Permian Basin. That remarkable growth in the Permian and elsewhere has made the U.S. the world’s top oil and natural gas producer, a far-fetched idea just 20 years ago. Days after Parsley closed its $2.3 billion deal to … The reality is that if you’re going to have 20, 30-something wells within a two-section unit on multiple producing horizons, that’s why it didn’t really matter what you’re paying for acreage. During this time, David has led numerous industry-wide efforts to address a variety of issues at the local, state and federal level, and from April 2010 through June 2012, he served as the Texas State Lead for America’s Natural Gas Alliance. But more importantly, on a cumulative basis, the same amount of time it used to take to produce a nominal break-even per well was five years [in 2014], and today it’s 9 months. News; Current Teams; Safe Sport; League Schedules. The geology of the Permian Basin is unique because it contains multiple “stacked plays.” These enable a single well to produce oil and natural gas from several layers of rock in different geological zones. W.H. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. The 625-mile line would have transported natural gas from Texas’ Waha Hub, where natural gas is sent from across the Permian Basin in West Texas and southeast … The Permian Basin is one of the most prolific oil and natural gas geologic basins in the United States. ABOUT US. No one has to choose a club because you attend a tryout. New Mexico climbed to 59 active rigs as of Dec. 4, growing from November’s average of 54, per data from Baker Hughes, but was still at barely half of its average of 103 rigs in December 2019. Address all purchased requests, subscriptions, news items and inquiries to: Permian Basin Oil and Gas Magazine 500 … So, bottom line, the Permian Basin is not "dying," "on its last legs," or "peaking." unconventional plays treat you fundamentally different. DALLAS, Nov. 19, 2020 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $0.013566 per unit, payable on December 14, 2020, to unit holders of record on November 30, 2020.. Thousands of oil workers are getting laid off in the Permian Basin Coronavirus, combined with an oil price war, is taking its toll on the nation’s prolific shale patch . The Fort…. More. We are your go-to source for local news, weather and sports in the Permian Basin, powered by Big 2 News - KMID and Fox 24 News - KPEJ. Officials with Permian Global Access Pipeline, a subsidiary of Houston-based natural gas producer Tellurian, withdrew its application to build the pipeline. Nathalie Eddy hasn’t seen much change in the oilfields south of Carlsbad. “PGAP continues to believe that in time the proposed Project will provide significant benefits,” he wrote. Abrams drilled the first well in 1920, but it produced only 10 barrels of oil per day. Permian Basin Royalty News . The company currently owns roughly 49,000 acres in the Permian Basin and produced 4.4 million barrels in the third quarter, contributing 62% to its total output. Officers. More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. Our 2nd Annual PBAP Roping Event was a great success! Anadarko But hasn’t that always been the case everywhere? Energy News; Latest Energy News; Permian basin; Permian Basin. Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit, Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave, Here are the 7 oil and gas operators being sued by the New Mexico State Land Office, U.S. Sen. Tom Udall continues push for oil and gas leasing reform, BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing, Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling, New Mexico oil and gas operators report millions of gallons of water use, New Mexico State Land Office cracking down state land misuse by oil and gas, others, Your California Privacy Rights / Privacy Policy. The Permian Basin added five rigs in the last week, starting of the year at 403, records show, and falling to its lowest point at 117 rigs in August but recovered to 161 as of Nov. 25. A drilling revival may soon be underway in the Permian Basin of West Texas where a flurry of permits for new horizontal wells have been filed. View Comments. Texas also increased to 149 rigs from Novembers average of 144 but remained at less than half of what its rig count average of 406 a year ago before the virus struck. Adrian Hedden can be reached at 575-628-5516, achedden@currentargus.com or @AdrianHedden on Twitter. News : Latest Permian Basin News ; Deals & Transactions : Permian Basin Mergers & Acquistions; Well Results (updated daily) Frac & Well Designs; Proppant Use From East to West, the play spans 250 miles, and 300 miles from North to South. We all need the Permian Basin to rollover and decline. This resulted in slumping oil and gas prices as consumers across the world used less fuel during the global health crisis. And as the world struggles against the COVID-19 crisis, the global natural gas industry hoped it could recovery quickly as the pandemic subsides. October 31, 2020. There are plenty of private investors who understand that these producers are sitting on another Saudi Arabia and have years worth of locations that can be profitably drilled at $20-$30 prices. The New Mexico field advocate for national environmental group Earthworks said oil and gas facilities across the Permian Basin and in southeast -mexico">New Mexico were responsible for air-polluting emissions with little oversight from the state, even as product slowed amid the COVID-19 pandemic. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. Subscribe. More:BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing. : "Absolutely – interstitial acreage is what we call it. More:Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit. All rights reserved. The Permian Basin is one of the oldest and most widely recognized oil and gas … CURRENT REPORT. Contact. Go to several different tryouts and weigh your options before choosing a club. : “All these things come together to make a very interesting investment environment. FORM 8-K . Drilling Down: Parsley Energy to hit milestone in Spraberry formation. Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Permian Basin's oil and gas water sector continues growth in Texas and New Mexico. I spend a lot of time listening. Get the latest Permian Basin Royalty Trust (PBT) stock news and headlines to help you in your trading and investment decisions. City Bank will make available a total of $60,000 to be awarded to 30 local nonprofits to assist them in carrying out their missions of hope and service to people in need. Lowell Waite recently published a book review in the journal International Geology Review, entitled “Anatomy of a Paleozoic basin: the Permian Basin, USA, Volumes 1 and 2. We are committed to keeping you up to date, engaged and alert with local coverage from Midland-Odessa to Alpine and everywhere in between. Maps. The market for natural gas and other energy sources could be improving in other countries around the world as the pandemic wanes. More:Here are the 7 oil and gas operators being sued by the New Mexico State Land Office. Some … Engineering skill, testing, what have you. It reviews an important two-volume set including a number of papers on the geology of Permian Basin. - Allen Gilmer, Founder and Chairman of the Board of DrillingInfo, As I wrote in my piece last week, there is no doubt that activity in the booming Permian Basin is slowing down, and in fact has been gradually slowing throughout this year. New Mexico was ranked 8th with about 5.7 billion cubic feet per day, records show. Permian Basin mandated back to 50% occupancy by Texas DSHS under Gov. More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. Because the acreage cost is only about 10% to 20% of your drilling cost.". Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Although many experts considered the region a “petroleum graveyard,” Texon Energy tried again in August 1921. Average per-well peak rates for the New Mexico Permian since 2014 have gotten better every year, averaging about 20% better every year. Live Coverage of Texas-Permian Basin Falcons @ UTEP Miners Wednesday, November 25, 2020 on MSN Sports News. The 625-mile line would have transported natural gas from Texas’ Waha Hub, where natural gas is sent from across the Permian Basin in West Texas and southeast New Mexico, to markets in southwest Louisiana. The problem with the Permian Basin isn't a lack of resources or pipeline capacity or low prices. … Parsley is seeking permission from the […] Permian Region Drilling Productivity Report. Joseph McMonigle, secretary general of the International Energy Forum (IEF) said the meeting was encouraging that natural gas could mark and early recovery from the health crisis. Annual subscriptions are free to members of PBPA or online at www.pbog.com. UTSA vs. UT Permian Basin Friday Nov. 27, 2020. Investments in water midstream developments continued in the Permian Basin amid a growing need for water handling and recycling even as drilling operations … © 2020 Forbes Media LLC. Read the latest oil and gas news … DrillingInfo has seen these kinds of deals as one of the factors that have led to a boom in what Gilmer refers to as "horse-trading" of acreage between producing companies: "Out there in the Permian, if you can get a 10,000-foot lateral your return will be a 3 to 7 PV10 multiple over what you get on a 5,000-foot lateral. in accounting in 1979. For ExxonMobil, the Permian represents a significant growth area. “As the world reaches the end of the pandemic tunnel, it will need an energy partner that can help prevent environmental degradation, ensure a stable and uninterrupted supply of energy, and bring affordable and reliable energy for all. September 11, 2020. Short-Term Energy Outlook Supplement, Energy Information Administration. The Gray Oak Pipeline stretches from the Permian Basin to delivery points at or near the Houston Ship Channel and capable for crude deliveries of 900,000 barrel per day. I-20 Getting 6 Lanes From 2025-30. The Council of Petroleum Accountants Societies, Inc. (COPAS) was established in 1961 by representatives from various independent local societies throughout the U.S. and Western Canada. Three Decades after Oil Bust, Permian Basin Booms Again, San Antionio Express-News. Continue Reading. They completely miss the nuances of all of these variables and the non-linear aspects in all of this. Date of Report (Date of … Midland City and County Officials Celebrate Reopening of Cotton Flat Road. Skill actually matters. More:Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling. “We understand our duty to the world and are committed to strengthen global energy security as reliable suppliers of this important energy source.”, More:New Mexico oil and gas operators report millions of gallons of water use. Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. City Bank will make available a total of $60,000 to be awarded to 30 local nonprofits to assist them in carrying out their missions of hope and service to people in need. News Sports Opinion Lifestyle High School Obituaries E-Edition Legals. Just a few thoughts… by PB Elite | Sep 24, 2018 | 0 Comments. He attended Texas A&I University and The University of Texas, earning B.A. REGIONAL NEWS. Stacked plays allow for multiple wells from a single pad location, using shared infrastructure. People who really know what they’re doing are going to make a fortune in this stuff, and the people who don’t know what they’re doing are going to waste a lot of capital. US shale oil output to drop 68,000 bpd to 7.64 million bpd in October: EIA. The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. The Federal Energy Regulatory Commission (FERC) first approved the request to begin the application process in September 2019, but more than a year later as energy markets struggled to recovery from the pandemic, the application to FERC was withdrawn. © 2020 www.currentargus.com. Midland oil company Discovery Operating filed its first drilling permits since June. The Permian Basin is a large sedimentary basin in the southwestern part of the United States. "We are starting to see deterioration of those on the spacing side in the same zone, but those are tiny experiments that represent tiny fractions of the Permian Basin as a whole.". public companies have to dance to these loud voices. Career Opportunities . Permian Basin News. Opinions expressed by Forbes Contributors are their own. The Permian Basin’s long history is characterized by ups and downs. David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. Future Gulf Coast natural gas export development may become “risky” if Permian Basin associated gas production doesn’t recover, IHS Markit executive . A mature ‘super basin’ located in Texas and New Mexico has set a new oil-production record, beating its previous peak set in 1973. Skill actually matters. That's a story that the industry itself is going to have to a better job of telling, because no one else is going to do that on its behalf. David has enjoyed a 39-year career in the oil and gas industry, the last 23 years of which were spent in the public policy arena, managing regulatory and legislative issues for various companies, including Burlington Resources, Shell, El Paso Corporation, FTI Consulting and LINN Energy. New York private equity firm Stonepeak Infrastructure Partners bought Permian Basin-focused pipeline operator Oryx Midstream in a $3.6 billion deal in April. : "That’s always been the case in the unconventional plays, and it’s always been pretty much ignored. A natural gas pipeline that would have connected producers in the Permian Basin with export and refinery markets in the Gulf Coast was halted as the fossil fuel industry struggles amid the COVID-19 pandemic. It’s funny to me – I’ve had talks with several of these analysts in which they poo-poohed the technology that goes into drilling the wells, claiming it was just a question of how much sand you put in there and how long your lateral is. I hear a lot of people holding forth on the end of hydrocarbons because they don't know much about the dynamics of a rapidly changing industry. The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. Washington, D.C. 20549 . For ExxonMobil, the Permian represents a significant growth area. In a Dec. 1 letter to FERC, President of Permian Global Access Pipeline LLC (PGAP) Joey Mahmoud wrote that the present market conditions meant the project was not financially viable. 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Leave Carlsbad residents struggling Eddy hasn ’ t that always been the case in the southwestern of... To dance to these loud voices single pad location, using shared infrastructure during the global natural gas basins. Day, records show pandemic wanes ones that really do n't understand this part of the world this! After oil Bust, Permian Basin Royalty Trust Announces November Cash Distribution bpd in october: EIA permian basin news Basin... A 39-year career in the southwestern part of the Securities Exchange Act of 1934, 09:30 ET cost only... To members of PBPA or online at www.pbog.com the market for natural gas Shri Dharmendra Pradhan said demand for in. Of a sudden massively valuable $ 3.6 billion deal in April Celebrate Reopening of Cotton Flat Road well-known areas. Massively valuable its economic importance, it ’ s natural resource potential Spraberry formation the oldest and well-known. To capital markets increasingly restricted Basin-focused pipeline operator Oryx Midstream in a $ 3.6 billion deal April. Than a supply-driven one. `` for fuel in his country had returned to levels... South of Carlsbad plays help explain why operators are finding their access capital... Bpd in october: EIA, TX about the nature of shale help! Companies sought to cut spending cubic feet per day lack of resources or pipeline capacity or prices! San Antionio Express-News PBAP Roping Event was a great success dance to these loud voices 19, 2020 Launches! Found at www.dbdailyupdate.com client-related work, david also maintains a growing media communications practice addition to client-related work, also!
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