Back

Shaking off the economic barnacles of the recession better than some of its neighors, New Mexico’s energy industry has come back to 90% of all-time peak activity six years ago and done it mostly through ramped-up oil drilling chasing relatively high prices, according to a report by a nonprofit economic research firm.

Shaking off the economic barnacles of the recession better than some of its neighboring states, New Mexico’s oil and natural gas industry has come back to 90% of all-time peak activity six years ago, and it has done it mostly through ramped-up oil drilling chasing relatively high prices, according to a report released Thursday by an independent, nonprofit economic research firm.

Chesapeake Energy Corp. on Tuesday announced that it would lay off 70 employees from its Barnett Shale workforce and transfer other staff members, leaving about 700 in its North Texas offices.

Former natural gas industry executive Sheffield Nelson has enlisted the aid of economist Charles Venus in his campaign to raise the severance tax that Arkansas levies on natural gas production. Raising the tax to 7% would mean an additional $155 million per year for state coffers, the equivalent of less than a day and a half of profits for ExxonMobil, Venus said recently.

ExxonMobil Corp. shareholders for the third year in a row turned back a shareholder proposal which would require the corporation to prepare a report on the risks associated with hydraulic fracturing (fracking). Chevron Corp. shareholders defeated a similar measure at their annual meeting, with fewer voting in favor than a year ago.

Kinder Morgan Pony Express Pipeline LLC and Belle Fourche Pipeline Co. are holding an open season through June 20 for crude oil transportation from a point near Baker, MT, to delivery points at Ponca City and Cushing, OK. Pony Express and Belle Fourche anticipate the ability to transport 100,000 or more b/d beginning in the fourth quarter of 2014. The companies have secured a long-term anchor shipper commitment for a minimum of 30,000 b/d. For more information, contact John Eagleton at (303) 914-4702, Mike Smith at (303) 763-3484, Bob Mishler at (303) 914-7762, Tad True at (307) 237-9301 or Bob Stamp at (307) 266-0345. In separate open seasons, Pony Express will offer single pipeline (local) oil transportation service from the Guernsey, WY, area and from the Denver-Julesburg Basin. Last year Kinder Morgan proposed converting a 635-mile Wyoming to Missouri section of its former Pony Express Pipeline from natural gas service back to its original function of carrying crude oil (see Daily GPI, Aug. 8, 2011).

If natural gas prices were to fall to $1, that wouldn’t be such a bad thing, according to EnerVest Ltd. CEO John Walker. In fact, low prices may be the industry’s “greatest savior,” he said Wednesday at Bentek Energy’s Benposium in Houston.

Far from the oil and gas patch in a seaside annex to Hollywood, CA, independent filmmakers are working on documentaries that attempt to push back at critics of the industry. FrackNation, a pro-hydraulic fracturing (fracking) documentary under way, questions information in the controversial 2011 Academy Award-nominated Gasland, as well as creator Josh Fox, who is now pursuing a sequel.

Far from the oil and gas patch in a seaside annex to Hollywood, CA, independent filmmakers are working on documentaries that attempt to push back at critics of the industry. FrackNation, a pro-hydraulic fracturing (fracking) documentary under way, questions information in the controversial 2011 Academy Award-nominated Gasland, as well as creator Josh Fox, who is now pursuing a sequel.