Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit, Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave, Here are the 7 oil and gas operators being sued by the New Mexico State Land Office, U.S. Sen. Tom Udall continues push for oil and gas leasing reform, BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing, Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling, New Mexico oil and gas operators report millions of gallons of water use, New Mexico State Land Office cracking down state land misuse by oil and gas, others, Your California Privacy Rights / Privacy Policy. Petroleum Accountants Society of the Permian Basin . $25 Million Grant Provided for I-20 Improvements Near Midland in Permian Basin. Live Coverage of Texas-Permian Basin Falcons @ UTEP Miners Wednesday, November 25, 2020 on MSN Sports It would have crossed 24 Texas counties and four parishes in Louisiana, moving up to 2.3 billion standard cubic feet of gas per day. News & Events. Days after Parsley closed its $2.3 billion deal to … “But unconventional plays treat you fundamentally different. The market for natural gas and other energy sources could be improving in other countries around the world as the pandemic wanes. Average per-well peak rates for the New Mexico Permian since 2014 have gotten better every year, averaging about 20% better every year. Today, 5,000-foot laterals are kind of break-even deals, but at 10,000-feet they’re all of a sudden massively valuable. Output at every formation is expected to fall in October, except the Permian basin of Texas and New Mexico, where production is expected to rise by about 23,000 bpd to 4.17 million bpd, the data showed. 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. In addition to client-related work, David also maintains a growing media communications practice. 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. September 11, 2020. Go to several different tryouts and weigh your options before choosing a club. More:Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit. 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. FORM 8-K . Read the latest oil and gas news … More:Here are the 7 oil and gas operators being sued by the New Mexico State Land Office. News; Current Teams; Safe Sport; League Schedules. Adrian Hedden . 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. The reality is that if you’re going to have 20, 30-something wells within a two-section unit on multiple producing horizons, that’s why it didn’t really matter what you’re paying for acreage. News : Latest Permian Basin News ; Deals & Transactions : Permian Basin Mergers & Acquistions; Well Results (updated daily) Frac & Well Designs; Proppant Use From East to West, the play spans 250 miles, and 300 miles from North to South. It remains the premiere world-class oil resource in the Western Hemisphere. : “All these things come together to make a very interesting investment environment. I pointed out that that was one of the big drivers behind the April/May battle between Oxy and They will be danced straight into the ground unless some real wisdom emerges in those that call the music. © 2020 Forbes Media LLC. FORM 8-K . “I’m happy to mention that the energy demand in India, particularly of the petroleum products and natural gas, has returned to pre-Covid-19 level,” he said at the meeting. UTSA vs. UT Permian Basin Friday Nov. 27, 2020. Because the acreage cost is only about 10% to 20% of your drilling cost.". News. The all time high for this statistics is 11. New Mexico was ranked 8th with about 5.7 billion cubic feet per day, records show. Chevron More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. 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. Past Presidents. Owing to its economic importance, it is one of the most well-studied geologic regions of the world. So, bottom line, the Permian Basin is not "dying," "on its last legs," or "peaking." David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. … They will be danced straight into the ground unless some real wisdom emerges. For ExxonMobil, the Permian represents a significant growth area. News Sports Opinion Lifestyle High School Obituaries E-Edition Legals. Career Opportunities . News provided by. EZ Rider to Receive New Buses. 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. The sad fact is that the public companies have to dance to these loud voices. The problem with the Permian Basin isn't a lack of resources or pipeline capacity or low prices. When it does, we'll start seeing some improvement, but that may take awhile." There are plenty of private investors who understand that these producers are sitting on another Saudi Arabia and have years worth of locations that can be profitably drilled at $20-$30 prices. The loudest are typically the ones that really don't understand this. : "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.". Abrams drilled the first well in 1920, but it produced only 10 barrels of oil per day. Conventional plays are different – it didn’t matter who drilled the East Texas field first, whether it was Dad Joiner or Humble Oil, because conventional plays treated everyone the same. The pandemic led to several states and countries enacting travel bans and other business restrictions intended to slow the spread of the virus. 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. October 31, 2020. Santa Rita taps Permian Basin, American Oil & Gas Historical Society. It encompasses several sub-basins, including the Delaware Basin and the Midland Basin. Washington, D.C. 20549 . Adrian Hedden can be reached at 575-628-5516, achedden@currentargus.com or @AdrianHedden on Twitter. 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. During this time, David has led numerous industry-wide efforts to address a variety of issues at the local, state and federal level, and from April 2010 through June 2012, he served as the Texas State Lead for America’s Natural Gas Alliance. Future Gulf Coast natural gas export development may become “risky” if Permian Basin associated gas production doesn’t recover, IHS Markit executive . Permian Basin News. News. Reuters. 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. 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. unconventional plays treat you fundamentally different. ABOUT US. Get the latest Permian Basin Royalty Trust (PBT) stock news and headlines to help you in your trading and investment decisions. The Permian Basin is not uniform, with deeper zones of sedimentary rock forming the Midland and Delaware Basins and the shallower Central Basin Platform forming a bridge between whose prehistoric reefs were ideal for trapping large oil deposits. Reuters . Many major oil and gas projects in the Permian Basin from processing plants to pipelines were shelved as companies sought to cut spending. I-20 Getting 6 Lanes From 2025-30. The Permian Basin is one of the oldest and most widely recognized oil and gas … October 22, 2020 TxDOT Launches Game to Combat Distracted Driving. The pandemic led to several states and countries enacting travel bans and other business restrictions intended to slow the spread of the virus. 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. Permian Basin Information, Railroad Commission of Texas. 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. I hear a lot of people holding forth on the end of hydrocarbons because they don't know much about the dynamics of a rapidly changing industry. Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. 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. 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. Engineering skill, testing, what have you. Texas also increased to 149 rigs from Novembers average of 144 but remained at less than half of what its rig count average of 406 a year ago before the virus struck. 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 Continue Reading. The basin contains the Mid-Continent Oil Field province. 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. Officers. News. The Permian Basin added five rigs in the last week, starting of the year at 403, records show, and falling to its lowest point at 117 rigs in August but recovered to 161 as of Nov. 25. Skill actually matters. 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. He is the resident energy expert on the "In The Oil Patch" radio program, and executes frequent public speaking engagements around the state of Texas and at conferences. The Fort…. Date of Report (Date of … 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. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan said demand for fuel in his country had returned to pre-pandemic levels. But hasn’t that always been the case everywhere? Monthly meetings are held and include time for networking, lunch or dinner, and a guest speaker. The Council of Petroleum Accountants Societies, Inc. 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