Telegraph OPEC last week committed to reducing its oil production quota during an informal meeting in Algiers in hopes of reducing the global oil supply and raising prices, which has pressed several nations into dire straits. While the deal won’t be finalized until the cartel’s formal meeting Nov. 30 in Vienna, markets quickly responded and sent
Unit Corporation presents at EnerCom’s The Oil & Gas Conference® During Unit Corporation’s breakout session, management was asked the following questions: Are completions going to follow the rig? How strategic is it to keep 3 segments under the same company? Will there be a division or sale? What pay zone are you kicking out into in the Granite Wash? What
On August 3, 2016, Newfield Exploration (ticker: NFX) announced the signing of two separate purchase and sale agreements to divest all of its assets in the Maverick Basin of Texas for $390 million. The transaction is expected to close in the third quarter of 2016 and covers 35,000 acres of unconventional and conventional assets in Dimmit and Atascosa counties. EnCap-backed
Denbury Resources will be presenting at EnerCom’s The Oil & Gas Conference® in Denver, on Tuesday, August 16, 2016. Denbury Resources is an upstream oil and gas operator primarily focused on carbon dioxide enhanced oil recovery methods. The company’s portfolio of assets is split between the Rocky Mountain region and the Gulf Coast region. Denbury operates mature fields by utilizing
MCF will present at EnerCom’s The Oil & Gas Conference® on Mon. Aug. 15, 2016 Contango Oil & Gas Company (ticker: MCF) is an exploration and production company headquartered in Houston, TX, with operations in the Gulf of Mexico, onshore Texas Gulf Coast, East and Southeast Texas, and the Rocky Mountains. In 2015, the company reported estimated proved reserves of
Lower severance taxes are severely squeezing budgets in oil producing states, some to “revenue failure” Severance taxes on oil and gas extraction make up a significant portion of the budgets of a number of states in the U.S., but the rapid decline of prices since November of 2014, has put several of those states in a bind as they prepare
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