Tag: permian basin

CERAWeek: Occidental boss says influx of capital could prolong downturn

Occidental Petroleum Corp. CEO Stephen Chazen says new money flowing to oil companies could prolong the industry’s downturn if it keeps financial pressure off U.S. producers who might otherwise dwindle or sell.  More »

Experts: New Mexico oil patch could lose 2,000 jobs

The number of drill rigs operating in the San Juan and Permian basins has dropped from 85 to 60 over the past year, and state energy Secretary David Martin said each rig directly employs 50 workers and another 50 to 70 in support jobs.  More »

Oilfield safety a concern as companies cut costs during downturn

The oil and gas industry saw 112 workers die in 2013, the latest figures available from the U.S. Bureau of Labor Statistics. That’s up 31 percent from 2003. Meanwhile, producers and drillers doubled their workforce in the same period, to 507,000.  More »

Frank’s International to buy oil-tool firm for $95 million

Both firms have businesses running piping and casing for oil companies that are constructing wells, part of the post-drilling processes that lead firms to extract the first barrels of oil out of the ground.  More »

Halliburton exec: “Boom town” costs falling amid oil slump

The service costs associated with housing and feeding employees in remote locations like the Permian Basin in West Texas and the Bakken Shale in North Dakota typically skyrocket in boom times, Halliburton President Jeff Miller said.  More »

Sheffield: Midland economy will recover, maybe not as strong

The chairman and chief executive officer of Pioneer Natural Resources said during a visit to Midland last week that this is the industry’s fifth major downturn since he arrived in Midland in 1979.  More »

Pioneer’s chairman and CEO: Exporting oil could equate to more jobs, production and investment

Lifting the ban now would be less painful for consumers because if gasoline prices were to rise, the increase wouldn’t be as much, Scott Sheffield said.  More »

EOG: Delaying completions is “right business decision”

EOG Resources officials elaborated on their decision to dramatically pare back well completions in 2015, telling investors the move is “the right business decision.”  More »

EOG earnings down 23 percent

EOG Resources, one of the biggest winners in the shale boom, saw its quarterly profits fall 23.4 percent as it became the latest company to suffer the effects of falling crude oil prices.  More »

These 19 counties generate the most oil and gas taxes for Texas

Which parts of the state are generating the most in oil and gas taxes?  More »

Occidental loses $3.4 billion on asset impairments

The company has cut its 2015 annual capital budget to $5.8 billion, down 33 percent from last year, as oil prices have been cut in half since June.  More »

More Texas drillers slashing spending

Several Permian Basin drillers have said that they’re planning smaller budgets for 2015.  More »

More than 500 rigs may shut down as oil slides, analysts say

Rigs could begin to see less work starting early next year, following a 40 percent drop in the number of new U.S. drilling permits issued from October to November.  More »

EIA: US production to increase 115K barrels in January

Next month’s total will be nearly 2,000 bpd more than December’s rise.  More »

Production up, but methane emissions down in Permian Basin

Even though energy companies are pulling more oil out of the Permian Basin, methane emissions have been declining in the West Texas drilling hotbed.  More »
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