SANTA FE, N.M. (AP) — New Mexico Land Commissioner Stephanie Garcia Richard says she is working on a bill with state lawmakers to allow higher royalty rates for oil and natural gas production on state trust land. Garcia Richards said Tuesday that she wants New Mexico to raise its royalty cap to 25 percent on future leases to match Texas. …
VIENNA (AP) — Oil prices spiked sharply higher Friday as major oil producers, including the OPEC cartel, agreed to cut global oil production by 1.2 million barrels a day to reduce oversupply. Following two days of meetings, the Organization of the Petroleum Exporting Countries that includes the likes of Saudi Arabia and Iraq said they would cut 800,000 barrels per …
A rally in oil prices after a two-month slide indicates traders are betting that OPEC and its allies including Russia will agree to produce less crude. Representatives of oil-producing nations will hold a highly anticipated meeting Thursday in Vienna, with analysts predicting that they will agree on a cut of at least 1 million barrels a day in an effort …
OPEC, allies agree not to further increase oil production ALGIERS, Algeria (AP) — A meeting of OPEC and its allies ended without any decision to further increase oil output despite President Donald Trump’s call for lower prices. Members of the Organization of the Petroleum Exporting Countries met on Sunday in Algiers with non-members including Russia. The committee said in a …
BILLINGS, Mont. (AP) — A federal judge has ordered the reinstatement of public participation opportunities in oil and gas lease sales in Western states that were largely eliminated by the Trump administration to speed up sales. U.S. Magistrate Judge Ronald Bush in a Friday ruling sided with environmentalists who sued in April out of concerns that upcoming sales could harm …
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. …
