No oil bust in sight for booming Permian Basin At least for the foreseeable future, the series of oilfield boom/bust cycles is over, according to an industry expert speaking in Hobbs to the New Mexico Association of Counties board of directors last week. Ryan Flynn, executive director of the New Mexico Oil and Gas Association, said oil and gas industry …
New Mexico, Texas oil boom sparks electricity demand surge ALBUQUERQUE, N.M. (AP) — Electricity demand on Xcel Energy’s grid is reaching all-time records thanks to the oil and gas boom in southeastern New Mexico and West Texas. Xcel Energy New Mexico and Texas president David Hudson says oil and gas production in the Permian Basin is driving accelerated load growth …
Exxon profit surges, just not enough By DAVID KOENIG, AP Business Writer DALLAS (AP) — Rising oil prices pushed second-quarter profit at Exxon Mobil Corp. up 18 percent to $3.95 billion, but the results Friday fell short of Wall Street expectations, and the shares fell in morning trading. The price of benchmark international crude is up more than 50 percent from …
Rig count peaks at record With Lea County leading in oil production, New Mexico’s rig count hit its historic peak this week at 103, the most ever, and close to double the 57 at the same time last year. Lea County’s count this week is 51 active rigs, up more than two-thirds from last year’s 30 active rigs and putting …
Oil prices spike after Saudi halts shipments after attack By DAVID RISING, Associated Press DUBAI, United Arab Emirates (AP) — Oil prices rose to a 10-day high Thursday after Saudi Arabia’s state-owned oil company announced it was temporarily halting crude shipments through a strategic Red Sea shipping lane after Yemen’s Shiite rebels attacked two tankers in the strait the previous day. …
Land managers defer drilling near Carlsbad Caverns CARLSBAD, N.M. (AP) — Federal land managers have opted for more time to study the potential effects of oil and gas operations near Carlsbad Caverns National Park in southeastern New Mexico. A proposed lease sale first announced last spring had included more than two dozen parcels that were within 10 miles of the …
EnLink Midstream to Build New Delaware Basin Crude Oil Gathering System DALLAS, June 27, 2018 /PRNewswire/ — The EnLink Midstream companies (EnLink), EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership or ENLK) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner or ENLC), announced that the partnership will construct a new crude oil gathering system in the Northern Delaware Basin called the Avenger Crude Oil Gathering …
OPEC countries to pump more oil to contain price increase By KIYOKO METZLER, Associated Press VIENNA (AP) — The countries of the OPEC cartel agreed on Friday to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global energy prices. Questions remain, however, over the ability of some OPEC nations — …
OPEC oil ministers gather to discuss production increase By KIYOKO METZLER, Associated Press VIENNA (AP) — The oil ministers of the OPEC cartel were gathering Tuesday to discuss this week whether to increase production of crude and help limit a rise in global energy prices. The officials were arriving in Vienna ahead of the official meeting Friday, when they will also …
Supermajors need to invest nearly $30 billion in Permian Basin through 2020 HOUSTON–(BUSINESS WIRE)–Jun 18, 2018–A new energy report from business information provider IHS Markit says that the three supermajors active in the Permian Basin — Exxon Mobil, Royal Dutch Shell and Chevron — will need to invest nearly $30 billion in the oil and gas play through 2020 to …
