Sunday, June 16, 2019

New Mexico News

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…

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…

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…

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…

ExxonMobil Plans Big 2020 Capex Boost

© xmentoys / Adobe Stock

Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company's shares fell after he laid out a strategy to "lean in" while the rest of…

Chevron Expects 3-4% Annual Output Growth

© Adobe Stock

U.S. oil major Chevron Corp said on Tuesday it expects its annual production to grow in the range of 3 percent to 4 percent through 2023, boosted by strong performance in the country's top shale region, the Permian…

Exxon, Microsoft Ink Cloud Computing Deal for U.S. Shale

File Image: AdobeStock / © Shamtor

Exxon Mobil Corp and Microsoft Corp have agreed to use cloud technology in the U.S. oil producer's shale operations, they said on Friday, helping to boost profitability in the nation's largest shale field.The…

US Rig Count Climbs

© helivideo / Adobe Stock

U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.Companies added three oil rigs in the week to Feb.

Occidental Petroleum Profit Jumps

© FerrezFrames / Adobe Stock

Occidental Petroleum Corp on Tuesday reported a quarterly profit that beat analysts' estimates, helped by a surge in Permian basin production and higher realized prices for its crude.Production from its Permian resources unit rose 57 percent to 250…

Phillips 66, Kinder Announce Gray Oak Pipeline Deliveries to Houston

Photo: Gray Oak Pipeline LLC

Phillips 66 and Kinder Morgan Inc began on Monday soliciting shipper commitments for crude deliveries on the 900,000 barrel per day (bpd) Gray Oak Pipeline from the Permian Basin to delivery points at or near the Houston Ship Channel…