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 …

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 …

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 …

New IHS Markit Outlook – “Stunning” Permian Basin oil production to more than double from 2017-2023, exceeding expectations (BUSINESS WIRE)–Jun 13, 2018–Oil production in the Permian Basin, already a major force in global supply growth, will rise nearly 3 mbd by 2023—a level of growth exceeding most recent estimates, a new outlook by business information provider IHS Markit (Nasdaq: INFO) …

ExxonMobil CEO Darren Woods Highlights Growth Plans and Advances in Lower-Carbon Solutions DALLAS–(BUSINESS WIRE)–May 30, 2018–ExxonMobil plans to more than double earnings potential by 2025 while addressing the risks of climate change through continued research into breakthrough lower-carbon technologies, Chairman and Chief Executive Officer Darren Woods told shareholders during the company’s annual meeting today. Meeting the world’s growing energy needs …

Phillips 66 partners to construct West Texas oil pipeline system HOUSTON–(BUSINESS WIRE)–Apr 24, 2018–Phillips 66 Partners (NYSE: PSXP) announced that it has received sufficient binding commitments on an initial open season to proceed with construction of the Gray Oak Pipeline system.The Gray Oak Pipeline will provide crude oil transportation from West Texas to destinations in the Corpus Christi and Sweeny/Freeport …