RSSOil and Gas

Oxy Reports $190M Net Income in 2017’s 3Q

November 7, 2017

HOUSTON – Earlier this month,  Occidental Petroleum Corporation officials announced a reported net income of $190 million, or $0.25 per diluted share, for the third quarter of 2017, compared with $507 million, or $0.66 per diluted share, for the second quarter of 2017.

In a press release issued by the corporation on Nov.…

Continue Reading

Companies in West Texas Oil Patch Need Production Workers

October 26, 2017

MIDLAND, Texas (AP) — Three years ago, when crude prices still floated above $100 a barrel and the nation’s oil fields were booming, Clint Concord could hire 20 new workers a day in the West Texas oil patch to meet the constant demand from his production company clients.

The Houston Chronicle reports that today, with the Permian Basin booming again, Concord said he’s lucky to find one qualified candidate every two days to keep up with the work.…

Continue Reading

Study: More evidence links earthquakes to energy waste wells

October 26, 2017

DENVER (AP) — Scientists say they have more evidence that an increase in earthquakes on the Colorado-New Mexico border since 2001 has been caused by wells that inject wastewater from oil and gas production back underground, similar to human-caused quakes in Oklahoma and other states.

A paper published last week by researchers at the University of Colorado concluded that the wastewater caused a big enough increase in underground pressure to make rock formations slip along fault lines.…

Continue Reading

Occidental Petroleum Provides Hurricane Harvey Business Impact Update

October 5, 2017

HOUSTON — Earlier this week, Occidental Petroleum Corporation announced its projected third quarter 2017 business impacts of Hurricane Harvey, as the company’s operations have returned to pre-storm levels.

According to a press release issued by the corporation on Tuesday, overall, the storm caused minimal disruptions to operations and Occidental expects this one-time financial and production impact to be limited to the third quarter.…

Continue Reading

Permian Basin could yield 70 billion oil barrels in coming decades, IHS says

October 3, 2017

HOUSTON (AP) — In coming decades, oil producers using advanced drilling rigs and fracking tools could extract up to 70 billion barrels of crude from the sprawling Permian Basin, researchers say in a late-September story produced by the Houston Chronicle.

John Roberts, a researcher for IHS Markit, began work on that estimate in 1987, when he started collecting geological data in West Texas for a small company in the midst of a crushing oil bust.…

Continue Reading

ExxonMobil Continues to Increase Acreage in Permian Basin

October 2, 2017

IRVING — Last wee, officials with Exxon Mobil Corporation announced it has added 22,000 acres to its Permian Basin portfolio since May through a series of acquisitions and acreage trades.

Located in the highly prolific, stacked oil pay zones of the Delaware and Midland Basins, the new acreage adds to the company’s existing 6 billion barrels of oil equivalent Permian Basin resource base.…

Continue Reading

Sand Mines Draw Scrutiny Over Dunes Sagebrush Lizard

October 2, 2017

Environmental Group Reports Habitat Loss

The environmental protection group Defenders of Wildlife reported finding a loss of habitat for the dunes sagebrush lizard caused by the Permian Basin frac sand mining boom, identifying mining companies by name in the analysis released late last month.

Defenders of Wildlife reported that satellite images of the mines show about 292 acres of lizard habitat and surrounding buffers have already been disturbed by the sand mines since March.…

Continue Reading

U.S. Silica to Build Second Frac Sand Mine and Plant in the Permian

September 28, 2017

$150M Lamesa Site Anticipated to Open March 2018

FREDERICK, Md — U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it plans to build a second, state-of-the-art frac sand mine and plant in West Texas to serve the rapidly-growing Permian Basin.

The new facility, located near Lamesa, is expected to produce approximately 2.6 million tons annually and is part of the Company’s previously announced plan to add 8 to 10 million tons of new Brownfield and Greenfield capacity to meet surging frac sand demand.…

Continue Reading

RRC: Gaines Wells Produce 1.94M Barrels of Oil in July

September 25, 2017

Preliminary July oil production numbers for Gaines County showed an increase from adjusted June totals, according to figures released Monday by the Texas Railroad Commission.

In the RRC’s monthly report, Gaines County wells reportedly produced 1.94 million barrels of oil during the month of July 2017, which was up from an adjusted June total of 1.87 million barrels.…

Continue Reading

Wood Mac: Permian could top out in 2021 unless tech overcomes geology

September 21, 2017

HOUSTON (AP) — The world’s hottest oil field could run out of steam in just a few years if shale drillers can’t overcome the natural constraints of the region’s geology, a new study says.

Reported by the Houston Chronicle  on Thursday, the report states that by 2021, oil production could peak in Permian Basin, as rapid drilling and fracking exhaust underground pressure in the most prolific areas of the West Texas play, according to one scenario outlined by energy research firm Wood Mackenzie.…

Continue Reading