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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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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.…

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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.…

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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.…

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