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Tag Archives: Permian Basin

Xcel construction plans not hampered by oil prices

ALBUQUERQUE, N.M. — Despite a swing in oil prices, a company that provides electricity to customers throughout southeastern New Mexico and West Texas says it’s not backing down from plans to invest hundreds of millions of dollars in the region’s infrastructure. Xcel Energy plans to spend more than $630 million on new high-voltage transmission and distribution lines and substations. A ...

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America’s fracklog could be the next bump after the bust

America has strolled into 2015 claiming the title of the world’s top producer of petroleum and natural gas hydrocarbons. But thanks to low oil prices, holes are drilled but uncompleted, and according to a new analysis, America’s fracklog has skyrocketed. A recent Bloomberg Intelligence analysis found that the number of wells waiting to be hydraulically fractured, known as the fracklog, ...

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Study: Deferring well completion to pay off

Many oil wells valve

Crude storage in the U.S. is at a record high. During the week of March 27, 4.8 million barrels added topped off the current high of 471.4 million barrels, according to a recent report from energy data company Genscape, Inc. The oil and gas market’s state of contango, driven by low oil and service prices, has prompted a spate of ...

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City seeks pre-payment, longer contract with Pioneer

The Odessa City Council decided Tuesday against voting on an amended contract with Pioneer Natural Resources, an oil company that wants to delay a long-term, high dollar deal to buy the effluent water from the city. The council cited ongoing negotiations as the reason for tabling the vote. But a draft agreement with the oil company made public ahead of ...

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Matador to sell 7 million shares in public offering

Matador Resources Co. (NYSE:MTDR) announced today that it has decided to make a big leap in business and start a public offering of common stock. In order to repay outstanding debt and fund future capital expenditures in a market that is being forced to tighten its belt several notches at a time, Matador is offering 7 million shares of common ...

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Crews begin oil spill cleanup in West Odessa

spill

Crews with DCP Midstream and the Ector County Environmental Office are assessing an oil spill that took place Tuesday afternoon in West Odessa. Environmental office officials said they were called to Moss Avenue and West Third Street about oil coming from the ground. The low-pressure pipeline, according to Scott McMeans, supervisor at DCP Midstream, was a natural gas line that ...

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U.S. shale boom nears turning point: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Oil production from major U.S. shale plays will decline by almost 60,000 barrels per day between April and May according to new estimates from the Energy Information Administration. Production is expected to decline in the Bakken, Niobrara and Eagle Ford plays next month. Only the ...

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EIA report pegs Permian as only oil-producing shale

The latest U.S. Energy Information Administration’s (EIA) monthly drilling report has revealed some very encouraging news for the Permian Basin, but as for other major shale plays—not so much. Among the Bakken, Eagle Ford, Haynesville, Marcellus and Niobrara shale plays, the Permian stood alone as the only shale to sustain continued oil production. According to the EIA’s March report, the ...

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Earthquakes have shaken up the Permian

seismograph

According to data gathered from the U.S. Geological Survey (USGS), over the last two weeks, three earthquakes have rattled the Permian Basin in its oil and natural gas regions. The information collected from the USGS shows that the earthquakes occurred along the Pecos and Reeves county lines.  The first earthquake hit the Richter scale with a 2.8 magnitude and was ...

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