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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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US Oil and Gas Industry

US Oil and Gas Industry the World’s ‘Most Important Environmental Movement,’ Energy Exec Says

President and CEO of the American Petroleum Institute Mike Sommers praised the U.S. oil and gas industry as the world’s “most important” environmental movement, Friday, arguing on “Mornings with Maria” that the country needs an administration that can “continue to support” the energy industry.

MIKE SOMMERS: Well, let me say something that might be controversial to some. I think that the most important environmental movement in the world is the American oil and gas industry. It is the reason why we’ve been able to cut greenhouse gas emissions over the course of the last decade because we’ve been able to discover more natural gas. And natural gas was able to compete with coal as the primary source of power in the United States. And as you said, natural gas is 50% cleaner than coal.

We need an administration that can continue to support the American oil and gas industry because we’re still not back at the levels of production that we were prior to the pandemic. We need to continue to produce because we’re going to need these sources for decades and decades to come. 

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Source: Fox Business

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Eagle Ford Shale

Eagle Ford Shale, Texans Leading Efforts to Greater Energy Independence, Oil and Gas Production

The Eagle Ford Shale stretches from the border counties of Maverick and Webb northeast to Leon and Walker counties. It is named after the town outside of Dallas.

“Energy is the cornerstone of security and prosperity, and the Eagle Ford Shale in South Texas has and will continue to play a vital role in providing the oil and natural gas required to meet growing energy demand for Texans, Americans, and our allies abroad,” Todd Staples, president of the Texas Oil & Gas Association, said in a statement.

The shale is a hydrocarbon-producing geological formation. It is “of significant importance due to its capability of producing both natural gas and also more oil. It is comparable to another traditional shale. The “Texas Railroad Commission regulates the oil and gas industry explains this.

It’s roughly 50 miles wide and 400 miles long with an average thickness of 250 feet within Railroad Commission of Texas Districts 1-6. It contains a much higher carbonate shale percentage, upwards to 70% in south Texas, and becomes shallower and the shale content increases as it moves to the northwest, the commission says.

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Source: The Center Square

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direct natural gas

Texas Gains 5,200 Direct Natural Gas and Oil Jobs from March to April

Texas’ upstream natural gas and oil industry added 5,200 direct jobs from March to April. This is bringing the state’s latest direct upstream headcount to 190,400, the Texas Independent Producers and Royalty Owners Association (TIPRO) said Friday.

“Texas operators are responding to the call to increase production, despite facing numerous challenges, including inflationary pressures, workforce shortages, and an adversarial federal policy environment,” said TIPRO’s President Ed Longanecker.

TIPRO said the April upstream workforce figure represents a year/year increase of 26,700 positions. Moreover this includes 4,300 in oil and gas extraction and 22,400 in oilfield services (OFS).

Nationwide, OFS employment grew by more than 8,600 jobs from March to April, the Texas-based Energy Workforce & Technology Council recently reported.

OFS companies also figured prominently among the top three companies based on unique Texas job postings in April, said TIPRO. Baker Hughes Co. topped the list with 650 postings. This is then followed by NOV Inc. with 586 and Weatherford International plc with 487.

The Houston metropolitan area, Texas’ largest region for oil and gas employment, added 1,100 upstream jobs in April. Moreover, it raises its total count of direct positions to 66,100, TIPRO said.

The trade group added the Houston region’s April upstream employment was up 7,700 jobs year/year. Moreover, it includes a 3,300-position gain in extraction jobs and a 4,400-job increase in OFS.

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Source: NGI (Natural Gas Intelligence)

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oil tight supply

Oil Extends Four Weeks of Gains Amid Tight Supply

Oil extended four weeks of gains amid oil tight fuel supply and a weaker dollar. Elevated prices are fanning concerns that the world economy may be heading for a recession. As a result, these concerns will surely affect economies response to the crisis.

West Texas Intermediate futures topped $111 a barrel. Gasoline and diesel prices have been rallying to records ahead of the start of the US driving season. The prompt spread for Brent crude jumped to a seven-week high. This is in line with crude supplies constricted by the boycott of Russian shipments. With that, the product markets are straining as refining capacity fails to keep up with the rebounding demand.

The rise in energy costs has contributed to rampant inflation, prompting central banks to raise rates and stoking investor concern growth will slow. Moreover according to a White House official, the Biden administration is considering tapping a little-used emergency diesel fuel reserve to mitigate the supply crunch amid Russia’s invasion of Ukraine.

Moreover, the head of the International Energy Agency and India’s oil minister, speaking at the World Economic Forum in Davos, issued warnings about the risk of high prices.

“We may see prices even going higher. Being much more volatile and becoming a major risk for a recession for the global economy”. This is what IEA Executive Director Fatih Birol said in an interview with Bloomberg TV from Davos.

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Source: ALJAZEERA

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Permian oil output

Permian oil output forecast to hit record high in June -EIA

Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 88,000 barrels per day (bpd) to a record 5.219 million bpd in June, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday.

Total output in the major U.S. shale oil basins will rise 142,000 bpd to 8.761 million bpd in June, the most since March 2020, EIA projected.

In the Bakken in North Dakota and Montana, EIA projected oil output will rise 17,000 bpd to 1.189 million bpd in June, the most since December 2020.

In the Eagle Ford in South Texas, output will rise 27,000 bpd to 1.176 million bpd in June, its highest since April 2020.

Total natural gas output in the big shale basins will increase 0.8 billion cubic feet per day (bcfd) to a record 91.8 bcfd in June, EIA forecast.

In the biggest shale gas basin, output in Appalachia in Pennsylvania, Ohio and West Virginia will rise to 35.7 bcfd in June, its highest since hitting a record 36.0 bcfd in December 2021.

Gas output in the Permian and the Haynesville in Texas, Louisiana and Arkansas will rise to record highs of 20.0 bcfd and 15.1 bcfd in June, respectively.

But productivity in the big

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Source: Reuters

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mexico oil and gas

Oil and Gas Puts $1.1 Million into New Mexico Politics. What Does That Money Buy?

Mexico oil and gas companies put thousands of dollars every year into New Mexico’s political campaigns. This is on both sides of the aisle. It is seeking to influence policy to protect continued growth in the industry. Currently, it represents about a third of the state’s budget.

That amounted to about $1.1 million in political contributions between Oct. 5, 2021, and April 4, per a report from New Mexico Ethics Watch, leading up to the 2022 Mid-term Election.

The latest chunk of change came in a year when New Mexicans could choose a new governor, and the three top candidates in that race were the state’s biggest recipients of oil and gas dollars.

Mark Ronchetti, a former weatherman seeking the GOP nomination for governor got the most with $300,000 coming to his campaign from oil and gas during the latest six-month reporting period, read the report, followed by Republican State Rep. Rebecca Dow with $122,000.

While Republicans are typically viewed as the party with more support for oil and gas, Democrat incumbent Gov. Michelle Lujan Grisham was the third-highest recipient of oil and gas money in the state, the report read, with about $60,000.

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Source: Carlsbad Current-Argus

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