Thursday, October 17, 2019

New Mexico News

Kinder Morgan's Elba Island LNG up by mid-2020: CEO

Kinder Morgan's Elba Island facility (CREDIT: Kinder Morgan)

Kinder Morgan expects to bring the remaining nine units of its liquefied natural gas (LNG) export facility at Elba Island into service by the first half of next year, Chief Executive Officer Steven Kean said on…

ProPetro Cuts Almost 150 Workers

AdobeStock / © Diter

ProPetro Holding Corp this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling.The…

Exxon, Chevron See Consolidation in Top U.S. Shale Field

The two largest U.S. oil and gas companies on Tuesday left the door open for more acquisitions in the country's top shale field.Exxon Mobil Corp expects to see industry consolidation to happen "over some period of time…

Permian Fracking Sets New Records

Graph: Rystad Energy

Hydraulic fracturing operations in the Permian shattered old records in June. The prolific shale basin in Texas and parts of New Mexico in the US has reached new heights in terms of the number of fracked wells…

Permian Basin is Booming!

Graph: Rystad Energy

The increased output from the Permian Basin, located in West Texas and Southeastern New Mexico, has been the biggest contributor to the growth of super majors.A handful of industry insiders have recently speculated that the Permian may be on its way out…

OPEC Output to Remain Flat: Rystad

Photo: OPEC

OPEC and its allies, including Russia, can maintain their current cuts and not reduce outputs any more because there will be a crude oil demand surge later this year from changing shipping fuel standards worldwide.The…

US Leads World Oil Reserves

Graph: Rystad Energy

The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s…

US Oil Output Heads for More Records in 2019

Graph: Rystad Energy

U.S. total oil production, which is already off to an amazing start in 2019,  is on track to set another record for this year.New records are expected both when the final numbers for May emerge and at the end of the year…

Natural Gas Flaring Hits Record High

Graph: Rystad Energy

As spot prices in the region have remained near or below zero, natural gas flaring and venting in the Permian Basin in Texas and New Mexico reached a new all-time high in the first quarter of 2019, averaging as…

US Oil Production Up, Needs More Pipelines

Graph: Source: U.S. Energy Information Administration liquids pipeline projects database

The rising domestic crude oil production in the United States has created a need for more pipeline capacity, revealed the US Energy Information Administration (EIA).EIA recently launched a new liquids pipeline…

Danos Wins US Contracts

(Photo: Danos)

Danos has recently entered into a contract with an independent land company based out of Dallas, Texas, to transition 50-60 crew members in a variety of positions. The transition will take place over the coming…

Oxy Would Sell Anadarko’s Africa Assets to Total

(Photo: Anadarko)

France's Total SA said on Sunday it has agreed with Occidental Petroleum Corp to acquire the African assets of Anadarko Petroleum Corp for $8.8 billion, should the two U.S. oil and gas companies clinch a deal…

SGRE Bags 487 MW Mega Order from US

Image: Siemens Gamesa Renewable Energy

Spanish offshore wind giant Siemens Gamesa Renewable Energy (SGRE) has won two orders totaling 487MW from EDF Renewables North America.SGRE was selected by EDF Renewables North America to supply turbines for the Coyote and Oso Grande projects…

Exxon, Chevron Q1 Earnings Expected to Dip

© lightmoon / Adobe Stock

Exxon Mobil and Chevron are expected to report lower quarterly earnings per share when compared with last year's first quarter, though their stocks have outperformed smaller companies with both in the midst of…

Occidental Tops Chevron's Bid for Anadarko

(Photo: Anadarko Petroleum)

Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering $38 billion for Anadarko Petroleum Corp, a bid that topped a $33 billion offer by Chevron Corp.Both…

Chevron to Buy Anadarko for $33 Bln

(Photo courtesy Anadarko)

Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production is…

Exxon, Chevron Accelerate Shale Production

Graph: Rystad Energy

The two biggest U.S. oil companies Chevron and ExxonMobil plan to significantly ramp up production in the US shale heartland as the oil behemoths are seeking to go from shale to scale in the Permian.Rystad Energy’s…

U.S. Drillers Cut Rigs to Lowest Level since May

© Shamtor / Adobe Stock

U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow through on plans to cut spending even though oil majors…

Large Oil Firms Invest in Shale

Image: Rystad Energy

Oil majors are readying themselves for the energy transition by investing in shale and waiting for renewable technology to be economical, said Rystad Energy, energy research and business intelligence company.A…

Oil Majors Rush to Dominate US Shale

© pavantt / Adobe Stock

In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5…