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Texas Upstream Employment Showing Steady Growth, with U.S. E&P, OFS Numbers Higher Too

Texas Upstream Employment Showing Steady Growth, with U.S. E&P, OFS Numbers Higher Too

Upstream oil and natural gas employment in Texas expanded in August, with monthly jobs gains since last September —  the low point — outnumbering declines, according to a top energy industry group. The latest Texas Workforce Commission (TWC) data suggests that upstream employment “expanded by 2,800 jobs in August,” the Texas Oil & Gas Association…

September 23, 2021
PennEast Ends Eminent Domain Battle in New Jersey, Citing Regulatory Uncertainty

PennEast Ends Eminent Domain Battle in New Jersey, Citing Regulatory Uncertainty

PennEast Pipeline Co. is for now dropping its years-long efforts to condemn state-owned land in New Jersey until it has more clarity on the beleaguered project’s timeline.  The state notified a federal appeals court this week that the company has agreed to voluntarily dismiss condemnation proceedings for the pipeline. Environmental groups, including the New Jersey…

September 23, 2021
Permian Oil, Natural Gas Essential through Global Energy Transition, Says ConocoPhillips CEO

Permian Oil, Natural Gas Essential through Global Energy Transition, Says ConocoPhillips CEO

The decision to plunk down $9.5 billion to purchase Royal Dutch Shell plc’s Permian Basin assets is going to give ConocoPhillips a bountiful and low-cost supply that will be necessary as the world evolves toward a low-carbon future, CEO Ryan Lance said.  The mega deal announced late Monday is for Shell’s West Texas portfolio within…

September 23, 2021
U.S. Petroleum Demand, Production Bounce Back Amid Post-Ida Recovery

U.S. Petroleum Demand, Production Bounce Back Amid Post-Ida Recovery

Domestic petroleum demand and production increased notably last week, as the Gulf of Mexico (GOM) energy complex recuperated from the havoc imposed by Hurricane Ida, the latest U.S. Energy Information Administration (EIA) inventory report showed. EIA’s Weekly Petroleum Status Report, released Wednesday, showed production climbed to 10.6 million b/d for the week ended Sept. 17,…

September 22, 2021
U.S. Supreme Court Asked to Intercede in Dakota Access Legal Fight

U.S. Supreme Court Asked to Intercede in Dakota Access Legal Fight

Dakota Access LLC, operator of the eponymous crude oil conduit ensnared in a legal battle over its right to stay in operation after a federal judge vacated a critical easement, has asked the U.S. Supreme Court to weigh in on its case. The questions presented by counsel representing the 1,172-mile Dakota Access Pipeline (DAPL) could…

September 22, 2021
Lagoon Water Midstream Expands into Permian with Double Drop Acquisition

Lagoon Water Midstream Expands into Permian with Double Drop Acquisition

Lagoon Water Midstream on Tuesday said it has closed the acquisition of Midland, TX-based Double Drop Resources, a Permian Basin-focused water management company. The acquisition “significantly expands Lagoon’s operations and establishes it as a multi-basin water management company with a presence in the heart of the Permian,” according to Lagoon, which is backed by Macquarie…

September 22, 2021
Decline at Oklahoma’s Cushing Hub Leads Downward Slide in U.S. Oil Stocks, EIA Says

Decline at Oklahoma’s Cushing Hub Leads Downward Slide in U.S. Oil Stocks, EIA Says

U.S. stockpiles of crude are down substantially this year amid rising demand and curtailed production, with inventories at the Cushing Hub in Oklahoma driving the downward trend. Stocks at Cushing totaled 32.9 million bbl for the week ended Sept. 10, down 42% from the start of the year, the U.S. Energy Information Administration (EIA) said…

September 21, 2021
Alberta Says Keystone XL Provides ‘Responsibly Produced’ Oil from Reliable Canada Partner

Alberta Says Keystone XL Provides ‘Responsibly Produced’ Oil from Reliable Canada Partner

President Biden rejected a top-ranked supplier on the global environment, social and governance (ESG) investment scale by blocking TC Energy Inc.’s Keystone XL oil export pipeline project, according to the Alberta provincial government. “Based on aggregated…performance from the Yale Environmental Performance Index, Social Progress Index, and World Bank Governance Index, Canada is third behind Norway…

September 21, 2021
Laredo Bolts On Permian Midland Acreage in Cash, Stock Swap with Pioneer Natural

Laredo Bolts On Permian Midland Acreage in Cash, Stock Swap with Pioneer Natural

Tulsa-based Laredo Petroleum Inc. has clinched a deal to build out its West Texas leasehold in an estimated $230 million cash-and-stock deal with Pioneer Natural Resources Co. The transaction is for around 20,000 net acres in the Permian Basin’s Midland formation, giving Laredo around 22,200 net acres total in western Glasscock County. The acreage is…

September 21, 2021
ConocoPhillips Snapping Up Shell’s Permian Portfolio for $9.5B

ConocoPhillips Snapping Up Shell’s Permian Portfolio for $9.5B

Houston-based ConocoPhillips on Monday agreed to pay $9.5 billion to buy Royal Dutch Shell plc’s Permian Basin portfolio, which a Shell executive said reflected “our focus on value over volumes” as it accelerates its energy transition from fossil fuels. Shell’s Permian business includes ownership in 225,000 net acres with current production of around 175,000 boe/d.…

September 20, 2021
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