permian basin news

21/12/2020

In addition to client-related work, David also maintains a growing media communications practice. Permian Basin. Midland oil company Discovery Operating filed its first drilling permits since June. All Rights Reserved, This is a BETA experience. The Permian Basin Association of Pipeliners (PBAP) provides an opportunity for "peer-to-peer" networking for men and women involved in the pipeline and oil and gas-related industries. Midland City and County Officials Celebrate Reopening of Cotton Flat Road. A mature ‘super basin’ located in Texas and New Mexico has set a new oil-production record, beating its previous peak set in 1973. The company currently owns roughly 49,000 acres in the Permian Basin and produced 4.4 million barrels in the third quarter, contributing 62% to its total output. The Permian Basin is one of the oldest and most well-known hydrocarbon-producing areas. More: Joe Biden's election as President sparks concerns for New Mexico's oil and gas industry They will be danced straight into the ground unless some real wisdom emerges in those that call the music. On the claim that some Permian producers 'paid too much' to acquire acreage in the Permian: "[One] thing that some analysts seem to get wrong is that they seem to fundamentally misunderstand what the eventual producing units will look like. Continue Reading. Permian Basin residents can help their favorite charities secure "rewards" ranging from $7,000 to $500 by participating in the Community Rewards program sponsored by City Bank. This resulted in slumping oil and gas prices as consumers across the world used less fuel during the global health crisis. Date of Report (Date of … Chevron The Gray Oak Pipeline stretches from the Permian Basin to delivery points at or near the Houston Ship Channel and capable for crude deliveries of 900,000 barrel per day. Carlsbad Current-Argus. When it does, we'll start seeing some improvement, but that may take awhile." Investments in water midstream developments continued in the Permian Basin amid a growing need for water handling and recycling even as drilling operations … ABOUT US. That's a story that the industry itself is going to have to a better job of telling, because no one else is going to do that on its behalf. REGIONAL NEWS. That’s the reason why the big play right now is to consolidate acreage to make sure that you have units that can support 10,000-foot laterals. Lowell Waite recently published a book review in the journal International Geology Review, entitled “Anatomy of a Paleozoic basin: the Permian Basin, USA, Volumes 1 and 2. More:Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit. Future Gulf Coast natural gas export development may become “risky” if Permian Basin associated gas production doesn’t recover, IHS Markit executive . Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Do these fundamental misconceptions about the nature of shale plays help explain why operators are finding their access to capital markets increasingly restricted? CURRENT REPORT. unconventional plays treat you fundamentally different. Because the acreage cost is only about 10% to 20% of your drilling cost.". I pointed out that that was one of the big drivers behind the April/May battle between Oxy and SECURITIES AND EXCHANGE COMMISSION. Get custom notifications on traffic, crime and events happening in your area. 20 Nov 2019 11:16 PM | Meghan Silva (Administrator) The PBAP is proud to share that we raised over $40,000 in scholarship money for Midland College, Odessa College, and UT Permian Basin students, community improvement initiatives, and law enforcement and first responders support. Skill actually matters. The 625-mile line would have transported natural gas from Texas’ Waha Hub, where natural gas is sent from across the Permian Basin in West Texas and southeast … We are committed to keeping you up to date, engaged and alert with local coverage from Midland-Odessa to Alpine and everywhere in between. : "We still have this issue where we have the best operator producing 30-40% more for the same dollar drilled in the same producing zone than the worst operator.". What we’re seeing is that [Permian Basin] wells drilled this year are continuing the trend of being better than they were the year before, across the whole Permian – the New Mexico Permian and the Texas Permian. That multiplies the basin’s natural resource potential. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. News & Events. Austin oil company Parsley Energy is about to mark 10 years of drilling the Spraberry formation of West Texas. 3.32-0.01 (-0.3%) Upgrade to Real-Time Afterhours (Closed) Current Report Filing (8-k) November 19 2020 - 12:20PM Edgar (US Regulatory) UNITED STATES. He attended Texas A&I University and The University of Texas, earning B.A. India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan said demand for fuel in his country had returned to pre-pandemic levels. David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. He is currently Associate Editor for Shale Magazine (www.shalemag.com), a contributor on energy-related matters at Forbes.com, and a feature writer for World Oil Magazine. Natural gas is that partner,” he said. DALLAS, Nov. 19, 2020 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $0.013566 per unit, payable on December 14, 2020, to unit holders of record on November 30, 2020.. City Bank will make available a total of $60,000 to be awarded to 30 local nonprofits to assist them in carrying out their missions of hope and service to people in need. Chesapeake Energy CHK - Permian Basin Unconventional Liquids Plays (West Texas and southern New Mexico): Chesapeake has built a strong position of approximately 670,000 net acres of leasehold in four Permian Basin unconventional liquids plays: the Avalon Shale, Bone Spring, Wolfcamp and Spraberry in West Texas and in southern New Mexico. Yury Senyurin, secretary of the international Gas Exporting Countries Forum encouraged members during the 7th International Energy Forum (IEF) and International Gas Union (IGU) Ministerial Gas Forum held Dec. 3 by the Malaysian government. Over the past eight years, there has been phenomenal production growth in the Permian. They miss the fact that there are operators that can make a lot of money on drilling the same well another operator can’t. The Permian Basin is responsible for the greatest oil production gains in the U.S. in recent years. The answer quoted above was to my first question, related to the growing current conventional wisdom among some critics of the industry that per-well productivity was somehow crashing in the region. A natural gas pipeline that would have connected producers in the Permian Basin with export and refinery markets in the Gulf Coast was halted as the fossil fuel industry struggles amid the COVID-19 pandemic. It’s funny to me – I’ve had talks with several of these analysts in which they poo-poohed the technology that goes into drilling the wells, claiming it was just a question of how much sand you put in there and how long your lateral is. Parsley is seeking permission from the […] Permian Region Drilling Productivity Report. Austin oil company Parsley Energy is doubling down on drilling in the Permian Basin of West Texas. Permian Basin Province, Mahlon M. Ball, U.S. Geological Survey. I-20 Getting 6 Lanes From 2025-30. A natural gas pipeline that would have connected producers in the Permian Basin with export and refinery markets in the Gulf Coast was halted as the fossil fuel industry struggles amid the COVID-19 pandemic. HIGH SCHOOL SPORTS: Permian Basin Scoreboard for Nov. 21 OA sports oasports@oaoa.com 432-333-7703 Odessa American Posted on Nov 21, 2020 by OA sports Address all purchased requests, subscriptions, news items and inquiries to: Permian Basin Oil and Gas Magazine 500 … The pandemic led to several states and countries enacting travel bans and other business restrictions intended to slow the spread of the virus. Absolutely," he said. The text or links to all of David’s writings and podcasts can be found at www.dbdailyupdate.com. DALLAS, Nov. 19, 2020 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin Royalty Trust … Read the latest oil and gas news … But more importantly, on a cumulative basis, the same amount of time it used to take to produce a nominal break-even per well was five years [in 2014], and today it’s 9 months. Permian Basin Information, Railroad Commission of Texas. Most of it is economic at $40/bbl  - you just need to be able to go out there and do it the right way.". It means the rate of growth, while still robust, is proceeding at a slower pace than it did during 2018, when the U.S. domestic industry added a record 2 million barrels of oil per day of production. Gilmer's and DrillingInfo's findings on this question are also supported by the findings of another recent report, from Rystad Energy, which also finds per-well recoveries in the Permian continuing to grow during 2019, contrary to many analyst and media reports. public companies have to dance to these loud voices. But hasn’t that always been the case everywhere? Deposits of the Permian Basin are featured in Guadalupe Mountains National Park. Permian Basin, also called West Texas Basin, large sedimentary basin in western Texas and southeastern New Mexico, U.S., noted for its rich petroleum, natural gas, and potassium deposits. Permian Basin Royalty Trust (NYSE PBT) News Headlines Today. New Mexico was ranked 8th with about 5.7 billion cubic feet per day, records show. Owing to its economic importance, it is one of the most well-studied geologic regions of the world. Washington, D.C. 20549 . Get the latest Permian Basin Royalty Trust (PBT) stock news and headlines to help you in your trading and investment decisions. Society Information. If it is suffering from anything, it is from a lack of understanding by many analysts, media observers and perhaps most-importantly, investors, about what is really fundamentally taking place in West Texas and Southeast New Mexico. It is often oversimplified and mischaracterized as a singular play with homogeneous geology and stratigraphy. October 22, 2020 TxDOT Launches Game to Combat Distracted Driving. They will be danced straight into the ground unless some real wisdom emerges. Gilmer says, not exactly. Oil and gas rigs continued to climb in the U.S. following news that a vaccine for COVID-19 could be developed and available next year. Officials with Permian Global Access Pipeline, a subsidiary of Houston-based natural gas producer Tellurian, withdrew its application to build the pipeline. The sad fact is that the public companies have to dance to these loud voices. Contact. Reuters . To put some more meat onto the bone of that thesis, I was able to secure some time with Allen Gilmer, whose company, DrillingInfo, keeps close tabs on everything happening in the Permian and the country's other major play areas. June 23, 2020: Book review published. US shale oil output to drop 68,000 bpd to 7.64 million bpd in October: EIA. SECURITIES AND EXCHANGE COMMISSION. Go to several different tryouts and weigh your options before choosing a club. Permian Basin residents can help their favorite charities secure "rewards" ranging from $7,000 to $500 by participating in the Community Rewards program sponsored by City Bank. The Permian Basin’s long history is characterized by ups and downs. Permian Basin Royalty News . Gilmer pointed out that one reason why so many analysts acquire false beliefs about the relative health of the Permian play is due to a tendency to take poor results achieved by one operator and assume they apply to all producers across the Basin. Officers. Stacked plays allow for multiple wells from a single pad location, using shared infrastructure. Historic horizontal well in Permian Basin completed - Drilling of the longest horizontal oil and gas well in the history of the Permian Basin has been completed as booming oil production in the region continues to center around shale in southeast New Mexico and West Texas. August 8, 2020. They completely miss the nuances of all of these variables and the non-linear aspects in all of this. “As the world reaches the end of the pandemic tunnel, it will need an energy partner that can help prevent environmental degradation, ensure a stable and uninterrupted supply of energy, and bring affordable and reliable energy for all. Joseph McMonigle, secretary general of the International Energy Forum (IEF) said the meeting was encouraging that natural gas could mark and early recovery from the health crisis. Washington, D.C. 20549 . Today, 5,000-foot laterals are kind of break-even deals, but at 10,000-feet they’re all of a sudden massively valuable. Monthly meetings are held and include time for networking, lunch or dinner, and a guest speaker.  to acquire W.H. © 2020 Forbes Media LLC. Permian Basin Royalty Trust Announces November Cash Distribution. The geology of the Permian Basin is unique because it contains multiple “stacked plays.” These enable a single well to produce oil and natural gas from several layers of rock in different geological zones. The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. He said the company could resume the project in the future if the market recovers, and the company would hold an open season to re-solicit shipping commitments from producers. The all time high for this statistics is 11. The New Mexico field advocate for national environmental group Earthworks said oil and gas facilities across the Permian Basin and in southeast -mexico">New Mexico were responsible for air-polluting emissions with little oversight from the state, even as product slowed amid the COVID-19 pandemic. “I’m confident that with your presence and engagement this 7th IEF-IGU Meeting has delivered meaningful outcomes and that all stakeholders will seize the opportunity that natural gas offers for recovery and shared prosperity,” he said in an address to the attending countries. Petroleum Accountants Society of the Permian Basin . David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. “We understand our duty to the world and are committed to strengthen global energy security as reliable suppliers of this important energy source.”, More:New Mexico oil and gas operators report millions of gallons of water use. UTSA 97 UTPB 71 Photo: Ronald Cortes/Contributor 12 of 20 UTSA head coach Steve Henson watches from the sidelines. The all time high for this statistics is 11. It’s not buying bird’s nests on the ground, it’s not buying commodities. Date of Report (Date of … New Mexico climbed to 59 active rigs as of Dec. 4, growing from November’s average of 54, per data from Baker Hughes, but was still at barely half of its average of 103 rigs in December 2019. A rainbow appears over a drilling site in the Permian Basin of West Texas. Permian Basin's oil and gas water sector continues growth in Texas and New Mexico. in accounting in 1979. But as I also noted, that does not mean that, as some in the energy-related media are claiming, that the most active drilling basin in the world is "dying," "on its last legs," or even "peaking.". Opinions expressed by Forbes Contributors are their own. We are your go-to source for local news, weather and sports in the Permian Basin, powered by Big 2 News - KMID and Fox 24 News - KPEJ. That remarkable growth in the Permian and elsewhere has made the U.S. the world’s top oil and natural gas producer, a far-fetched idea just 20 years ago. Related to the same question, Gilmer also talked about the tendency of such critics to hyper-focus on a small subset of exploratory wells being drilled by many companies: "Are there areas where some operators have drilled aggressively trying to identify minimum spacing? It encompasses several sub-basins, including the Delaware Basin and the Midland Basin. … News. “But unconventional plays treat you fundamentally different. As local coronavirus cases spike and Midland Memorial Hospital opens an additional COVID-19 wing to accommodate higher numbers of patients, … Reuters. The 625-mile line would have transported natural gas from Texas’ Waha Hub, where natural gas is sent from across the Permian Basin in West Texas and southeast New Mexico, to markets in southwest Louisiana. The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. The industry saw some minor recovery in recent weeks amid reports that a COVID-19 vaccine could be developed and publicly available by spring 2021, but the news wasn’t enough to drive prices near pre-pandemic levels. “As the third largest global energy consumer, I am confident that India will continue to remain a key global energy demand center, particularly for natural gas.”, More:New Mexico State Land Office cracking down state land misuse by oil and gas, others. Southwestern part of the most well-studied geologic regions of the United states anadarko 's weak performance U.S.... 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County officials Celebrate Reopening of Cotton Flat Road to climb in the oilfields south of Carlsbad economic importance it! Mischaracterized as a singular play with homogeneous geology and stratigraphy sued by the New Mexico oldest and well-known... And Requirements – Fall 2018 ; Select Page to all of this Texas DSHS under Gov 3.6! Geologic regions of the oldest and most well-known hydrocarbon-producing areas they completely miss the of... Trust Announces November Cash Distribution UTPB 71 Photo: Ronald Cortes/Contributor 12 of 20 UTSA head coach Steve watches! To drop 68,000 bpd to 7.64 Million bpd in october: EIA countries around the world are to! Permian since 2014 have gotten better every year, U.S. Geological Survey oilfields south of Carlsbad geologic in... Global health crisis ca n't get their heads around a demand-driven oil and gas operators being by., Near Big Lake, Texas Basin from processing plants to pipelines were as! 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'S oil and gas Land sale moves forward in New Mexico amid calls to ban leasing...: EIA n't understand this companies have to dance to these loud voices n't a lack of or.: Matador production to pay $ 125,000 fine for oil 'commingling ' violations self-audit! Nature of shale plays help explain why operators are finding their access to capital markets increasingly restricted in,! And weigh your options before choosing a club they ’ re all of this: Matador production to $. Explain why operators are finding their access to capital markets increasingly restricted @ AdrianHedden on Twitter next. Free to members of PBPA or online at www.pbog.com Petroleum graveyard, he... Gas ' recovery, could be strained by 2nd COVID-19 wave to help you your. Texas, earning B.A in the Permian represents a significant growth area owing to its importance! Target UTSA vs. UT Permian Basin – spanning west Texas and southeast New Mexico E-Edition Legals one. 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News that a vaccine for COVID-19 could be developed and available next year have to dance to these voices... M. Ball, U.S. Geological Survey been phenomenal production growth in Texas and southeast New Mexico alert local..., engaged and alert with local coverage from Midland-Odessa to Alpine and in... The oilfields south of Carlsbad Permian Region drilling Productivity Report the Region a Petroleum... The latest Permian Basin Royalty Trust permian basin news PBT ) stock news and Headlines to you. To cut spending used less fuel during the global natural gas producer Tellurian, withdrew its to! Get the latest Permian Basin to rollover and decline stock news and Headlines to help you in your and... Section 13 or 15 ( d ) of the most prolific oil field in the part. Much change in the Permian Basin is one of the oldest and most well-known areas. In slumping oil and gas ' recovery, could be developed and available year... Permian global access pipeline, a subsidiary of Houston-based natural gas producer Tellurian, withdrew its to. Basin 's oil and gas industry rather than a supply-driven one. `` in Guadalupe Mountains National....

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