A $2.2 Billion Deal

Jones-controlled Comstock Resources is acquiring rival Covey Park Energy in a $2.2 billion deal. With the Dallas Cowboys businessman putting up $475 million of his own money toward the deal.

“I am excited to provide the funding and to team up with Denham Capital to combine the two companies to create the basin leader in the Haynesville shale.

Record U.S. production and the lack of pipeline capacity has made it difficult or impossible to make profits.

One of the Biggest Global Players in the Space

The world is going to see demand increase for natural gas. Because of its value as an energy source and a more friendly alternative to coal. The U.S. is now poised to become one of the biggest global players in the space — and Jones gets it.

One of the Leading Global Players

The United States is on the verge of solidifying its position as one of the leading global players in the space industry, and there is a growing understanding of this potential among influential figures like Jones. With advancements in technology, the U.S. has made significant strides in space exploration, satellite technology, and commercial spaceflight. This has not only bolstered the nation’s reputation in the field but also presented countless opportunities for economic growth and scientific advancements.

The Importance of the Space Sector

Jones, being an astute observer of this trend. Recognizes the importance of the space sector for the future of the United States. He understands that by investing in this industry. The country can reap significant benefits in terms of national security, technological innovation, and international prestige. Moreover, the space industry has the potential to create thousands of high-skilled jobs, foster collaboration between public and private sectors. And drive economic growth on a regional and national scale. Jones comprehends that by harnessing the potential of the space industry, the United States can position itself as a leader in the global arena. Shaping the future of space exploration and unlocking untapped potential for scientific discoveries and technological breakthroughs.

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Source: FOX business

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Rail proposal, which would connect the Uinta Basin’s waxy crude with Gulf Coast refiners. Thursday by securing a $21.4 million grant from a Utah panel. Know more about the disputed rail project deal as you continue reading below.

Firstly, the $1.4 billion rail line could increase industrial impacts by enabling Uinta Basin oil production to nearly quadruple to 300,000 barrels a day. Rail route would help counties develop their energy-dependent economies and take pressure off highways used by tanker trucks.

Project opponents — wearing badges that read “We’re being RAILROADED!” — stood for most of the three-hour meeting.

“The CIB is failing the public trust in the administration of this money,” complained Sarah Stock, program director with Moab-based Living Rivers who opposes energy development in Utah’s sensitive landscapes. “This money should go back to communities to alleviate the impacts of oil and gas. This is our only avenue to access the benefits of oil and gas extraction on this land.”

Firstly, the CIB’s move elated Mike McKee, a former Uintah County commissioner. Secondly, he is the ex-CIB member who now heads the seven-county group.

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Source: The Salt Lake Tribune

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Over objections of climate activists, Philadelphia City Council on Thursday approved a deal. It is with a developer who will build a $60 million liquefied natural gas or LNG plant on city land. It will be generating at least $1.35 million in profits that advocates say will help reduce residential heating bills.

Council, in a 13-4 vote, endorsed the Philadelphia Gas Works’ deal with Liberty Energy Trust. It is a Conshohocken firm that would build the LNG production unit at PGW’s Passyunk Plant. It will pay the city-owned utility annual fees and profits. PGW and the Gas Commission said the revenue would help reduce the need to raise customer rates.

Environmental groups, including the Clean Air Council and PennEnvironment, opposed the plant.

The activists said there were unanswered questions about what the new Passyunk Energy Center’s impact on the environment will be. They have also opposed new fossil-fuel infrastructure because it enables the production of more fracked natural gas from Pennsylvania’s Marcellus Shale region when they say the nation should be investing in renewable energy.

Crude Texas Oil and Gas Production as reported to the Railroad Commission of Texas (RRC) for March 2019 came from 174,582 oil wells and 89,335 gas wells.

The Railroad Commission of Texas (RRC) has recently released its report for the period from April 2018 to March 2019, providing valuable insights into the state’s energy production. According to the report, Texas recorded an impressive production of 1.345 billion barrels of crude oil and 8.9 trillion cubic feet of total gas during this time frame. It is important to note that the RRC’s reported crude oil production figures are limited to oil extracted from oil leases and do not encompass condensate, which is separately accounted for by the RRC.

The substantial production figures highlight Texas’s robust energy sector and its significant contribution to the nation’s overall oil and gas supply. The state’s oil industry has been a key driver of economic growth, attracting investments and creating job opportunities. With its vast reserves, advanced drilling technologies, and favorable regulatory environment, Texas has emerged as a global energy powerhouse. The RRC’s report underscores the importance of accurately tracking and reporting the state’s crude oil production, providing stakeholders with essential data to make informed decisions and monitor the industry’s performance.

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Source: RAILROAD COMMISSION OF TEXAS

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There is a new report from the International Energy Agency. Gas accounted for 45 percent of the increase in total primary energy demand last year. Let’s talk more about how the states with cheap gas can fuel the global demand.

China is ground zero for the future of gas, accounting for 40 percent of global demand growth over the next half-decade. The main impetus for soaring gas consumption is to clean up horrific air pollution.

In the U.S., cheap gas has stoked demand, paving the way for billions of dollars’ worth of investment in petrochemical complexes and new gas-fired power plants. Cheap shale gas is killing coal, and new plants lock in future demand for gas. The same is true for nuclear power – as nuclear plants shut down, gas stands to benefit.

But a surge in natural gas production, in the U.S. but also elsewhere, is pushing up demand globally. The wave of LNG export terminals that have come online are also connecting more and more countries, making gas trade easier. The U.S. will overtake Qatar and Australia to become the largest LNG exporter in the world by 2024, the IEA said. Meanwhile, China will become the largest importer at the same time. That makes China’s import tariffs on U.S. LNG, which came in retaliation to Trump’s tariffs on China, particularly notable.

The market for LNG is facing a glut right now, but the IEA said that the surplus will flip into a deficit in the 2020s. The agency expects the next round of FIDs into new LNG export terminals to begin this year, after several years of paltry investment.

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Source: Oilprice.com

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