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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 discusses companies involved in Permian basin oil output whose numbers came in today at 2.75 million barrels a day

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 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 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...

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 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 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...

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 —...

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...

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...

A $21 price difference between crude oil in Midland and Cushing, Okla., is an all-time high, as oil production in the Permian Basin far outpaces the pipeline infrastructure to move it. The spot price for West Texas Intermediate crude was about $87 per barrel this week in Cushing – the delivery point at which the U.S. benchmark oil is priced – versus $65 per barrel in Midland. The two only differed by $3 in October, according to a Wells Fargo report. “If I produce a barrel of oil in the Permian, my ability to move it to market is restricted,”...

The Permian Basin—a long-time oil and natural gas producing region in west Texas and eastern New Mexico—is showing signs of new life. The active rig count has grown from 100 rigs in mid-2009 to over 500 rigs in May 2012. According to data from the Texas Railroad Commission and the New Mexico Energy, Minerals and Natural Resources Department, oil production from the Permian has increased fairly steadily over the past few years, reaching the 1 million barrels per day (bbl/d) threshold in late 2011—the first time since 1998. Growing oil production in the Permian Basin and other Texas plays, most...

An endangered listing for the DSL would ruin the oil drilling industry in the Permian Basin, that area of west Texas and eastern New Mexico that produces about 20% of all the oil from the lower 48 states and 5% of total oil produced in the US. The oil produced there also constitutes 68% of all oil produced in the state of Texas.

A respectful crowd of Permian Basin residents gathered at Midland Center on Wednesday to speak at a public hearing about the listing of the dunes sagebrush lizard as an endangered species. The listing possibly could shut down oil and gas, grazing and farming operations in Andrews, Crane, Gaines, Ward and Winkler counties in West Texas and Chaves, Eddy, Lea and Roosevelt counties in New Mexico. The hearing was conducted by officials with the U.S. Fish and Wildlife Service, overseen by Jeff Humphrey, public outreach specialist with the service out of Arizona. Wally Murphy, New Mexico state field supervisor, told the...

Species: After the harm done by the spotted owl and delta smelt, the listing of a tiny reptile as endangered may be the latest salvo in the war on domestic energy. As Yogi Berra would say, it's deja vu all over again. If the dunes sagebrush lizard is listed by the U.S. Fish and Wildlife Service as an endangered species, another key part of the American economy will fall prey to the eco-extremist mantra that every little critter's well-being trumps that of the American people and economy. Last December, the Fish and Wildlife Service announced that the lizard, a three-inch-long...

Cheney extols Neugebauer on Stenholm's turf By JOHN FUQUAY AVALANCHE-JOURNAL ABILENE — Vice President Dick Cheney was in the hometown of an incumbent Democrat on Friday touting the president's record and urging voters to support Republican Rep. Randy Neugebauer of Lubbock. Cheney's appearance at a fund-raiser for the freshman representative was a brazen campaign move on turf represented for the past 24 years by U.S. Rep. Charlie Stenholm, D-Abilene. Stenholm and Neugebauer were thrown into the same congressional district during this year's raucous redistricting battle initiated by GOP members to increase Republican seats in Washington. "My main concern is to...

Redistricting one step closer BY APRIL CASTRO Associated Press Writer AUSTIN - The family feud appears over and Texas Republicans are a step closer to having a majority in the state's congressional delegation. "The majority of the voters in the state of Texas support President George W. Bush and his policies. The majority of our congressional delegation does not, and that's just not fair," Lt. Gov. David Dewhurst said Thursday as Republican leaders unveiled a redistricting map that would put more Republicans in the Texas congressional delegation. It likely would put more Republicans in the Texas congressional delegation, where Democrats...

House, Senate negotiators bicker as deadline looms BY APRIL CASTRO Associated Press Writer AUSTIN - Adopting new Texas congressional district lines without delaying next year's primary election seemed increasingly unlikely Saturday as a key House negotiator called the Senate's latest proposal impossible. House and Senate negotiators are working around the clock to agree on a map that would increase the number of Republicans from Texas in Congress. Republican Gov. Rick Perry has called Monday the "drop dead date" to approve a map without affecting the state's March 2 primary. But there is a constitutionally required 24-hour waiting period between when...