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TXOGA: Over 11 Billion in Taxes Paid by TX Oil, Gas Industry in 2017

March 1, 2018

Gaines Entities See $28.3 Million in Mineral Taxes Levied in ’17

AUSTIN – Texas oil and natural gas industry paid just over $11 billion in state and local taxes and state royalties in fiscal year 2017, a solid increase from the $9.4 billion paid in fiscal year 2016, according to data released earlier this week by the Texas Oil & Gas Association (TXOGA).…

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Over 23 Million Barrels of Oil Produced in Gaines County in 2017

February 27, 2018

AUSTIN — Gaines County oil wells produced over 23.59 million barrels in the 2017 calendar year, up from 22.59 million barrels of produced oil seen in the 2016 calendar year, according to preliminary December 2017 production totals observed by the Seminole Sentinel.

The roughly 1 million gain in production between the 2016 and 2017 calendar years, comes after Gaines County wells saw just over 24 million barrels of oil produced in the 2014 and 2015 calendar years.…

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US rig count remains unchanged at 975

February 19, 2018
HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. didn’t increase this week, remaining at 975 for the second week in a row.

That exceeds the 751 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Friday that 798 rigs drilled for oil this week and 177 for gas.…

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EIA: U.S. Oil Producers Hit 10M Barrel Per Day Mark in November

February 2, 2018

While analysts had predicted U.S. crude oil production would hit the 10 million-barrel-per-day mark sometime in this year, it turns out the milestone already has been reached.

The nation produced 10.038 million barrels of oil per day in November, according to the Energy Information Administration’s monthly production data report released Wednesday — 48 years to the month since the U.S.…

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Exxon misses Street 4Q forecasts

February 2, 2018

IRVING (AP) — Exxon Mobil Corp. (XOM) on Friday reported fourth-quarter profit of $8.38 billion.

The Irving, Texas-based company said it had profit of $1.97 per share. Earnings, adjusted for pretax gains, came to 88 cents per share.

The results missed Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales.…

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RRC: Gaines Wells Produce 1.92M Barrels in November

January 26, 2018

November proved to be another productive month for Gaines County oil wells, as 1.92 million barrels of oil were produced during the 30-day period, according to preliminary production numbers released Thursday by the Texas Railroad Commission.

Calendar year to date for 2017, Gaines County wells had produced 21.49 million barrels of oil, with August 2017 marking the most productive month of the past year, thus far, with 2,023,490 produced barrels in the month.…

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Trump moves to vastly expand offshore drilling off US coasts

January 5, 2018

WASHINGTON (AP) — The Trump administration moved Thursday to vastly expand offshore drilling from the Atlantic to the Arctic oceans with a plan that would open up federal waters off California for the first time in more than three decades.

The new five-year drilling plan also could open new areas of oil and gas exploration in areas off the East Coast from Florida to Maine, where drilling has been blocked for decades.…

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New Mexico moves up in oil and gas rankings

January 4, 2018

ALBUQUERQUE, N.M. (AP) — Thanks to more barrels of oil being pumped monthly from the Permian Basin, New Mexico is among the nation’s top producing states.

Industry officials in New Mexico on Wednesday celebrated the latest figures released by the U.S. Energy Information Agency, saying billions of dollars of investment by energy companies in the state over the past year is paying off as production is reaching record highs.…

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Gaines Oil Production Dips to 1.3M in September

December 4, 2017

A month after seeing oil production totals top out just over the 2 million barrel mark, Gaines County wells saw a vast dip in production.

According to the latest oil production report from the Texas Railroad Commission, Gaines County oil wells produced over 1.33 million barrels of oil in the month of September 2017, which marked a calendar-year low for Gaines County.…

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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.…

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