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Thanks To Oil And Gas – Texas Is Flush With Money

Since the initial discovery of oil at Spindletop on January 10, 1901, the financial fortunes of the Texas state government have tended to ebb. Thanks to oil and Gas! For the flow of fortunes of the state’s oil and gas industry. In his biennial official state revenue estimate that precedes each legislative session, Texas Comptroller Glenn Hegar showed that, 122 years later, that relationship has not changed.

On Monday, Hegar delivered the best budget news in the state’s history. The Comptroller reported that legislators will have a record budget surplus of $32.7 billion to work with as they formulate the state’s budget for the 2024-25 biennium.

Writing in the Austin American Statesman, Hegar attributed much of the credit for the happy revenue situation to the state’s oil and gas industry. “Texas revenues over the last 18 months have been remarkable,” Hegar says. “Only three times in the last 30 years has Texas total tax collection grown by double digits over the previous year. Those three increases range from 10 to 13%. By comparison, last year’s increase was a whopping 25.6%…with staggering growth from oil and gas severance taxes.”

The growth in state severance tax collections is not surprising, given that the tax is assessed on the sales value of the production, not as a percentage of volume as is the case in some other states. Thus, the high commodity prices for both oil and natural gas during 2022 were big drivers of this increase.

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Source: Forbes

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Oil and Gas Industry Lauds EPA Decision To Reverse Course in Permian Basin

The Biden administration has backed down from a plan to impose what critics said were “draconian regulations”. It is in the Permian Basin of west Texas and southeastern New Mexico. This a move lauded by the oil and gas industry and Gov. Greg Abbott.

The Biden Administration on Thursday released its Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions. This includes planned rule-makings and federal action. In it, the Environmental Protection Agency omitted its plan to impose “discretionary redesignation” of air quality conditions in the Permian Basin.

Last June, the EPA announced it was reversing a 2017 decision. This is by designating regions of the Permian Basin as nonattainment areas. It means they don’t comply with the 2015 Ozone National Ambient Air Quality Standards.

In response, Abbott sent letters to the president first arguing in June that the EPA plan. It says that “it could lead to skyrocketing prices at the pump by reducing production. Moreover will increase the cost of that production, or do both”. In August, he argued the EPA’s plan to attack Texas production” was “based on illogical and flawed grounds.”

The president didn’t respond. Instead, the EPA said if it decided to do anything it would notify Abbott and solicit state input.

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Source: Washington Examiner

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High Oil Price up to $121 a Barrel when China Fully Re-Opens | Dan Yergin

While S&P’s Dan Yergin expects the base case for oil prices to stand at $90 in 2023, there remains a chance it could go as high as $121 when China fully reopens, he said, adding that there are three major uncertainties looming over the market. Let’s talk more about this high oil price trend.

“Our base case for 2023 is $90 for Brent but you have to look at other cases,” the S&P Global vice chairman said, adding there are three major uncertainties: the Federal Reserve’s decisions, China demand, and Moscow’s reaction to the price caps.

“If China gets over Covid … then you add a lot of demand to the market,” Yergin told CNBC’s “Street Signs Asia” on Tuesday.

That could be “one big boost” and push prices to $121 a barrel, building on strains caused by underinvestment in oil and gas, Yergin said. That would be near highs set in March after Russia invaded Ukraine.

On the flipside, Yergin said prices could fall to around $70 per barrel in a recession.

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Source: CNBC

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Offshore Oil and Gas Decommissioning Market is Projected to Grow at a CAGR of 6.5% by 2033: Visiongain Reports Ltd

Visiongain has published a new report entitled Offshore Oil & Gas Decommissioning 2023-2033. It includes profiles of Offshore Oil & Gas Decommissioning and Forecasts Market Segment by Removal Type, (Leave in Place, Partial Removal, Toppled in Place, Complete Removal) Market Segment by Techniques, (Well Plugging and Abandonment, Pipeline Decommissioning, Platform Decommissioning, Umbilical Decommissioning, Subsea Structure Decommissioning) Market Segment by Technology, (Jackside & Topside Removal, Well Intervention Vessels and Systems, Cutting and Severing, Heavy Lift Technologies) Market Segment by Services, (Project management & Compliance, Mobilization & Demobilization of Derrick Barges, Materials Disposal, Site Clearance, Conductor & Power Cable Removal) Market Segment by Structure, (Fixed Platforms, Compliant Towers (CT), Caissons, Mobile Offshore Production Units (MOPU), Well Protectors (WP), Subsea Templates (SSTMP)) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.

The global offshore oil & gas decommissioning market was valued at US$10,275 million in 2022 and is projected to grow at a CAGR of 6.5% during the forecast period 2023-2033.

Environmental Best Practises in Decommissioning

Any structure submerged in seawater is under the ownership of marine biota. An ecological succession then occurs, often leading to complex three-dimensional and heterogeneous habitats with significant biodiversity and function. It includes man-made structures (MMS) placed in a marine environment. In the North Sea, the requirement to decommission existing MMS (OSPAR Commission Decision 98/3) raises interesting questions about the ecological status of MMS. While technological advances have improved the planning and implementation of decommissioning, there are still over 1 350 mature offshore installations in the OSPAR maritime area. Despite this, there appears to be little concern about MMS’s impact on the environment.

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Source: yahoo!finance

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Gasoline Prices are Rising in Austin: What You Need to Know

As crude oil prices have risen recently, that means higher gasoline prices across the nation — and Austin drivers are feeling the impact.

The average price for a gallon of unleaded gas in Austin is $2.72. That’s up 14 cents from a month ago, when the cost was $2.58, according to a report from auto club AAA Texas. The statewide average price in Texas is currently $2.75 for a gallon of regular unleaded, which is up 13 cents from a week ago.

Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.25 per gallon, while drivers in Corpus Christi are paying the least at $2.60 per gallon.

The national average price for a gallon of regular unleaded is $3.16, which is 6 cents more than a week ago.

Here are some more things you need to know about the rising gas prices:

Blame higher oil prices

The recent hikes in gasoline prices have been triggered by higher prices for crude oil, industry experts say. Prices for a barrel of crude oil increased from the lower $70s to about $80 just a few days ago. “Other factors impacting fuel prices likely include the cold weather snap over the weekend which analysts suggest could temporarily impact fuel deliveries as well as refinery operations,” AAA Texas said.

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Source: Austin American-Statesman

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texas oil and gas

Texas Oil and Gas Groups Highlight Job Growth, Wages, Tax Revenue

Upstream oil and gas employment in Texas continued to grow in November, with the sector adding 2,600 jobs versus October. This data is from the Texas Workforce Commission show.

October’s gain revision upward to 3,100 from the original estimate of 2,800. It is what thethe Texas Oil and Gas Association (TXOGA) innclude in its monthly summary of the data.

“Texas oil and natural gas producers adding jobs. On the other hand, it is continuing to help to meet our energy needs is a testament. A testament to the ingenuity, determinationand resiliency of this industry. It fuels our modern way of life”. This is whatTXOGA President Todd Staples was mentioning. “Texans value the indispensable role that the oil and natural gas industry play in our state’s economy. It also involves our budget and our communities.”

The group said upstream employment in the state has shown positive growth in 23 of the 26 months since the pandemic-induced low point of September 2022.

“In that time, the industry has added 52,900 Texas upstream jobs. It is an average growth of 2,035 jobs a month,” TXOGA said. “These jobs pay among the highest wages in Texas. With employers in the oil and natural gas paying an average salary of approximately $109,000 in 2021”.

The Texas Independent Producers and Royalty Owners Association (TIPRO) said the November job total of 209,900 was up by 37,600 positions. it is a comparison compared with November 2021. The year/year increase included 7,900 jobs in oil and gas extraction and 29,700 jobs in the services sector.

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Source: NGI

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Oil and Gas Drives Billions in Extra Funds for New Mexico in the Next Year

Billions of dollars in “new money” to the state of New Mexico was expected in the next fiscal year. It is due to the increase in oil and gas production in the southeast corner of the state. Moreover the oil-rich Permian Basin.

The latest report from the Legislative Finance Committee (LFC) showed about $3.6 billion in new revenue for the Fiscal Year 2024. It is running from July 1, 2023, to June 30, 2023. It shows a 42.7 percent growth from the FY 2023 budget.

That followed a steady growth in total revenue to the state. It is from about $9.7 billion in FY 2022 to $10.8 billion in FY 2023 and about $12 billion in FY 2024. This is according to the LFC’s December forecast.

Growth was fueled by oil and gas, analysts explained, as New Mexico maintained its position. They have the position as the second-largest producer of crude oil after Texas. Currently they are in the top 10 states for natural gas.

New Mexico shares the Permian Basin – which accounts for almost half of total U.S. oil production. They share it with Texas. The demand for domestic oil soared this year as the nation and world recovered from the COVID-19 pandemic.

Russia is not on the list of international markets following its invasion of Ukraine.

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Source: Carlsbad Current-Argus

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Oil Rises as China Recovery, U.S. Buyback Plan Brighten Outlook

Oil rises on Monday as the prospect of demand recovery. This is led by China’s loosening of the COVID-19 curb. Moreover, it is due to the United States’ decision to buy back oil for its state reserves. They gained the upper hand over global recession fears.

Brent crude futures LCOc1 gained 74 cents, or 0.9%, to $79.78 a barrel by 0458 GMT while U.S. West Texas Intermediate crude CLc1 was at $75.03 a barrel, up 74 cents, or 1%.

Both benchmarks plunged more than $2 a barrel last Friday. Following hawkish remarks from U.S. and European central banks on interest rates hike that sparked worries of a possible recession.

China, the world’s top crude oil importer, and No. 2 oil consumer is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions.

“The reopening optimism and accommodative policy improve oil’s demand outlook,” CMC Markets analyst Tina Teng said.

China’s abrupt end to its ‘dynamic zero’ COVID policy is breathing new life. This is into its ailing aviation sector, with average jet fuel demand jumping by 75%. Moreover nearly 170,000 barrels per day, in two weeks, according to satellite data firm Kayrros.

On Friday, news outlet Caixin reported that China plans to increase flights with the goal to restore the country’s average daily passenger flight volumes to 70% of 2019 levels by Jan. 6.

“The market will focus on the progress of demand resumption in China…the general outlook is positive but the path of recovery could be slow and bumpy given the severe COVID situation in the near term,” analysts from Haitong Futures said.

China also pledged to focus on stabilizing its $17-trillion economy in 2023 and step up policy adjustments to ensure key targets are hit, said its top leaders and policymakers at a closed-door two-day meeting for charting the economy’s course next year.

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Source: Oil & gas 360

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Leading Oil and Gas Companies Investing Billions in Permian Basin

Some of the Permian Basin’s leading oil and gas companies announced plans to continue increasing extraction operations and investments. This is even as oil prices dipped due to an impending global recession.

Much of the spending would go to decreasing the environmental footprint of fossil fuel extraction. Amid shifts in government policies and investor pressure for the industry to address pollution.

ExxonMobil, the parent company of Permian-leading XTO Energy said on Dec. 8 it planned to maintain up to $25 billion in capital expenditures (CAPEX) through 2027 while investing $17 billion in “lower carbon” initiatives – an increase of about 15 percent.

The company plans to focus its investments in the Permian Basin in U.S. This is along with other “high-return” regions like Guyana and Brazil, according to the announcement.

Upstream oil and gas production was expected to grow by about 500,000 barrels of oil equivalent (boe) per day. The company said, to a total of 4.2 million boe per day.

Most of that, about 50 percent, was expected to come from the high return regions in the Permian Basin and others around the world.

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Source: Carlsbad Current-Argus

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OPEC

OPEC Sees Robust Global Oil Demand Growth in 2023 After 2022 Chinese Contraction

OPEC on Tuesday said it expected to see robust global oil demand growth in 2023. It is a with potential economic upside coming from a relaxation of China’s zero-COVID policies. This year have pushed the country’s oil use into contraction for the first time in years.

World oil demand in 2023 will rise by 2.25 million barrels per day (BPD), or about 2.3%. This is what the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report. The forecast was steady from November, after a series of downgrades.

“Although global economic uncertainties are high and growth risks in key economies remain tilted to the downside, upside factors that may counterbalance current and upcoming challenges have emerged as well,” OPEC said in the report.

“A resolution of the geopolitical conflict in Eastern Europe and a relaxation of China’s zero-COVID policy could provide some upside potential,” the report said in a separate section.

Chinese demand, hit by COVID containment measures, will average 14.79 million bpd in 2022, down 180,000 bpd from 2021, OPEC said. OPEC figures in another publication, the Annual Statistical Bulletin, show it rising in the 2017-2021 period.

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Source: Reuters

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