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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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Hess Named to 2017 Best Corporate Citizens List

April 28, 2017

NEW YORK — Hess Corporation (NYSE: HES) has earned a place on Corporate Responsibility magazine’s prestigious list of 100 Best Corporate Citizens for 2017, according to a press release issued by company officials earlier this week.

The list recognizes public companies across the United States that demonstrated strong performance in such areas as environment, climate change, employee relations, human rights, governance, finance, philanthropy and community support.…

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Exxon Mobil’s 1Q profit more than doubles

April 28, 2017

IRVING (AP) — Exxon more than doubled its profit in the first quarter as rising crude prices magnified the cost cuts made by the company as energy prices tumbled.

The company earned $4.01 billion, or 95 cents per share, for the three month period. A year earlier the Irving, Texas, company earned $1.81 billion, or 43 cents per share, as oil and gas prices sank.…

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EIA: Permian Oil Production, Resource Assessments Continue to Increase

April 27, 2017

WASHINGTON — Crude oil production in the Permian Basin is expected to increase to an estimated 2.4 million barrels per day (b/d) in May, based on estimates from the U.S. Energy Information Administration’s Drilling Productivity Report, released this past Wednesday.

Between January 2016 and March 2017, oil production in the Permian Basin increased in all but three months, even as domestic crude oil prices fell.…

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1.75M Barrels of Gaines Oil Produced in February

April 27, 2017

Oil wells operating within the Gaines County line produced just over 1.75 million barrels of oil in the month of February 2017, according to a preliminary production data report by the Texas Railroad Commission on Wednesday.

Gaines’ February figures comes on the heels of January’s 1.91 million produced barrels reflected by adjusted RRC numbers observed by the Seminole Sentinel.…

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EPA chief delays methane rule at behest of oil and gas firms

April 21, 2017

WASHINGTON (AP) — The Environmental Protection Agency is again moving to derail Obama-era regulations aimed at reducing pollution from the fossil fuel industry.

EPA Administrator Scott Pruitt announced Wednesday he’s issued a 90-day delay for oil and gas companies to follow a new rule requiring them to monitor and reduce methane leaks from their facilities.…

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