Investment by U.S. oil and gas producers is likely to drop by at least 35% in the second quarter versus the first quarter of this year due to the crushing impact of Covid-19 on crude prices and a lack of available storage capacity, the Federal Reserve Bank of Dallas said Friday.
Articles from Dallas
Thomas Boone Pickens Jr., who turned a borrowed investment to launch an oil company into billions of dollars, died Tuesday, leaving behind a legacy that will not be easily matched. He was 91.
Energy sector activity across Texas, parts of New Mexico and Louisiana grew modestly in the first three months of the year, but activity still was under the average level for the past few years, according to the quarterly Federal Reserve Bank of Dallas Energy Survey.
Close to 2,800 North Dallas customers of natural gas distributor Atmos Energy Corp. may be without service for up to three weeks as the company attempts to stabilize the system following an explosion that caused the death of a 12-year-old girl.
The drilled but uncompleted (DUC) well count in the Permian Basin had risen to 2,163 at the end of May, about 78% higher than a year ago, as the most active area of the United States continues to draw more rigs and more people, according the Federal Reserve Bank of Dallas.In a report issued last week specifically about the economic conditions in the Permian, economists reviewed data using Texas data for the Midland-Odessa metropolitan statistical area and the 55 counties in West Texas and southern New Mexico that make up the Permian Basin region. The insight follows up on the 2Q2017 Dallas Fed Energy Survey issued at the end of June.
Oil and natural gas activity in Texas, northern Louisiana and southern New Mexico increased during the second quarter, albeit at a slightly slower pace than early this year, according to the latest energy survey by the Dallas branch of the Federal Reserve Bank (Fed).
The city of Dallas has asked the Texas Supreme Court to block a $200 million lawsuit by spurned driller Trinity East Energy LLC. The Fort Worth-based company sued in February 2014 after the Dallas City Council voted in 2013 to deny the company the permits it needed to drill on leases in the Barnett Shale region for which it had paid the city more than $19 million. Last February an appellate court ruled that the city must face the lawsuit, City of Dallas v. Trinity East Energy LLC [No. 05-16-00349-CV]. In asking the Texas Supreme Court to block the lawsuit, Dallas is arguing that it should be immune from the action as its decision to enter into the mineral leases with Trinity East was a governmental function and it was not acting in proprietary capacity.
The California Energy Commission (CEC) on Wednesday awarded more than $36 million for clean energy freight transportation in the Los Angeles/Long Beach ports and other clean transportation projects — $24 million for freight transportation and $12 million for other projects. The South Coast Air Quality Management District and Long Beach Harbor Department each received $10 million, and the Los Angeles Harbor Department received $4.5 million to carry out field demonstrations of medium- and heavy-duty cargo handling equipment that have zero and near-zero emissions. Last year, CEC launched the state’sSustainable Freight Action Plan, supported by grants from the statewide alternative/renewable fuel and vehicle technology program. Zero emission and near-zero emission technologies are involved in the program.
Job losses in the energy sector of the Texas economy slowed during the third quarter. Houston saw a turnaround in employment trends, but gains were more robust in Dallas and Fort Worth. Meanwhile, exports of Texas natural gas to Mexico continue to increase.
Oil and natural gas executives told the Federal Reserve Bank (Fed) of Dallas that business activity increased during the third quarter, but there remains “persistent weakness” in employment and production, the latest energy survey indicated.