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Oil and gas production

Oil and Gas Production Creates Record Tax Revenue for State of Texas

AUSTIN – Railroad Commission of Texas Chairman Wayne Christian applauds the Texas oil and gas production industry. This is following the Texas Comptroller of Public Accounts’ announcement of record-breaking tax revenues from the industry.

“Comptroller Hegar’s announcement reinforces the fact that oil and gas literally fuel every facet of our lives. This is despite President Biden’s delusional desire to transition away from fossil fuels. From energy to food and beyond”. This is what the Railroad Commission Chairman Wayne Christian said.

“Texas’ oil and gas industry is our economy’s lifeblood supporting roughly one-third of our state’s economy. This is in addition to paying record-breaking tax revenue. This tax funds our schools, roads, first responders, and more, and paying an average salary of $130,000. Oil and gas production is also so much more than simply fueling our energy use and funding our government, it produces about 96% of everyday consumer items including electricity, gasoline, plastics, medicine, and countless others.”

The Comptroller recently announced the oil and gas industry paid record-breaking taxes to the state.  In June, the oil production tax generated $679 million – up 87% from June 2021 and the highest monthly collection on record. For the same month, the natural gas production tax generated $439 million – up 176% from June 2021 and the highest monthly collection on record.

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Source: World Oil

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oil and gas merger

$1.9 Billion Oil and Gas Merger Targets Permian Basin Amid Growing Energy Prices

There is a $1.9 billion merger last week. It’s between two Permian Basin oil and gas companies that own more than 100,000 acres in the region. It actually spans southeast New Mexico and West Texas.

Desert Peak Minerals and Falcon Minerals announced their plans to combine in January. This will bring the new company’s holdings to 139,000 acres with 105,000 acres in the Permian. The deal was announced and closed on June 7.

The company, now known as Sitio, will produce up to 14,000 barrels of oil per day in 2002.

Sitio Chief Executive Officer Chris Conoscenti said the company would continue to explore. They will seek out and acquire lands in the basin. This will enable them to produce fossil fuels in one of the U.S.’ most active oilfields.

“Sitio’s distinguished profile is a leading consolidator in the minerals and royalties space. They will only continue to strengthen over time with the execution of our proven strategy. They just need to focus on large-scale accretive acquisitions across diversified operators,” he said.

Noam Lockshin, chairman of Sitio’s board of directors said the deal’s intention was to improve profit returns for shareholders, following a trend since the COVID-19 pandemic sent oil prices plummeting below $0 a barrel of operators opting for fiscal discipline rather than increasing production.

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Source: Carlsbad Current-Argus

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Oil and Gas in 2021

Who Produced the Most Oil and Gas in 2021?

The top oil producer in the world in 2021 was the United States. The U.S. has an output of 16.58 million barrels per day. This is according to BP’s latest annual statistical review of world energy. Let’s talk more about the Oil and Gas performance in 2021 and how the U.S came on top.

The figure marked a 0.8 percent increase from 2020’s production rate. This is actually 16.45 million barrels per day. BP’s report highlighted that the U.S. produced 17.11 million barrels of oil per day in 2019, 15.31 million barrels per day in 2018, 13.14 million barrels per day in 2017, and 12.35 million barrels per day in 2016, and 12.78 million barrels per day in 2015.

Saudi Arabia ranked second in oil production last year with 10.95 million barrels per day, while Russia ranked third with 10.94 million barrels per day, according to BP’s review. Saudi Arabia’s production in 2021 marked a 0.8 percent drop compared to 2020 and Russia’s output last year marked a 2.6 percent gain in 2020, BP’s review highlighted.

Looking at natural gas, the U.S. also took the top spot in terms of 2021 production, according to BP’s review. The U.S. was shown to have produced 934.2 billion cubic meters of gas last year, which BP highlighted was a 2.3 percent increase compared to 2020’s figure of 915.9 billion cubic meters of gas.

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Source: Rig Zone

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July 4th Gas Prices

What to Expect for July 4th Gas Prices

The average national gas price Monday is $4.897 per gallon, according to the American Automobile Association, which is down 12 cents from its peak of $5.016 on June 14. So, What to Expect for July 4th Gas Prices?

Patrick De Haan, GasBuddy’s head of petroleum analysis, predicted Sunday the national average for gas prices could fall to as low as $4.75 by July Fourth as crude oil prices fall.

That would still represent a more than 50% increase from last July Fourth, when the national average gallon of gas was $3.13, per AAA.

Still, AAA forecasts a record-high 42 million Americans will travel 50-plus miles over the holiday weekend – a telling sign as demand for gas remains largely unfazed by the historic prices at the pump.

Despite the recent cooling in gas prices, it’s unlikely gas prices will fall as quickly as they surged. Gabe Ortega, PDI Software’s fuel pricing practice leader, told Newsweek, “It’s hard to see the case for prices coming down in a meaningful way in July” with demand not dropping, an inability to increase refinery capacity and relatively high oil prices.

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Source: Forbes

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oil prices climb

Oil Prices Climb $2 on Strong Demand, Tight Supply

Brent crude rose $1.80, or 1.6%, to $115.93 a barrel. More about oil prices climb data? Continue on.

The U.S. West Texas Intermediate (WTI) crude contract for July, which expires later on Tuesday, rose $2.26, or 2.1%, to $111.82. The more active WTI contract for August was up $2.37 at $110.36.

UBS analyst Giovanni Staunovo said that despite concerns over economic growth, the latest data on flight activity and mobility on U.S. roads continues to show solid oil demand.

“We expect oil demand to improve further, benefiting from the reopening of China, summer travel in the northern hemisphere, and the weather getting warmer in the Middle East. With supply growth lagging demand growth over the coming months, we continue to expect higher oil prices,” he said.

Prices have been supported by supply anxiety after sanctions on oil shipments from Russia, the world’s second-largest oil exporter, and questions over how Russian output might fall due to sanctions on equipment needed for production.

European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions, a draft document showed.

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Source: Oil and Gas 360

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Texas Oil and Gas

Texas Oil and Gas Production Rises

Oil and gas production in Texas rose month on month. This is according to the latest preliminary figures from the Texas Railroad Commission (RRC).

The preliminary reported total volume of crude oil in Texas in March was 110.9 million barrels. This is equating to 3.57 million barrels per day, the RRC highlighted. The preliminary reported total volume of natural gas in March was 829.45 billion cubic feet. This is equating to 26.75 billion cubic feet per day, the RRC revealed.

Last month, the RRC outlined that the preliminary report. In line with it is a total volume of crude oil in Texas in February was 99 million barrels. This is equating to 3.53 million barrels per day. Now, the preliminary reports a total volume of natural gas in February was 718.31 billion cubic feet. This is equating to 25.65 billion cubic feet per day.

Back in April, the RRC revealed that the preliminary reported total volume of crude oil in Texas in January was 118 million barrels. This is equating to 3.8 million barrels per day. Then, the preliminary reported total volume of natural gas in January was 871.06 billion cubic feet. This is equating to 28.09 billion cubic feet per day.

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Source: RigZone

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american Oil industry

Biden calls on American oil industry to increase production

US President Joe Biden says he is prepared to “use all tools at his disposal”. The goal is to get American oil industry producers to do more. The main aim is to lower the cost of oil.

President Joe Biden urged the companies to take “immediate actions to increase the supply of gasoline, diesel, and other refined products.”

Oil prices have surged following Russia’s invasion of Ukraine. Prices have surpassed $5.00/gallon for the first time ever. The price increase is causing widespread pain for consumers while leading to bumper profits for major oil companies.

His letter was sent to the CEOs of Marathon Petroleum Corp., Valero Energy Corp., and ExxonMobil. Moreover to Phillips 66, Chevron, BP, and Shell. Biden noted that there was a large gap between the cost that consumers pay. It includes the pump and the cost to oil companies.

In the letter to Exxon’s CEO Darren Woods, which was obtained by Axios, Biden wrote that the difference “of more than 15% at the pump is the result of the historically high-profit margins for refining oil into gasoline, diesel, and other refined products. Profits for refining gasoline and diesel have tripled and are currently at their highest levels ever recorded.”

ExxonMobil responded by issuing a statement saying that the company had “been investing more than any other company to develop U.S. oil and gas supplies” over the past 5 years. The company says that it has invested more than $50 billion in the US alone resulting in a production increase of 50% over that same period.

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Source: Oil & Gas iQ

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inflation oil prices

Inflation Has Not Peaked, Oil Prices Will Continue to Rise: Energy Expert

Oil Associates President Andy Lipow argued that inflation has not yet peaked. The higher oil prices are following the European Union’s decision to ban the overwhelming majority of Russian imports.

Lipow made the arguments on “Mornings with Maria” on Tuesday morning as oil prices traded higher with Brent crude futures for July rising about 1.6% to $123 a barrel and U.S. West Texas Intermediate crude futures for July delivery gaining about 3% to around $118 a barrel.

The higher oil prices come after EU leaders agreed the day before to cut around 90% of all Russian oil imports over the next six months. Europe relies on Russia for 25% of its oil and 40% of its natural gas.

“What this means is higher oil prices are ahead because this impacts about 2.3 million barrels a day of crude oil and another 1.2 million barrels a day of refined products,” Lipow told host Maria Bartiromo.

“And as the world scrambles for alternative supplies, it means that oil prices have to go up in order to create additional demand destruction to get us back in balance.”

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Source: Fox Business

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Permian Basin oil

Permian Basin Oil and Gas Growth Expected to Lead US in Production Through 2023

Energy companies continued to invest in the Permian Basin of southeast New Mexico and West Texas, an area believed to be among the most lucrative oil and gas regions in the world, as fuel demand surged, and fossil fuel producers sought to increase production.

Orion Diversified Holding was the latest to purchase property in the region as it hoped to capitalize on the area’s growth.

The company announced its purchase of 9,280 acres in Pecos County, Texas, near the state’s border with New Mexico in the western Delaware sub-basin, along with five oil and gas wells in Ector County near Odessa, Texas on the eastern side within the Midland sub-basin.

The wells are under the operation of Occidental Petroleum. Moreover, the company is planning to soon close on another deal for 320 acres. With that, seven wells are also in the Permian, per a news release.

The company recently sought to grow its operations in the Permian and the Bakken Shale region in North Dakota. This is what Thomas Lull, chief executive officer of Orion said. Moreover, production continues in the south Texas Eagle Ford Basin.

“Under new leadership, Orion has grown fast with almost 16,000 gross mineral acres. It is in the largest oil and gas fields from the Permian Basin to the Bakken Shale”. This is what Lull said. “This is a very large acreage acquisition for Orion. These wells are being operated by Occidental Petroleum.”

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Source: Carlsbad Current-Argus

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Oilfield Employment

Oilfield employment continues to rise as overall US labor market gains

Employment in the U.S. oilfield services and equipment sector rose by an estimated 4,774 jobs to 628,793 in May, according to preliminary data from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce & Technology Council, and after adjustments to April numbers.

April adjusted number of 624,019 is up from the preliminary of 622,309. Gains in May were made in five out of seven categories tracked. It is with the largest gains coming in support activities in mining (oil and gas sector). Moreover, heavy and civil engineering construction is in charge. Slight losses were seen in petroleum and coal products manufacturing. There are also losses in machinery manufacturing (in mining, oil, and gas).

Highest Data

The data reported is the highest since September 2021 when total jobs rebounded to 643,057. Still, it is off the pre-pandemic mark in February 2020 of 706,528. The growth in May comes as overall U.S. employers added 390,000 jobs, and the unemployment rate remains at 3.6%. Job increases came mostly in leisure and hospitality in May.

“It’s encouraging to see job growth increases in the sector. We are continuing to make gains from our pandemic lows and have seen seven straight months of gains,” said Energy Workforce & Technology Council CEO Leslie Beyer.
“I’m optimistic that our industry and workforce are up to the challenge. It will meet growing global demand by increasing domestic production while reducing global emissions. Without the powerhouse of American energy, the world suffers, the economy suffers, and millions of people face energy and food insecurity. We can unleash our domestic production while moving towards a lower carbon future if we keep our focus on emissions reduction instead of limiting our own resources.”

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Source: Oil & Gas 360

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