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Keyword: permianbasin

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  • Tectonic shift rumbling across southeast NM’s oil patch

    04/19/2018 11:39:00 AM PDT · by CedarDave · 5 replies
    The Albuquerque Journal ^ | April 16, 2018 | Kevin Robinson-Avila
    Hundreds of small, independent producers might soon be swallowed up by today’s unprecedented oil and gas boom in southeastern New Mexico. As industry titans like ExxonMobil and Concho Resources pump billions of dollars into previously untapped sections of New Mexico’s century-old oil patch, the state’s small- and medium-sized producers are struggling on the margins to keep running aging wells based on outdated technology. Those companies, which have flourished for decades in New Mexico’s side of the Permian Basin, don’t have the resources to invest in the modern drilling technology needed to dig into the oil-rich, hard shale-rock formations where the...
  • In the Permian Basin and Eagle Ford Shale, Crude's Boom is the Overriding Theme

    12/29/2014 6:31:05 PM PST · by Rodamala · 12 replies
    Progressive Railroading ^ | December 2014 | Jeff Stagl
    What are the most active crude oil-producing regions in the United States? The Permian Basin and Eagle Ford Shale, according to the U.S. Energy Information Administration's rig counts. Among more than 1,500 oil rigs in operation around the nation as of early November, more than 560 were in the Permian Basin and more than 200 were in the Eagle Ford Shale. By comparison, about 190 rigs were operating in the Bakken Shale. And at third quarter's end, the Permian Basin and Eagle Ford Shale housed 7,787 and 3,541 wells, respectively, while 2,062 wells were located in the Williston Basin, which...
  • Oil prices are dropping but the fracking revolution rolls on

    11/02/2014 1:03:00 PM PST · by Jack Hydrazine · 19 replies
    Yahoo! Finance ^ | 31OCT2014 | Shawna Ohm
    $75 dollars a barrel – that’s the price crude oil would have to hit for frackers in North Dakota’s Bakken fields to feel pressure to slow new production, according to Greg Zuckerman, author of “The Frackers” and a special reporter at the Wall Street Journal. “All these guys have hedged. They’ve got production [and] they’ve already got the acreage. They’re not gonna stop but maybe they’ll kind of slow new stuff.” Fracking in other parts of the country, though, is likely to be much more resilient. In Texas’s Eagle Ford and Permian basin, Zuckerman says oil prices would have to...
  • The Oil Patch Prince: A Great Tale Of West Texas

    10/27/2014 6:04:43 AM PDT · by bert · 5 replies
    Forbes ^ | 10/15/2014 | Christopher HelmanChristopher Helman
    Six years ago Bryan Sheffield had no energy industry experience. Today he’s on track to become a billionaire before his 40th birthday. How it happened is one of the greatest Texas oil stories of all time. The Great American Energy Boom is responsible for some of the most incredible roughneck-to-riches stories in business history. Aubrey McClendon built Chesapeake Energy CHK -0.87% into a land-grabbing juggernaut, lost his shirt (and his spot on The Forbes 400) from too much borrowing and is now clawing his way back. Harold Hamm envisioned using horizontal drilling and hydraulic fracturing technology to bring up oil...
  • Halliburton, Baker Hughes buy more sand, railcars as demand piles up

    10/22/2014 6:45:32 AM PDT · by Rodamala · 1 replies ^ | October 21, 2014 | Reuters
    As fracking accelerates in North American shale fields, oilfield services providers Halliburton Co and Baker Hughes Inc are stockpiling sand to protect themselves against rising costs and are buying more railcars to transport the haul.
  • Looking For The Next Oil Boom? Follow The Tech

    07/16/2014 4:02:08 PM PDT · by ckilmer · 12 replies
    seekingalpha ^ | Jul. 16, 2014 10:16 AM ET
    Much larger than Eagle Ford and once thought to have reached peak production, new technology has brought us full circle back to the Permian Basin in Texas and New Mexico, where the recent shift to horizontal well drilling has rendered this play the unconventional ground zero.
  • Must-know: Recent activity and growth in the Permian Basin

    06/25/2014 2:07:12 PM PDT · by ckilmer · 17 replies
    marketrealist ^ | Jun 25, 2014 1:00 pm EDT | Avik Chowdhury
    Must-know: Recent activity and growth in the Permian Basin By Avik Chowdhury - Disclosure • Jun 25, 2014 1:00 pm EDT The Permian Basin and U.S. energy independenceAs we’ve seen, the Permian Basin has been one of the primary drivers of domestic oil growth and has been heralded as one of the pillars to move the U.S. closer to energy independence. The following statistics convey a sense of the recent growth and activity in the region.Recent growthThe chart below shows the growth in oil produced from the Permian Basin over the past few years. Production in the region had bottomed...
  • Expectations for Permian Basin oil production rises

    06/10/2014 9:17:23 PM PDT · by ckilmer · 28 replies ^ | June 10, 2014 | By Matt DiLallo
    By Matt DiLallo | More Articles June 10, 2014 | Comments (0)   Source: Chesapeake Energy.  Drilling down into the Permian BasinWhile the Permian Basin is one of America's oldest and most prolific oil basins, its best days could lie ahead. According to leading Permian Basin driller Pioneer Natural Resources (NYSE: PXD  ) , the Spraberry and Wolfcamp Shale formations in the Permian Basin represent the largest oil field in America, and one of the biggest in the world. As the following slide notes, the field holds an estimated 75 billion barrels of recoverable oil and gas. Source: Pioneer Natural Resources.  As that...
  • Fracking Isn’t the Only Drilling Technique Driving Rapid Growth in U.S. Oil Production

    06/01/2014 3:49:02 PM PDT · by ckilmer · 28 replies ^ | June 1, 2014 | Arjun Sreekumar
    Fracking Isn’t the Only Drilling Technique Driving Rapid Growth in U.S. Oil Production By Arjun Sreekumar | More Articles | Save For Later June 1, 2014 | Comments (0) As the U.S. energy boom has taken off over the past several years, the term "fracking" has become a household name. But fracking, which involves pumping massive quantities of water, proppant, and other chemicals into a wellbore to unlock trapped hydrocarbons, isn't the only drilling technique responsible for the surge in U.S. oil and gas production.Horizontal drilling, which allows operators to reach hydrocarbon formations that cannot be accessed via vertical drilling,...
  • The Jaw-Dropping Potential in This American Oil Patch Could Change the World

    05/25/2014 9:39:44 AM PDT · by ckilmer · 41 replies ^ | May 24, 2014 | Tyler Crowe
    The Jaw-Dropping Potential in This American Oil Patch Could Change the World By Tyler Crowe |May 24, 2014 | It may not look like much, but this might be the biggest oil field in the world (Source: Devon Energy Media Resources).The pride and joy of Saudi Arabia's oil industry has been the Ghawar oil field, which has been recognized as the largest in the world ever since its discovery in 1948. That is, perhaps, until now. A shale oil formation deep beneath the plains of West Texas has been sitting right under our noses for years, and Pioneer Natural Resources (NYSE: PXD  )...
  • Cramer's Stop Trading: Energy Revolution

    04/17/2014 3:11:28 PM PDT · by ckilmer · 1 replies
    Cramer discusses companies involved in Permian basin oil output whose numbers came in today at 2.75 million barrels a day
  • Smitherman: Texas could break oil record by 2020

    03/18/2014 5:21:32 AM PDT · by thackney · 2 replies
    Dallas Morning News ^ | March 7, 2014 | James Osborne
    Texas Railroad Commission Chairman Barry Smitherman said Friday the shale revolution could drive the state’s oil production to record levels before the end of the decade. Oil production in Texas is now close to 2 million barrels a day. And Smitherman, speaking at the IHS CERAweek energy conference in Houston, said the state could be at 3 million barrels by 2017 and 4 million barrels by 2020. In 1972 Texas produced 3.5 million barrels a day, according to Railroad Commission data. “It could easily go to 5 million by 2023,” Smitherman said. “I don’t know where the end is because...
  • The Great American Oil & Gas Boom & the Future of Iran

    01/07/2014 8:43:59 PM PST · by ckilmer · 9 replies
    The Great American Oil & Gas Boom & the Future of Iran No country, No Nation, has ever added oil production capacity – yes ever – like the United States has in the past few years. America has gone from producing 5 Million barrels of oil per day in 2011 to over 7.5 Million barrels this past year; and will soon surpass 10 Million barrels of oil production domestically. It’s an incredible oil boom that will have a profound impact on the lives of ordinary Americans. By the time Obama leaves office, he will have presided over a country that...
  • West Texas Oil Flood

    12/20/2013 10:36:26 PM PST · by ckilmer · 11 replies
    energyandcapital ^ | Friday, December 20th, 2013 | Keith Kohl
    West Texas Oil Flood Texas Crude Profits   l By Keith KohlFriday, December 20th, 2013At around 6 o'clock on the morning of May 28, 1923, an oil well named after the patron saint of the impossible blew. The well sprayed oil over the top of the derrick and covered a 250-yard area around the site.This is the infamous picture of it:On that morning, the oil boom in West Texas was born. The name of the well was Santa Rita No. 1.For the next 50 years, oil from West Texas flooded the world. Wildcatters, ranchers, and residents of sleepy cowtowns became...
  • A US Energy Revolution in Shale Oil and Gas

    09/23/2013 8:43:38 PM PDT · by ckilmer · 8 replies
    countingpips ^ | September 16th, 2013
    In Texas these days, there’s a feeling of absolute and unwavering confidence in the concept of an US energy revolution. From the depths of reserves to the richness of the energy, an incredible transformation is taking place. We’ve been talking about the significant impact of the US’s oil production for a while now, but the buzz about shale oil and gas is only getting louder. At Morgan Stanley’s energy forum in Houston in August, Director of Research John Derrick and Portfolio Manager Evan Smith said shale was the prevailing topic. One area that’s driving this game-changing trend is located only...
  • Permian Basin oil production outstrips the Eagle Ford

    09/23/2013 8:33:03 PM PDT · by ckilmer · 7 replies
    bizjournals ^ | Sep 19, 2013, 6:00am CDT
    Permian Basin oil production outstrips the Eagle Ford The Permian Basin is out-producing the Eagle Ford Shale in terms of crude oil production. The Permian Basin is out-producing the Eagle Ford Shale in terms of crude oil production. The Eagle Ford may be at the top of San Antonians’ minds when it comes to oil and gas activity, but crude production in West Texas is now outpacing the shale to our south. From January to June, West Texas’ Permian Basin pumped out 889,808 barrels per day (bpd) of oil, passing up the Eagle Ford’s 598,706 bpd output, according to Texas...
  • Eagle Ford, Permian Basin on Track to Surpass 2 MMbopd in 2013

    09/23/2013 8:27:48 PM PDT · by ckilmer · 31 replies
    Rigzone ^ | Thursday, September 19, 2013 | Gene Lockard
    Eagle Ford, Permian Basin on Target to Surpass 2 MMbopd in 2013 Texas oil production from just two fields, the Eagle Ford shale and the Permian Basin, is likely to total well over 2 million barrels of oil per day (MMbopd) this year, if recent output trends continue, and could approach 2.5 MMbopd sometime in 2014, according to analysts. The Eagle Ford has been front and center in energy news, and has stolen some of the limelight from the Permian Basin. However, horizontal drilling and hydraulic fracturing have rejuvenated production in the Permian Basin in recent years, and many of...
  • Get Ready for the Next Texas Oil Rush

    07/10/2013 8:42:29 PM PDT · by ckilmer · 12 replies
    Investorplace ^ | Jul 10, 2013, 11:19 am EDT | Aaron Levitt
    The Cline Shale is huge, liquids-rich and deliciously sweet The Barnett Shale? That’s so last week. The Eagle Ford? Been there, done that. Not that there’s anything wrong with these two fields in Texas, of course. It’s just that much of their initial “boom” has already come to pass. Now they’re just about churning out steady and rising production. For many E&P firms — and investors — finding the field in its “boom” phase is key to getting amazing growth and portfolio returns. Luckily, a little-known field in West Texas could be the next hot ticket for energy producers —...
  • Permian Basin region facing housing shortage {West Texas, NM}

    07/08/2013 4:13:35 AM PDT · by thackney · 8 replies
    Fuel Fix ^ | July 6, 2013 | Associated Press
    A southeastern region of New Mexico facing a housing shortage thanks to a Permian Basin oil boom has seen several planned projects fall through. The Hobbs News-Sun reports that a number of affordable housing projects in recent months have fizzled in Hobbs and Lea County despite the pressing demand for housing near the Texas border. For example, a planned 60-home, 12-acre mobile home park that sought to bring homes selling at less than $100,000 fell through last month due to a lack of financing. “I was having challenges getting the financing secured. That is what killed it,” Albuquerque developer Tony...
  • New Shale Formation in West Texas could Dwarf the Bakken

    02/03/2013 8:23:34 PM PST · by 2ndDivisionVet · 103 replies
    Oil Price ^ | January 30, 2013 | Charles Kennedy
    The US shale boom has led some to predict that it will overtake Saudi Arabia as world’s largest oil and gas producer by 2020, thanks to the massive reserves found in plays such as the Bakken Shale of North Dakota, the Marcellus Shale in New York, and the Eagle Ford Shale in Texas; even the newly discovered Tuscaloosa Shale formation in Louisiana holds large potential. However there is a new shale formation that has been discovered in West Texas which could dwarf all others being drilled in the US at the moment. The play is known as the Cline Shale...