Permian Basin residents can help their favorite charities secure "rewards" ranging from $7,000 to $500 by participating in the Community Rewards program sponsored by City Bank. CURRENT REPORT. Petroleum Accountants Society of the Permian Basin . Oil & Gas news: In the Pipeline; High school sports; Archives ; Home; News; Business; Permian Basin Drilling Report Top Story DRILLING REPORT: April 2 through April 8. David has enjoyed a 39-year career in the oil and gas industry, the last 23 years of. “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. The Permian Basin’s long history is characterized by ups and downs. Carlsbad Current-Argus. It encompasses several sub-basins, including the Delaware Basin and the Midland Basin. Opinions expressed by Forbes Contributors are their own. "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. 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. It is often oversimplified and mischaracterized as a singular play with homogeneous geology and stratigraphy. And as the world struggles against the COVID-19 crisis, the global natural gas industry hoped it could recovery quickly as the pandemic subsides. © 2020 www.currentargus.com. 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.". I pointed out that that was one of the big drivers behind the April/May battle between Oxy and Abrams drilled the first well in 1920, but it produced only 10 barrels of oil per day. Anadarko's weak performance in U.S. Permian made it a takeover target : "Absolutely – interstitial acreage is what we call it. The text or links to all of David’s writings and podcasts can be found at www.dbdailyupdate.com. 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. Conventional plays are different – it didn’t matter who drilled the East Texas field first, whether it was Dad Joiner or Humble Oil, because conventional plays treated everyone the same. EZ Rider to Receive New Buses. 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. Gilmer says, not exactly. Permian Basin Information, Railroad Commission of Texas. Date of Report (Date of … They miss the fact that there are operators that can make a lot of money on drilling the same well another operator can’t. 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. Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. News & Events. Austin oil company Parsley Energy is about to mark 10 years of drilling the Spraberry formation of West Texas. Skip to … Santa Rita taps Permian Basin, American Oil & Gas Historical Society. A mature ‘super basin’ located in Texas and New Mexico has set a new oil-production record, beating its previous peak set in 1973. Permian Basin mandated back to 50% occupancy by Texas DSHS under Gov. 3.32-0.01 (-0.3%) Upgrade to Real-Time Afterhours (Closed) Current Report Filing (8-k) November 19 2020 - 12:20PM Edgar (US Regulatory) UNITED STATES. The basin contains the Mid-Continent Oil Field province. 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. CURRENT REPORT. New York private equity firm Stonepeak Infrastructure Partners bought Permian Basin-focused pipeline operator Oryx Midstream in a $3.6 billion deal in April. “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. to acquire Go to several different tryouts and weigh your options before choosing a club. Midland oil company Discovery Operating filed its first drilling permits since June. Permian Basin's oil and gas water sector continues growth in Texas and New Mexico. 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. 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. Drilling Down: Parsley Energy to hit milestone in Spraberry formation. June 23, 2020: Book review published. 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. 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. A rainbow appears over a drilling site in the Permian Basin of West Texas. Midland City and County Officials Celebrate Reopening of Cotton Flat Road. 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 . No one has to choose a club because you attend a tryout. They completely miss the nuances of all of these variables and the non-linear aspects in all of this. Date of Report (Date of … Do these fundamental misconceptions about the nature of shale plays help explain why operators are finding their access to capital markets increasingly restricted? Skill actually matters. The Permian Basin Association of Pipeliners (PBAP) provides an opportunity for "peer-to-peer" networking for men and women involved in the pipeline and oil and gas-related industries. 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. About COPAS and PASPB. He is the resident energy expert on the "In The Oil Patch" radio program, and executes frequent public speaking engagements around the state of Texas and at conferences. I spend a lot of time listening. "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.". Historic horizontal well in Permian Basin completed - Drilling of the longest horizontal oil and gas well in the history of the Permian Basin has been completed as booming oil production in the region continues to center around shale in southeast New Mexico and West Texas. COPAS SOCIETY OF THE PERMIAN BASIN AREA. FORM 8-K . Days after Parsley closed its $2.3 billion deal to … The Permian Basin is one of the most prolific oil and natural gas geologic basins in the United States. But hasn’t that always been the case everywhere? It means the rate of growth, while still robust, is proceeding at a slower pace than it did during 2018, when the U.S. domestic industry added a record 2 million barrels of oil per day of production. The sad fact is that the public companies have to dance to these loud voices. Monthly Permian Basin Oil and Gas Magazine single copy price is $2. News. Adrian Hedden can be reached at 575-628-5516, achedden@currentargus.com or @AdrianHedden on Twitter. All Rights Reserved, This is a BETA experience. Reuters . $25 Million Grant Provided for I-20 Improvements Near Midland in Permian Basin. News provided by. Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. Share this article. Read the latest oil and gas news … The pandemic led to several states and countries enacting travel bans and other business restrictions intended to slow the spread of the virus. 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. To put some more meat onto the bone of that thesis, I was able to secure some time with Allen Gilmer, whose company, DrillingInfo, keeps close tabs on everything happening in the Permian and the country's other major play areas. SECURITIES AND EXCHANGE COMMISSION. The problem with the Permian Basin isn't a lack of resources or pipeline capacity or low prices. Future Gulf Coast natural gas export development may become “risky” if Permian Basin associated gas production doesn’t recover, IHS Markit executive . He attended Texas A&I University and The University of Texas, earning B.A. It spudded a well in Reagan County, near Big Lake, Texas. 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. Permian Basin News. Society Information. We all need the Permian Basin to rollover and decline. The all time high for this statistics is 11. 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. News. US shale oil output to drop 68,000 bpd to 7.64 million bpd in October: EIA. The Fort…. The answer quoted above was to my first question, related to the growing current conventional wisdom among some critics of the industry that per-well productivity was somehow crashing in the region. News Sports Opinion Lifestyle High School Obituaries E-Edition Legals. The Permian Basin is responsible for the greatest oil production gains in the U.S. in recent years. 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. 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. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. Since the first well drilled in the basin in July of 1920, over 30 … As local coronavirus cases spike and Midland Memorial Hospital opens an additional COVID-19 wing to accommodate higher numbers of patients, … 3.32-0.01 (-0.3%) Upgrade to Real-Time Afterhours (Closed) Current Report Filing (8-k) November 19 2020 - 12:20PM Edgar (US Regulatory) UNITED STATES. 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. Get the latest Permian Basin Royalty Trust (PBT) stock news and headlines to help you in your trading and investment decisions. India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan said demand for fuel in his country had returned to pre-pandemic levels. News. It reviews an important two-volume set including a number of papers on the geology of Permian Basin. Parsley is seeking permission from the […] Permian Region Drilling Productivity Report. David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. Some … Texas continued to lead the country in natural gas production averaging about 27 billion cubic feet per day as of September, per the most recent data from the Energy Information Administration (EIA) released on Nov. 30. Drilling rights in the Permian Basin averaged $24K/acre in recent deals, down 67% from 2018, and the average price across all U.S. shale has plummeted to … “As the third largest global energy consumer, I am confident that India will continue to remain a key global energy demand center, particularly for natural gas.”, More:New Mexico State Land Office cracking down state land misuse by oil and gas, others. UTSA vs. UT Permian Basin Friday Nov. 27, 2020. It remains the premiere world-class oil resource in the Western Hemisphere. The all time high for this statistics is 11. All rights reserved. View Comments. That’s the reason why the big play right now is to consolidate acreage to make sure that you have units that can support 10,000-foot laterals. 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. FORM 8-K . More: Joe Biden's election as President sparks concerns for New Mexico's oil and gas industry More:Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling. Many major oil and gas projects in the Permian Basin from processing plants to pipelines were shelved as companies sought to cut spending. Officers. … Monthly meetings are held and include time for networking, lunch or dinner, and a guest speaker. 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. : “All these things come together to make a very interesting investment environment. So, bottom line, the Permian Basin is not "dying," "on its last legs," or "peaking." 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 … Chesapeake Energy CHK - Permian Basin Unconventional Liquids Plays (West Texas and southern New Mexico): Chesapeake has built a strong position of approximately 670,000 net acres of leasehold in four Permian Basin unconventional liquids plays: the Avalon Shale, Bone Spring, Wolfcamp and Spraberry in West Texas and in southern New Mexico. The market for natural gas and other energy sources could be improving in other countries around the world as the pandemic wanes. Most of it is economic at $40/bbl - you just need to be able to go out there and do it the right way.". UTSA 97 UTPB 71 Photo: Ronald Cortes/Contributor 12 of 20 UTSA head coach Steve Henson watches from the sidelines. Permian Basin Province, Mahlon M. Ball, U.S. Geological Survey. Permian Basin. Permian Basin, also called West Texas Basin, large sedimentary basin in western Texas and southeastern New Mexico, U.S., noted for its rich petroleum, natural gas, and potassium deposits. You may opt-out by. Because the acreage cost is only about 10% to 20% of your drilling cost.". 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. ABOUT US. Natural gas is that partner,” he said. Although many experts considered the region a “petroleum graveyard,” Texon Energy tried again in August 1921. More:Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit. 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. 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