Industry Guides & How-To Resources with specific types of property or business. Check our valuable guides on this page today at Ranger Land & Minerals.

The EIA estimated that US crude oil production reached “an all-time high in December of more than 13.3 million barrels per day.

Record oil and gas production makes America more secure

Record oil and gas production

America’s oil and natural gas producers are innovating to produce more than ever. We’re also easing emissions and bringing reliable, affordable energy to Americans and our global allies.
In its latest short-term energy outlook, the Energy Information Administration estimated that U.S. crude oil production reached “an all-time high in December of more than 13.3 million barrels per day.”

The production of oil and natural gas in the United States plays a crucial role in stabilizing prices for consumers. These commodities are traded on global markets, and their prices can be influenced by a myriad of factors, including geopolitical events and decisions made by stakeholders across the world.

In times of turmoil or disruption in the global oil market, such as supply disruptions or political tensions in major oil-producing regions, having a robust domestic production capacity helps mitigate the impact of these external shocks on American consumers. By reducing the reliance on foreign sources and increasing domestic output, the U.S. is better equipped to weather fluctuations in global oil prices, providing a sense of stability and security for consumers.

Particularly Evident

The significance of strong U.S. oil and gas production is particularly evident when considering the potential actions of “bad actors” in the global market. In an interconnected world where energy markets are highly sensitive to external events, the actions of rogue states or non-state actors can have profound consequences on oil prices and supply chains.

By bolstering domestic production, the U.S. can insulate itself to some extent from these external risks and maintain a degree of control over its energy security. This not only helps in ensuring a stable supply of energy for American households and businesses but also contributes to the country’s overall economic resilience in the face of global uncertainties.

Click here to read the full article
Source: Fremont Tribune

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

 

If you have further questions related to the “Record oil and gas production” topic, feel free to reach out to us here.

Chevron Corp. beat earnings estimates and raised dividends after posting record oil and natural gas production.

Chevron beats earning estimates following “record” oil and gas production

Chevron beats earnings estimates and raised dividends after posting record oil and natural gas production, boosting Chief Executive Officer Mike Wirth’s effort to rebound from a year of missed performance targets.

Adjusted earnings of $3.45 a share exceeded the Bloomberg Consensus estimate by 23 cents. Chevron raised its dividend by almost 8% to $1.63 a share, also ahead of forecasts.

The No. 2 U.S. oil and gas operator incurred $3.7 billion of charges stemming mostly from assets in its home state of California and the dismantling of decades-old infrastructure in the Gulf of Mexico. Annual production climbed 4%, primarily boosted by rising output in the Permian basin and other U.S. fields.

Shell Plc was the first member of the oil and gas industry to post fourth-quarter results, announcing on Thursday $7.31 billion in adjusted net income that was more than $1 billion higher than the average forecast.

Chevron had a tough 2023 in some respects, when its stock underperformed rivals, dropping 17% amid production disappointments and cost overruns from the Permian basin to Kazakhstan. The company already has a challenged growth outlook compared to competitor Exxon Mobil Corp., and operational missteps only added to investor concerns.

CEO Wirth has raised share buybacks and orchestrated the Hess Corp. takeover to acquire, among other things, a 30% stake in Exxon’s offshore Guyana project, one of the world’s fastest-growing oil provinces.

Click here to read the full article
Source: World Oil

—–

If you have any questions or thoughts about Chevron Beats Earnings the topic, feel free to contact us here or leave a comment below.

As per the report from the US EIA, the US claimed the title of the largest global crude oil producer in 2022.

Oil and gas pumps market size is projected to grow $10.9B, globally at a 4.7% CAGR by 2028

Oil and Gas Market size is projected to grow. From USD 8.7 billion in 2023 to USD 10.9 billion by 2028, at a CAGR of 4.7%. According to a new report by MarketsandMarkets™. The rise in infrastructural development, global economic growth, and rise in exploration of new oil fields. Accelerates the growth of the Oil and Gas Pumps Market.

Browse in-depth TOC on “Oil and Gas Pumps Market”
164 – Tables
50 – Figures
206– Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=72491540

This report segments based on application into three categories: upstream, midstream, and downstream.

Anticipated to Dominate

In the oil and gas industry, the midstream sector is precede to dominate the market share throughout the forecast period. This segment is crucial for the efficient transportation and storage of hydrocarbons. Serving as the bridge between upstream exploration and downstream refining processes. Midstream activities encompass a wide range of operations. Including the transportation of crude oil, natural gas, and other petroleum products through pipelines, tankers, and trucks.

Additionally, the sector is responsible for the storage of these resources in terminals, refineries, and storage facilities, ensuring a steady supply chain from production sites to end users.

The Increasing Demand For Energy Resources

The growth of the midstream sector can be attributed to the increasing demand for energy resources worldwide, prompting companies to expand their infrastructure and invest in new technologies to enhance operational efficiency. With the rising production of oil and gas in various regions, the need for reliable midstream services has become more pronounced.

Moreover, factors such as regulatory changes, geopolitical developments, and market dynamics have also influenced the expansion of the midstream industry. As a result, companies in the oil and gas sector are focusing on strengthening their midstream capabilities to meet the growing demands of the global energy market.

Click here to read the full article
Source: yahoo!finance

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

Production in Utah's oil-rich Uinta Basin is at an all-time high. Texas oilman Jim Finley is credited with opening the floodgates.

Meet the secretive ‘mastermind’ behind Utah’s oil boom

A Bit Of A Ghost

The Utah’s oil boom: Jim Finley is a bit of a ghost. Outside of oil industry circles, few people have probably ever heard of the man. He rarely speaks in public.

Utah's oil boom

One exception was in October 2021. When Finley the CEO of Texas-based Finley Resources. Presented to a coalition of seven oil-producing counties in eastern Utah. Following his speech, coalition board members and staff applauded Finley for his investments in Utah’s oil-rich Uinta Basin, and thanked him for making time to speak. One person noted that he is a particularly difficult man to get hold of.

“Sometimes nobody knows where I am,” Finley said.

“On purpose,” someone else chimed in. Finley chuckled.

A Key Role

The Texas oilman has played a key role. In spearheading the kind of oil boom that has long evaded the remote basin. In just over a decade, he’s become one of the top producers in the Uinta. And is now playing an outsize role in shaping Utah’s energy future.

Finley has thrown his support behind a controversial rail line that would make it easier for him and the basin’s five other producers to export oil to out-of-state markets, while simultaneously boosting export capacity via trucking and existing rail. He has his fingers in every aspect of basin production, from drilling oil and mining sand for hydraulic fracturing to operating a transloading facility and a growing fleet of oil trains. Powerful political allies have helped him expand his empire, primarily by funneling public money toward infrastructure projects that benefit the oil sector.

Chris Kuveke, a researcher at BailoutWatch, a watchdog group that provided HuffPost with extensive research on Finley’s portfolio and operations, called Finley “the mastermind” of the basin’s current oil boom.

“He has a long history of using campaign finance and lobbying as influence to get his projects where he wants them to be,” Kuveke said. “And he knows what he’s doing. He has a serious track record of influencing the industry that he wants to grow, being a linchpin. And that’s what he’s doing in the Uinta.”

 

Click here to read the full article
Source: HUFFPOST

—

If you have any questions or thoughts about the Utah’s oil boom topic, feel free to contact us here or leave a comment below.

Another good year for Texas oil companies boosted state coffers in 2023, yielding a record $26.3 billion in taxes and state royalties.

Texas made record-breaking $26.3B in off oil and gas tax revenue last year

Another good year for Texas oil companies boosted state coffers in 2023, the oil and gas tax revenue yielding a record $26.3 billion in taxes and state royalties that fueled the state’s schools and county governments, according to figures released Tuesday by the Texas Oil and Gas Association.
The industry trade group said state revenues from oil and gas activities increased 6% in 2023 compared with the previous $24.7 billion record set in 2022, when oil prices soared after the start of the Ukraine war.
Russia’s invasion of Ukraine sparked energy shortages that drove up prices and prompted oil and gas companies in Texas to increase production, helping to deliver a second consecutive record-breaking year for state revenues tied to the industry.

OIL AND GAS: Oil well plugging is haphazardly funded. This Houston oil exec aims to change that

Monthly production totals in 2023 set records, TXOGA President Todd Staples said Tuesday during a news conference. The Texas industry produced 5.6 million barrels per day of crude oil in October, the state’s highest-ever monthly oil production.

“American energy leadership starts in Texas,” he said during the conference call. “Our nation, economy and our world are better because of the tremendous gains happening in Texas oil and natural gas.”

Click here to read the full article
Source: Houston Chronicle

—

If you have any questions or thoughts about the Oil and Gas Tax Revenue Topic, feel free to contact us here or leave a comment below.

Operators in the Permian Basin continued leading the US both in growth and overall production of oil and gas.

2023 saw $103 billion in Permian Basin oil and gas mergers, report says

Continued Leading The U.S.

Operators in the Permian Basin oil and gas mergers continued leading the U.S. both in growth and overall production of oil and gas, with numbers expected to climb in February.

About 5,000 barrels of oil per day (bopd) were expected to be added in the basin in February, according to the Energy Information Administration (EIA), for a total of about 5.97 bopd.

January’s average was estimated at about 5.96 million bopd, the EIA reported.

The Permian Basin, located in West Texas and southeastern New Mexico, continues to solidify its position as a dominant force in the global energy market. The latest report on shale basin production has revealed an impressive forecast for the Permian Basin’s daily production next month. In fact, the projected output for this region exceeds the combined production of every other shale basin mentioned in the report.

The Most Prolific Shale Basin

This remarkable achievement further cements the Permian Basin’s status as the most prolific shale basin in the United States. With its vast reserves of oil and natural gas, coupled with advancements in drilling technology, the Permian Basin has experienced a rapid expansion of production capacity in recent years. This growth has not only contributed significantly to the domestic energy supply but has also positioned the United States as a key player in the global energy landscape. The Permian Basin’s consistently high production numbers have garnered attention from investors and industry experts, who recognize the region’s potential for continued growth and profitability.

Furthermore, the Permian Basin’s success can be ascribe to several factors. Firstly, the region boasts a favorable geology that facilitates the extraction of oil and gas resources. The basin’s multiple stacked shale formations, including the Wolfcamp and Spraberry formations, provide ample opportunities for drilling and production. Additionally, the Permian Basin benefits from a well-established infrastructure network, including pipelines, refineries, and storage facilities, which allows for efficient transportation and processing of the extracted resources.

Not limited To Its Impressive Production

Moreover, the Permian Basin’s success story is not tight to its impressive production numbers alone. The economic impact of this booming industry extends beyond job creation and tax revenue. The increased production has led to a surge in investment and development activities, driving economic growth in the surrounding communities. Local businesses, service providers, and educational institutions have all benefited from the influx of capital and job opportunities generated by the Permian Basin’s energy sector.

In conclusion, the Permian Basin’s forecasted daily production for next month surpasses the combined output of all other shale basins mentioned in the report. This achievement solidifies the Permian Basin’s position as the leading shale basin in the United States and underscores its significance in the global energy market. With its favorable geology, robust infrastructure, and positive economic impact, the Permian Basin continues to be a driving force in the energy sector, attracting investment and contributing to the nation’s energy security and economic growth.

Click here to read the full article
Source: Carlsbad Current Argus

—

If you have any questions or thoughts about the “Oil and Gas Mergers” topic, feel free to contact us here or leave a comment below.

Merger and acquisition activity among exploration and production companies hit $144B in the fourth quarter alone and $190B for 2023.

The oil and gas industry is undergoing its biggest-ever consolidation

  • The oil and gas industry is undergoing its biggest-ever consolidation, according to Enverus.
  • Upstream merger and acquisition activity hit $144 billion in the fourth quarter alone. And $190 billion for 2023, both setting records.
  • Bids from Exxon Mobil, Chevron, and Occidental Petroleum were among the key deals fueling the record.

The upstream oil and gas sector is consolidating at a record pace. As companies race to secure longevity in the market.

Merger and acquisition activity among exploration and production companies hit $144 billion in the fourth quarter alone. And $190 billion for 2023, both setting records, according to analytics firm Enverus.

“Oil and gas is undergoing a historic consolidation wave comparable to what occurred in the late 1990s and early 2000s giving rise to the modern supermajors.” Senior Vice President Andrew Dittmar said in a press release. “After a decade of lowered investment in exploration and with the major US shale plays largely defined, M&A has become the preferred tool to replace declining reserves and secure longevity in these companies’ profitable upstream businesses.”

In the fourth quarter, bids from Exxon Mobil, Chevron, and Occidental Petroleum. Were among the key deals fueling the record-setting consolidation.

M&A activity was overwhelmingly focused on oil last year. Totaling $186 billion in deals, while $6 billion targeted gas, according to Enverus.

Interest in the latter will likely grow as the US industry is working on increasing its liquefied natural gas exports over the next three years.

Click here to read the full article
Source: yahoo!finance

—

If you have any questions or thoughts about the “Oil & Gas Industry” topic, feel free to contact us here or leave a comment below.

U.S. Energy Policy Must Support Natural Gas In Appalachia And West Texas

The Main Reasons

U.S. Energy Policy – Appalachia and the Permian are the main reasons why U.S. C02 emissions have been falling faster than any other nation.

According to the International Energy Agency (IEA), despite the implementation of stringent environmental policies, gas usage continues to increase. The IEA’s modeling shows that even with measures in place to reduce greenhouse gas emissions and promote renewable energy source. The demand for natural gas is on an upward trend. This finding highlights the challenges faced in transitioning to a more sustainable energy system. While meeting the growing energy needs of a global population.

The Key Reasons

One of the key reasons for the increasing gas usage is its versatility and relatively lower carbon emissions compared to other fossil fuels. Natural gas is widely used for electricity generation, heating, and industrial processes, making it a crucial component of the global energy mix. Additionally, as countries seek to reduce their reliance on coal and oil, natural gas is often seen as a cleaner alternative and a bridge towards a low-carbon future. This perception has led to significant investments in gas infrastructure and exploration, further driving its consumption.

However, it is important to note that the continued reliance on natural gas poses challenges for achieving long-term sustainability goals. While it may be a cleaner option compared to coal and oil, natural gas is still a fossil fuel and contributes to carbon dioxide emissions. As such, it is crucial to balance the short-term benefits of natural gas with long-term environmental concerns. This requires a comprehensive approach that combines the use of cleaner-burning technologies, increased energy efficiency, and a gradual transition towards renewable energy sources. By doing so, we can mitigate the environmental impacts associated with gas usage and work towards a more sustainable energy future.

 

Read the full article here
Source: Forbes.com

 

If you have further questions related to the topic, feel free to reach out to us here.

The BLM WY State Office has opened a 30-day public scoping period to receive public input on 5 oil & gas parcels that may be included in a Sept. 2024 lease sale in WY

BLM seeks public comment for oil and gas lease sale in Wyoming

A 30-day Public Scoping Period

The Bureau of Land Management Wyoming State Office has opened a 30-day public scoping period. To receive public input on 5 oil and gas parcels totaling 239.38 acres. That can be incorporate in a September 2024 lease sale in Wyoming. The comment period ends February 15, 2024.

The parcels the BLM is analyzing, as well as maps and instructions on how to comment are available on the BLM’s ePlanning website at: https://eplanning.blm.gov/eplanning-ui/project/2030553/510.

A New Royalty Rate

oil & gas lease sale

As authorized under the Inflation Reduction Act. The Bureau of Land Management (BLM) is implementing a new royalty rate of 16.67 percent. For production on any new leases resulting from this sale. This move is focus at ensuring a fair and equitable collection of royalties on oil and gas extracted from federal lands.

The decision to implement this rate aligns with the BLM’s mandate to manage public lands in a responsible manner, striking a balance between promoting energy development and safeguarding the interests of taxpayers and the environment.

BLM’s online fact sheet

To gain a comprehensive understanding of the Inflation Reduction Act and its implications. Interested stakeholders are hearten to refer to the BLM’s online fact sheet. This fact sheet provides detailed information on the key provisions of the Act. Including its objectives, the rationale behind the royalty rate adjustment, and the expected impact on revenue distribution.

It serves as a valuable resource for industry professionals, state officials, and the public at large. Facilitating transparency and enabling informed decision-making regarding oil and gas leasing activities on federal lands. Notably, the generated revenues from these leases will be split between the respective state. Where the drilling occurs and the U.S. Treasury. Make certain that the financial benefits of energy production are shared among relevant stakeholders and contribute to the nation’s overall economic growth.

Click here to read the full article
Source: The Cheyenne Post

—

If you have any questions or thoughts about the “oil and gas lease sale” topic, feel free to contact us here or leave a comment below.

In 2023, upstream oil and gas saw significant increases in hiring with the job count growing by 15,300 jobs for the year.

Oil & gas jobs in Texas continued strong growth to close out 2023

Data released by the Texas Workforce Commission indicates that upstream oil and gas employment in Texas continues to grow. With the sector adding 31,00 jobs in December. In 2023, upstream oil and gas jobs saw significant increases. In hiring with the job count growing by 15,300 jobs for the year.

“2023 was an incredibly solid year for upstream oil and gas job growth, despite global economic uncertainties that have held back strong price signals, and the year finished with a continued upward push on job expansion,” said Todd Staples, president of the Texas Oil & Gas Association. “These jobs, along with the associated activity in local communities that generates tremendous growth opportunities. Benefit every part of Texas and continue to be the cornerstone of the Texas economy.”

Since the COVID-low point in September of 2020. Months of increase in upstream oil and gas employment in Texas have outnumbered months of decrease by 33 to 6. In that time, industry has added 54,700 Texas upstream jobs, an average growth of 1,403 jobs a month.

These jobs pay among the highest wages in Texas. With employers in oil and natural gas paying an average salary of approximately $124,000 in 2023.

Click here to read the full article
Source: Texas Insider

—

If you have any questions or thoughts about the “Oil & Gas Jobs” topic, feel free to contact us here or leave a comment below.