Texas

Permian Leads Surge in Land Activity as U.S. Rig Count Rises to 491

Permian Leads Surge in Land Activity as U.S. Rig Count Rises to 491

A ramp-up in oil drilling, especially in the Permian Basin, sent the U.S. rig count surging seven units higher to 491 for the week ended Friday (July 23), the latest numbers from oilfield services provider Baker Hughes Co. (BKR) show. All of the net gains domestically for the week occurred in the oil patch, with…

July 23, 2021
Natural Gas Futures Rally for Second Day, Bolstered by Demand Outlook; Spot Prices Spike

Natural Gas Futures Rally for Second Day, Bolstered by Demand Outlook; Spot Prices Spike

Natural gas futures on Monday cruised higher for a second consecutive session as forecasts pointed to stronger weather-driven demand over the back half of July. The August Nymex contract advanced 10.5 cents day/day and settled at $3.779/MMBtu. The prompt month had gained 6.0 cents on Friday to close out trading last week. The September contract…

July 19, 2021
U.S. Natural Gas Rig Count Up Two as GOM Activity Rises

U.S. Natural Gas Rig Count Up Two as GOM Activity Rises

The U.S. natural gas rig count rose two units to finish at 101 during the week ended Friday, a week that also saw a notable uptick in drilling activity in the Gulf of Mexico (GOM), according to updated data from oilfield services provider Baker Hughes Co. (BKR). Drilling gains in the United States for the…

July 9, 2021
Texas Lawmakers Advance Bills Overhauling Electric Grid, Regulatory Oversight

Texas Lawmakers Advance Bills Overhauling Electric Grid, Regulatory Oversight

As the Texas legislative session drew to a close over the weekend, lawmakers approved bills aimed at overhauling the state’s electric grid — and those who govern it — following February’s massive winter storm that left residents in the dark for days amid record cold temperatures. “This is our response, this body’s response, to the…

June 1, 2021
Texas Freeze Demonstrates Need for Further Mexico-U.S. Energy Integration, Expert Says

Texas Freeze Demonstrates Need for Further Mexico-U.S. Energy Integration, Expert Says

Freezing weather in Texas in February and the subsequent energy supply problems on both sides of the U.S.-Mexico border underline a need for greater energy integration between the two countries, Lorena Patterson, senior energy specialist and strategist, told NGI’s Mexico Gas Price Index.   “I would advocate for greater integration between the markets, and more diversification…

April 16, 2021
Led by Texas, Eight E&Ps, Five OFS Operators Sought Chapter 11 in 1Q

Led by Texas, Eight E&Ps, Five OFS Operators Sought Chapter 11 in 1Q

Eight of North America’s oil and gas producers filed for bankruptcy during the first three months of this year, the highest quarterly total since 2016, according to Haynes and Boone LLC. The law firm, which has monitored North American producer Chapter 11 filings since 2015, on Thursday issued its latest report covering 1Q2021. It also…

April 16, 2021
New Permian Oil, Gas Drilling Permits OK’d in March Surpass Year-Ago Total

New Permian Oil, Gas Drilling Permits OK’d in March Surpass Year-Ago Total

Texas operators applied for more oil and gas drilling permits during March than a year earlier, with the Permian Basin still the go-to place for activity, according to state regulators.  The Railroad Commission of Texas (RRC) said it issued 798 original drilling permits last month, versus 744 in March 2020.  Last month, the RRC issued…

April 13, 2021
Electric Power Sector Must Brace for Mounting Weather Disasters, Energy Economist Says

Electric Power Sector Must Brace for Mounting Weather Disasters, Energy Economist Says

The February freeze that crippled the Texas energy grid for days amplified a trend already well underway — high-cost and increasingly frequent climate-related disasters that the electric power industry struggles to manage through. That assessment comes in a new report from energy lender CoBank, based in Denver. The polar outbreak affected several states, requiring rolling…

April 7, 2021
Texas Storm Fallout Festers in Petrochemical, NGL Sectors

Texas Storm Fallout Festers in Petrochemical, NGL Sectors

The impacts of a Winter Storm Uri, which wreaked havoc on the Texas energy system in mid-February, are lingering nearly two months later as downstream facilities await freeze-related repairs. “From a natural disaster perspective, the impact on the petrochemical space from Uri is much greater than any previous event that we’ve had in recent memory,”…

April 6, 2021
ERCOT Says Power Generation More Than Enough to Meet Expected Record Summer Demand

ERCOT Says Power Generation More Than Enough to Meet Expected Record Summer Demand

A little more than a month after Texas’ main electric grid operator failed to keep the lights on during a prolonged freeze across the state, it said it has more than enough resources to meet projected record demand this summer. In its preliminary Seasonal Assessment of Resource Adequacy (SARA) for the summer released Thursday, the…

March 26, 2021
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