Skill actually matters. 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. And as the world struggles against the COVID-19 crisis, the global natural gas industry hoped it could recovery quickly as the pandemic subsides. This resulted in slumping oil and gas prices as consumers across the world used less fuel during the global health crisis. As local coronavirus cases spike and Midland Memorial Hospital opens an additional COVID-19 wing to accommodate higher numbers of patients, … Career Opportunities . It is often oversimplified and mischaracterized as a singular play with homogeneous geology and stratigraphy. 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. Reuters. October 22, 2020 TxDOT Launches Game to Combat Distracted Driving. Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. FORM 8-K . 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. Share this article. Past Presidents. He said the company could resume the project in the future if the market recovers, and the company would hold an open season to re-solicit shipping commitments from producers. Date of Report (Date of … 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. Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Carlsbad Current-Argus. 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. Anadarko's weak performance in U.S. Permian made it a takeover target The basin contains the Mid-Continent Oil Field province. And right now, we are doing a land-office business in land in West Texas and Southeast New Mexico that, when you superficially look at it, nobody would expect...they would look at a map and say all the big blocks are already put together. News; Current Teams; Safe Sport; League Schedules. © 2020 Forbes Media LLC. The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. For ExxonMobil, the Permian represents a significant growth area. : “All these things come together to make a very interesting investment environment. Austin oil company Parsley Energy is doubling down on drilling in the Permian Basin of West Texas. Midland City and County Officials Celebrate Reopening of Cotton Flat Road. Address all purchased requests, subscriptions, news items and inquiries to: Permian Basin Oil and Gas Magazine 500 … 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. In addition to client-related work, David also maintains a growing media communications practice.  to acquire But it’s really all about this horse-trading to be able to go out there and trade acreage in two-, three-, and four-way trades to become capable of having high-grade locations that are valuable enough to drill in a world where oil prices are so volatile.". "What the industry needs is for a few of these operators to get to a place where they are generating substantial free cash flow and prove the critics wrong. Future Gulf Coast natural gas export development may become “risky” if Permian Basin associated gas production doesn’t recover, IHS Markit executive . Over the past eight years, there has been phenomenal production growth in the Permian. A rainbow appears over a drilling site in the Permian Basin of West Texas. The Permian Basin is not uniform, with deeper zones of sedimentary rock forming the Midland and Delaware Basins and the shallower Central Basin Platform forming a bridge between whose prehistoric reefs were ideal for trapping large oil deposits. 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. Gilmer pointed out that one reason why so many analysts acquire false beliefs about the relative health of the Permian play is due to a tendency to take poor results achieved by one operator and assume they apply to all producers across the Basin. The Permian Basin’s long history is characterized by ups and downs. © 2020 www.currentargus.com. A mature ‘super basin’ located in Texas and New Mexico has set a new oil-production record, beating its previous peak set in 1973. The text or links to all of David’s writings and podcasts can be found at www.dbdailyupdate.com. unconventional plays treat you fundamentally different. The Permian Basin is one of the most prolific oil and natural gas geologic basins in the United States. It’s not buying bird’s nests on the ground, it’s not buying commodities. 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. Permian Basin News. Permian Basin Information, Railroad Commission of Texas. Austin oil company Parsley Energy is about to mark 10 years of drilling the Spraberry formation of West Texas. News provided by. Owing to its economic importance, it is one of the most well-studied geologic regions of the world. Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. 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. You may opt-out by. Subscribe. Permian Basin Royalty Trust Nov 19, 2020, 09:30 ET. 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. We all need the Permian Basin to rollover and decline. Go to several different tryouts and weigh your options before choosing a club. More:Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling. Parsley is seeking permission from the […] Permian Region Drilling Productivity Report. The golden age of U.S. shale is far from over, with an expected slowdown in the Permian Basin likely to be temporary, according to the new U.S. Energy Secretary. More. For ExxonMobil, the Permian represents a significant growth area. So, bottom line, the Permian Basin is not "dying," "on its last legs," or "peaking." UTSA vs. UT Permian Basin Friday Nov. 27, 2020. What we’re seeing is that [Permian Basin] wells drilled this year are continuing the trend of being better than they were the year before, across the whole Permian – the New Mexico Permian and the Texas Permian. Maps. Permian Basin. News. Engineering skill, testing, what have you. Washington, D.C. 20549 . “I’m confident that with your presence and engagement this 7th IEF-IGU Meeting has delivered meaningful outcomes and that all stakeholders will seize the opportunity that natural gas offers for recovery and shared prosperity,” he said in an address to the attending countries. The industry saw some minor recovery in recent weeks amid reports that a COVID-19 vaccine could be developed and publicly available by spring 2021, but the news wasn’t enough to drive prices near pre-pandemic levels. If it is suffering from anything, it is from a lack of understanding by many analysts, media observers and perhaps most-importantly, investors, about what is really fundamentally taking place in West Texas and Southeast New Mexico. Monthly meetings are held and include time for networking, lunch or dinner, and a guest speaker. About COPAS and PASPB. Average per-well peak rates for the New Mexico Permian since 2014 have gotten better every year, averaging about 20% better every year. More:Here are the 7 oil and gas operators being sued by the New Mexico State Land Office. Drilling Down: Parsley Energy to hit milestone in Spraberry formation. It would have crossed 24 Texas counties and four parishes in Louisiana, moving up to 2.3 billion standard cubic feet of gas per day. 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