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4 Oil Rigs Active in Gaines Co. Last Week; US Total at 952

July 17, 2017

HOUSTON — Four active drilling rigs were situated within the Gaines County boundaries last week, according to the latest report from oilfield insider Baker Hughes.

Two vertical oil drilling rigs, one horizontal and a directional rig were all operating within Gaines County, with their projected well depths ranging from 5,000 to 15,000 feet below the surface.…

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Oil: Gaines Wells Produce 1.88M Barrels in April

June 29, 2017

Gaines County wells produced over 1.88 million barrels of oil during the month of April 2017, according to preliminary production figures released Wednesday by the Texas Railroad Commission.

April’s preliminary total of 1,888,764 barrels comes one month after Gaines County wells produced 1.97 million barrels of oil in the month March.…

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Texas oil company opens regional headquarters in Hobbs

June 22, 2017

HOBBS, N.M. (AP) — A Texas-based oil company has opened a new regional headquarters in southeastern New Mexico as activity in the Permian Basin heats up.

Officials with Mewbourne Oil say the new office represents the company’s commitment to the region and its interest in expansion in the years to come.…

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Study: Oil, gas drilling connected to pollution, earthquakes

June 20, 2017

HOUSTON (AP) — A new study by a nonprofit science organization says oil and gas drilling in Texas is linked to pollution and earthquakes.

The Academy of Medicine, Engineering and Science of Texas study found drilling for oil and gas in shale rock pollutes the air, erodes soil and contaminates water, while the disposal of millions of gallons of wastewater causes earthquakes, the Houston Chronicle ( ) reported.…

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Fed: Oil, Gas Industry Growth Continues in Texas

June 19, 2017

Increased oil and gas production continued to be a trend observed by the Federal Reserve Bank in Dallas, as they released their recent June 2017 report related to energy indicators last week.

U.S. oil and gas employment rose in April by 3,800 jobs to roughly 390,900, of which Texas oil and gas employment accounts for 55-percent, the report stated.…

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Analyst: $40 oil could slow down Permian drillers

June 16, 2017

U.S. shale is coming perilously close to puncturing its own rally.

Just months after predicting double-digit production increases, largely based on crude prices sitting between $55 and $60 a barrel, drillers are suddenly contemplating the possibility of retrenchment as a stubborn global supply glut is keeping prices near $46.

It’s a reversal that could accomplish what OPEC and other global producers have failed to do this year: slow down America’s booming shale industry.…

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Drilling Activity Continues to Increase in Permian; Gaines Rig Count to 7

May 15, 2017

Late last week, oil industry giant Baker Hughes stated 712 oil rigs were active in the United States, of which 357 were active within the Permian Basin region of West Texas and southeastern New Mexico.

A far cry from the company’s report from one year ago, where the U.S. possessed 406 oil drilling rigs scattered about the countryside.…

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IHS Markit: Rising Costs Loom for Permian Basin Oil Producers

May 12, 2017

HOUSTON — Exploration and production (E&P) companies that successfully acquired Permian Basin acreage in the red-hot ‘land-grab’ market of 2016, are now faced with the challenge of maintaining premium valuations while meeting high-growth expectations in a rising cost environment, according to new research by IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions.…

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Devon Energy to Sell $1 Billion in North Texas Assets

May 3, 2017

Company to Focus on West Texas, New Mexico Drilling

OKLAHOMA CITY (AP) — Devon Energy Corp. plans to sell off $1 billion worth of assets to focus more on drilling in Oklahoma, West Texas and New Mexico, according to a press release issued by the company.

The company said on Tuesday that the sales are expected to be completed during the next 18 months and will include part of its holdings in the Barnett Shale in north Texas.…

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Oil price optimism wears off as Texas wildcatters drill on

May 2, 2017

The relentless drilling ramp-up in America’s top shale plays is making investors more skeptical that an oil price rebound is on the horizon.

After increasing their bets on rising West Texas Intermediate crude for three straight weeks, money managers slashed the wagers by 21 percent, according to U.S. Commodity Futures Trading Commission data.…

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