NEW YORK (AP) — Oil prices are plunging as a dispute among producers could lead a global economy weakened by COVID-19 to be awash in an oversupply of crude. Brent crude, the international standard, lost $9.50, or 20.1%, to $35.77 per barrel, as of 7:58 p.m. Eastern time on Sunday after earlier touching its lowest price since 2016. Benchmark U.S. …

SANTA FE, N.M. (AP) — Oil and natural gas royalty payments for development on state trust lands netted nearly $109 million for New Mexico in one month. Land Commissioner Stephanie Garcia Richard announced the record revenues Friday, saying the State Land Office is on track to raise another $1 billion this year for public schools, hospitals and other beneficiaries. Much …

NEW YORK (AP) — Exxon Mobil said Thursday it plans to reduce the number of oil rigs operating in an oil-rich region in the Southwest and may cut planned capital expenditures as the spreading coronavirus saps energy demand. The price of a barrel of oil has fallen more than 25% since the start of the year, and 8% in the …

Home town Air Force Master Sergeant Gabrial Valenzuela asked for Hobbs’ support in making it to the top of Spark Tank, the Air Force version of Shark Tank. Valenzuela was born and raised in Hobbs before joining the Air Force in 2004, and going to Germany seven years ago. Spark Tank is something the Air Force put together three years …

BATON ROUGE, La. (AP) — A blaze inside a Louisiana refinery that turned the night sky a shade of orange and sent a large plume of smoke into the air over Baton Rouge has been extinguished, ExxonMobil officials say. The fire erupted at the facility in Baton Rouge around 11:30 p.m. Tuesday, Baton Rouge Fire Department spokesman Curt Monte told …

In September, news of a Texas Roadhouse restaurant coming to Hobbs became official when the popular restaurant chain applied for a full liquor license with the City of Hobbs. During Monday’s Hobbs City Commission meeting, a resolution on the transfer of a liquor license for the store was unanimously approved. The transfer of ownership of liquor license No. 0819 from …

SAN RAMON, Calif. (AP) — Chevron Corp. said Tuesday it will book a charge of at least $10 billion because lower long-term prices for oil and natural gas will reduce the value of its assets. More than half the write-down is related to gas drilling operations in Appalachia. The huge fourth-quarter write-down — between $10 billion and $11 billion — …

LOVINGTON — The Lovington landmark Burger Builders hosted a dual celebration Thursday with about two dozen attendees congratulating both the new owner and a 37-year employee. With representatives of the city and the chamber of commerce at hand, previous owners Ronny and Kim Reeder helped new owner Martin Lara cut the ribbon signifying change in management. Meanwhile, main cook Mary …

It’s usually a big, over-sized check whenever a major oil company donates to a Lea County school. This check needed to be big, to fit all the zeros. On Tuesday, the Chevron Corp. donated $100,000 to Hobbs Municipal Schools as part of its Community Partner program. The program focuses on three areas of social investment — health, education and economic …

It looks like a huge backyard-built barbeque pit. But inside is technology that could revolutionize the oil and gas industry and more. The New Horizons Foundation in Hobbs and the Combat Capabilities Development Command of the U.S. Army Research Laboratory (CCDCARL) have worked together for the past two years in creating a muffler that could drown out the loud sounds …