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Tag Archives: Permian Basin

Oklahoma company withdraws New Mexico drilling request

An oil and gas drilling rig operating in the San Juan Basin near Farmington, New Mexico. (Image courtesy of Encana Corp)

RIO RANCHO, N.M. (AP) — An Oklahoma-based oil company has pulled its application to drill an exploratory well just west of one of New Mexico’s fastest growing cities. SandRidge Exploration and Production LLC sent a letter to the Sandoval County Planning and Zoning Department on Tuesday saying it was withdrawing its request. The company did not offer an explanation but ...

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New Mexico moves to cut spending to offset oil bust

An oil and gas drilling rig operating in the Permian Basin near Farmington, New Mexico. (Image courtesy of Encana Corp)

SANTA FE, N.M. (AP) — The state of New Mexico slashed revenue projections for this year and next by a quarter-billion dollars because of low oil and natural gas prices and took initial steps Saturday toward reducing general fund spending next year. A somber Senate Finance Committee unveiled budget amendments that would shave spending across state agencies this fiscal year, ...

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$30 oil? Texas says bring it on

$30 oil? Texas says bring it on

Some parts of the Eagle Ford and Permian Basin are profitable with oil below $30 a barrel, according to analysis by Bloomberg Intelligence. Wells in DeWitt County can be profitable with benchmark crude at a price as low as $22.52, which is $4 below its lowest price this year. Crude oil settled at $26.55 on Jan. 20, its weakest price ...

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US rig count drops 48 this week to 571; Texas down 19

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 48 this week to 571. The Houston firm said Friday 467 rigs sought oil and 104 explored for natural gas amid depressed energy prices. A year ago, 1,456 rigs were active. Among major oil- and ...

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Keane Group triples fracking capacity

Keane Group triples fracking capacity

Keane Group, a Texas well completion services company, tripled its hydraulic fracturing capacity by agreeing to a $247 million deal with Canada-based Trican Well Service on Tuesday. The Houston-based company acquired the majority of Trican Well Service’s assets in the United States. Keane Group purchased the assets with $200 million in cash plus a minority interest stake in Keane Group. ...

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New Mexico lobbyists dole out $750K in campaign donations

ALBUQUERQUE, N.M. — Lobbyists and their clients handed out about $750,000 in campaign contributions to New Mexico lawmakers, Gov. Susana Martinez and others in the months leading up to this year’s legislative session, according to the latest disclosure reports. The contributions were in addition to nearly $90,000 spent by lobbyists since last spring for food, drinks, gifts and entertainment for ...

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Oil plunge upends state budget session in New Mexico

Oil rig hands work on the floor of an oil and gas drilling rig in the Permian Basin near Farmington, New Mexico. (Image courtesy of Encana Corp)

SANTA FE, N.M. — New Mexico lawmakers conferred with energy market experts and economists about plunging oil prices Wednesday as the Legislature crafts a new state budget that relies heavily on oil and natural gas revenues. The price of U.S. crude sank almost below $27 a barrel Wednesday to its lowest price since 2003 amid a glut in oil global ...

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Gas, oil rigs down as Texas takes hit

Texas down 10 in weekly rig count

The number of active rigs searching for oil and gas in the United States dropped down 14 from last week for a total of 650 rigs. Texas saw the steepest decline, as seven rigs shut down, according to oilfield service company Baker Hughes. Just one oil rig shut down as crude oil prices continue to slump. The total number of ...

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Permian Basin saw major projects in 2015

A drilling rig operating in the Permian Basin near Farmington, New Mexico. (Image courtesy of Encana Corp)

Plummeting oil prices dominated the headlines in 2015, and to be sure, the economic fallout bled into other businesses. But the momentum of the waning boom still brought a number of major businesses as local businesses navigated the downturn. Rapidly growing thoroughfares continued to grow, including major projects. New businesses entered the market or expanded their presence, developments that included ...

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Occidental opens new facility in Midland

Occidental opens new facility in Midland

Occidental Petroleum opened doors to its new offices last month in Midland, Texas. The Oxy Permian Plaza is comprised of two office buildings connected by a conference center and covers 212,000 square feet. Oxy Permian Plaza is the second facility opened this year in Midland by Occidental Petroleum. The company constructed a training facility earlier this year. Occidental is the ...

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