Permian Basin

Permian, Eagle Ford Counties and School Districts Top Texas Property Tax Receipt Rankings

Permian, Eagle Ford Counties and School Districts Top Texas Property Tax Receipt Rankings

Texas’ oil and natural gas industry paid $15.8 billion in state and local taxes and state royalties in Fiscal Year (FY) 2021, with school districts and counties in the Permian Basin and Eagle Ford Shale the top beneficiaries, according to the Texas Oil and Gas Association (TXOGA). “Despite an incredibly difficult two years, the Texas…

January 14, 2022
For First Time in New Year, February Natural Gas Futures Eclipse $4

For First Time in New Year, February Natural Gas Futures Eclipse $4

Natural gas futures on Monday closed above $4.00 for the first time this year as European calls for U.S. exports remain robust and forecasts point to continued strong domestic weather-driven demand. The February Nymex gas futures contract settled at $4.079/MMBtu, up 16.3 cents day/day. March rose 10.8 cents to $3.834. NGI’s Spot Gas National Avg.…

January 10, 2022
FireBird Snags Chevron Permian Midland Properties

FireBird Snags Chevron Permian Midland Properties

Privately held explorer FireBird Energy LLC on Thursday said it bolted on 21,000 acres in the Permian Basin of West Texas in a deal with Chevron Corp. Financial details were not disclosed. The Midland sub-basin properties, 99% operated, are in Ector, Midland, Crane and Upton counties. They were acquired from Chevron U.S.A. Inc. and Chevron…

January 3, 2022
Permian to Bolster New Mexico Budget with 77% Jump in Oil, Natural Gas Revenue Forecast

Permian to Bolster New Mexico Budget with 77% Jump in Oil, Natural Gas Revenue Forecast

Higher-than-expected oil and natural gas production, as well as stronger prices, are giving New Mexico’s coffers a boost, the state’s Legislative Finance Committee (LFC) recently reported. The committee also anticipates Fiscal Year (FY) 2021 oil output of 408 million bbl, or 1.12 million b/d — a 10.8% year/year increase. “Global consumption and demand for oil…

December 17, 2021
TC Energy Sees North America Natural Gas Demand Rising 25% by 2030

TC Energy Sees North America Natural Gas Demand Rising 25% by 2030

TC Energy Corp. expects North American natural gas demand to grow 25% by 2030, a top pipeline executive told investors earlier this month. Demand would mainly be driven by coal-to-gas switching in the power sector and global demand for liquefied natural gas (LNG), TC’s Tracy Robinson, president of the Canada natural gas pipelines unit, said…

December 13, 2021
Lower 48 Oil, Gas Spending Seen Rising 19% in 2022 on Cost Inflation, Activity Uptick

Lower 48 Oil, Gas Spending Seen Rising 19% in 2022 on Cost Inflation, Activity Uptick

Spending by Lower 48 oil and natural gas producers is set to rise by 19.4% next year to $83.4 billion from an expected $69.8 billion in 2021, according to new analysis by Rystad Energy.  Service price inflation is expected to account for $9.2 billion of the spending growth, with increased activity contributing $8.6 billion, said…

December 3, 2021
Northern Oil Builds on Acquisition Spree with Another Permian Deal

Northern Oil Builds on Acquisition Spree with Another Permian Deal

Northern Oil and Gas Inc. has agreed to acquire “substantially all” the nonoperated Permian Basin assets owned by affiliates of Veritas Energy LLC, including 6,000 oil-weighted net acres. The transaction for $406.5 million was announced earlier this month. “This transaction completes the strategic transformation of our business that began in 2018,” CEO Nick O’Grady said.…

November 22, 2021
Targa Eyeing Another Permian Natural Gas Processing Expansion

Targa Eyeing Another Permian Natural Gas Processing Expansion

After seeing better-than-expected growth in gathering volumes in the Permian Basin, Targa Resources Corp. is planning for another processing plant in the Midland sub-basin. The Houston-based midstreamer reported that system inlet volumes rose 7% sequentially in the third quarter, with total Permian inlet volumes reaching a record 2,952 MMcf/d. Management now expects volumes this year…

November 22, 2021
Permian the Focal Point of U.S. Onshore Growth as Drilling Totals Rise

Permian the Focal Point of U.S. Onshore Growth as Drilling Totals Rise

The Permian Basin was the focal point of U.S. onshore drilling activity during the week ended Friday (Nov. 19), spurring a seven-rig increase in the combined domestic count, which finished at 563, according to the latest numbers from Baker Hughes Co. (BKR). All of the net gains for the week in the United States occurred…

November 19, 2021
Lower 48 Plays to Continue Ratcheting Up Natural Gas, Oil Output in December, EIA Says

Lower 48 Plays to Continue Ratcheting Up Natural Gas, Oil Output in December, EIA Says

Led by growth out of the Haynesville Shale, natural gas production from seven key U.S. onshore regions is set to climb from November to December, according to updated projections from the Energy Information Administration (EIA). Total natural gas production from the Anadarko, Appalachia and Permian basins, as well as from the Bakken, Eagle Ford, Haynesville…

November 15, 2021
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