Home / Tag Archives: Permian Basin (page 4)

Tag Archives: Permian Basin

Eagle Ford Shale remains bright spot, adds drilling

While the nation is experiencing a drop in the number of active oil and gas rigs, Eagle Ford Shale remains a bright spot in the industry. A Baker Hughes rig count shows that new drilling in the Eagle Ford Shale rose to 75 active rigs. New drilling fell to 225 rigs in the Permian Basin, but rose to eight in ...

Read More »

Demand outstrips NM job creation

The counter-cyclical direction of New Mexico’s rising unemployment rate summarizes the state’s economy in 2015, said Jeffrey Mitchell, director of the Bureau of Business and Economic Research at the University of New Mexico. “The national economy is creating jobs at a slightly higher rate than people are joining the labor force,” he said. “The national unemployment rate clicks down a ...

Read More »

Concho Resources looking to buy Clayton Williams – Bloomberg

Concho Resources Inc, one of the top energy explorers in the oil-soaked Permian Basin beneath Texas and New Mexico, is seeking to buy Clayton Williams Energy Inc, Bloomberg reported on Thursday. Clayton Williams drew interest from other suitors and may yet decide to remain independent, raise capital or sell assets, Bloomberg reported, citing people with knowledge of the matter.  Shares ...

Read More »

Ector County Energy Center opens

A roughly 350-megawatt natural gas plant formally opened northwest of Goldsmith on Wednesday, heralded by local governmental officials as a boon to the local tax base, particularly the Ector County Independent School District. The so-called Ector County Energy Center sits on about 32 acres that were vacant ranchland a year ago near the Andrews County line. It is designed to ...

Read More »

Sub-$50: When ‘fracking does not work’

The downturn shows no signs of reversing for the oilfield services industry, and now these businesses that represent some of the top private employers in Odessa face a deepening pain, particularly those that frack wells. Today, about half of the fracking companies who were bidding on new work in the Permian Basin at this time last year continue to do ...

Read More »

Methane forum attendees differ on ‘hot spot’

FARMINGTON — About 100 environmentalists, former legislators and interested people filled a meeting room in Henderson Hall at San Juan College on Tuesday evening to hear about scientists’ efforts this year to pinpoint sources contributing to high levels of atmospheric methane recently detected over the Four Corners region. The meeting was organized by the Sierra Club and other environmental groups ...

Read More »

Chinese companies purchasing Texas oil assets

Chinese national oil companies (NOC) are purchasing west Texas oil assets for $1.3 billion. Shanghai-listed Yantai Xinchao Industry Co. Ltd. said it would buy oil fields in Howard and Borden counties from Nevada-based companies Tall City Exploration and Plymouth Petroleum, according to The Associated Press. Yantai Xinchao signed a letter of intent Friday with Ningbo Dingliang Huitong Equity Investment Center, ...

Read More »

Energy plan designed to facilitate comeback

New Mexico’s oil and gas industry may be in the doldrums now, but state and economic development officials are laying the groundwork for a rapid comeback when markets improve. Gov. Susana Martinez released a new energy plan for New Mexico in September that calls for broad infrastructure development in the state’s Permian Basin in the southeast and the San Juan ...

Read More »

OPEC has stalled the shale revolution: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – The resilience of U.S. shale producers has surpassed all expectations as they have wrung extra efficiencies out of their operations and pulled rigs back to the most prolific sections of existing plays. The shale sector’s ability to cut costs and sustain their output in the ...

Read More »