Eagle Ford ///

Texas oil and gas signals recovery as March 2021 drilling permits outpace 2020

The Railroad Commission of Texas issued a total of 798 original drilling permits in March 2021 compared to 744 in March 2020. The March 2021 total includes 682 permits to drill new oil or gas wells, 13 to re-enter plugged well bores, and 99 for re-completions of existing well bores.

Texas Alliance: Last week’s rare cold weather stressed the power grid, but gas wasn’t the culprit

Proponents of expanded renewable forms of energy (and opponents of fossil fuel energy, including petroleum) have taken this catastrophe as an opportunity to demonize natural gas, suggesting that falling natural gas supplies were the primary source of the loss of power supply.

Falling Texas crude output becomes a global oil market crisis

In the past, the weather-related oil disruption would largely have been a U.S. issue. Now it’s unmistakably global. Crude markets in Europe are rallying as traders replace lost U.S. exports. OPEC and its allies must decide how much longer they keep millions of barrels of their supply off the market.

Texas rattles gas markets by limiting out-of-state sales during blackouts

Texas Governor Greg Abbott told a media briefing on Feb. 17 that he was banning gas from leaving the state through Feb. 21 to ensure in-state power generators had ample supplies. Abbott said he was forced to act as millions of Texans remain without power for a third day amid frigid temperatures, with no clear timeline for restoring service.

U.S. oil output plunges as Arctic air freezes Permian shale fields

U.S. oil production has plunged by more than 2 million barrels a day as the coldest weather in 30 years brings havoc to key producing states that rarely have to deal with frigid Arctic blasts.

Regulators crack down on Texas shale gas flaring

Texas’s energy regulator is taking an uncharacteristically critical approach toward burning off excess natural gas, a sign that growing pressure from environmentalists and investors to curb the controversial practice is paying off.

Texas Alliance’s Petro Index shows deep trough in state’s oil and gas economy during 2020

“The Texas upstream oil and gas economy was already in a state of decline before Covid-19,” said Alliance Executive V.P. and Petroleum Economist Karr Ingham, in exclusive comments to World Oil, adding that the demand contraction in the U.S. and globally was easily the sharpest demand drop in the shortest amount of time on record.

Devon Energy joins shale producers pledging restraint as oil rallies

“I have a hard time seeing the need for U.S. producers over the next several years to get back to double-digit growth,” Devon Energy CEO Rick Muncrief said in an interview. “For this management team, if we really think about 2021, let’s keep it flat.”

Texas oil and gas regulator exceeds well site inspection goals

In 2018, the Railroad Commission began work toward the ambitious goal of inspecting every one of the nearly 440,000 oil and gas wells in the state at least once every five years. The agency is well on its way to exceeding its goal again this year.

Pioneer’s CEO sees shale output flat for the foreseeable future

“I really don’t see much increase in the Permian basin or the U.S. shale over the next several years,” said Scott Sheffield, chief executive officer of Pioneer Natural Resources Co.

Opinion: An assault from all fronts on energy independence

Despite the claims of the sensationalist, fake-news media, the environment in America is getting better, not worse, writes Texas Railroad Commission Chairman Wayne Christian.

Texas oil regulator releases October 2020 production statistics

The RRC reports that from November 2019 to October 2020, total Texas reported production was 1.5 billion barrels of crude oil and 10.4 trillion cubic feet of total gas.

Diamondback to buy QEP Resources in $2.2 billion all-stock deal

Diamondback Energy and QEP Resources have entered into a definitive agreement under which Diamondback will acquire QEP in an all-stock transaction valued at approximately $2.2 billion, including QEP’s net debt of $1.6 billion as of September 30, 2020.

Judge blocks Texas oil regulator’s emergency rule waivers

The decision by a state judge means that the Railroad Commission of Texas will not be able to enforce a series of emergency rule-waivers announced in May. District Court Judge Jan Soifer faulted the agency for failing to give the public adequate forewarning.

Eagle Ford shale production expected to decline 10% in 2021

Shale operators slashed their planned capital expenditure (capex) for 2020 to account for the oil price crash, which inevitably led to decline in drilling and completion activity in the Eagle Ford play. Hence, crude oil production is expected to drop by 10% year-on-year (YOY) in 2021, says GlobalData, a leading data and analytics company.

New investment fund zeroes in on Texas oil and gas royalties

Capital raised for the Sentinel fund will be used to purchase oil and gas royalties in the Permian Basin, Eagle Ford Shale, Haynesville Shale, and Barnett Shale, all located in the State of Texas where Bellatorum has a proven track record of success.

Texas oil regulator acts to reduce gas flaring with new rules and incentives

The Texas Railroad Commission's action made changes to the application for flaring exceptions, reducing exception time and providing incentives to use technical alternatives to gas flaring.

Jim Wright’s win continues Republican control of Texas’ oil regulator

“Texas will determine its own energy future, and that is a future that includes an all of the above approach led by fossil fuels,” Wright said in a statement. “Together we will find new ways to improve our climate and environment.”

Texas’ energy regulator may seat its first Democrat in 26 years

Despite this year’s plunge in prices and a corresponding drop in output, the state remains a major player on international markets, one eyed warily by other oil-rich nations. That outsize role also means the commission attracts more scrutiny than any other equivalent state agency.

As U.S. drilling plummets to 122-year low, losses may intensify in second half

Craig Fleming, Kurt Abraham, World Oil

The catastrophic demand decline initiated by coronavirus lockdowns significantly damaged the U.S. oil industry, with oversupply, historically low storage capacity, and low prices. Operators responded by stacking rigs and shutting-in production.