Texans cranking up their air conditioners to battle a heat wave are spurring the highest electricity prices since the so-called polar vortex brought frigid arctic air into the U.S. 18 months ago.
BP could face millions of dollars in fines and surrendered profits after a US judge said it had manipulated the Texas natural gas market in 2008.
Patriot Energy is to drill the first of seven wells in the eastern shelf of the upper Permian Basin in Kent County, Texas.
Exxon Mobil has agreed deals to obtain development rights for an additional 48,000 acres in the core of the Midland Basin in Texas.
White Marlin, the Houston-based privately held upstream oil and gas production company, has acquired assets from Dune Energy for $19million.
FMC Technologies has opened a 36-acre Supercenter in San Antonio, Texas, servicing the Eagle Ford Shale.
Penn Virginia has signed a deal to sell assets in Texas for $75million. The company would not disclose the buyer but said the sale would close by the end of next month.
Sabine Oil and Gas has filed for bankruptcy after being hit by the global decline in oil prices. The company said it is currently in discussions with lenders and debt holders regarding a potential financial restructuring plan.
Northcote Energy sold its sake in a Texas gas field to Springer Energy.
Tropical Storm Bill formed in the Gulf of Mexico, leaving Texas bracing for another round of flooding in less than a month. Bill, which prompted some energy companies to evacuate non- essential personnel earlier, has sustained top wind speeds of 50 miles per hour (80 kilometers per hour), the National Hurricane Center said in an 11 p.m. New York time advisory. It was located about 155 miles south-southeast of Galveston, Texas, moving northwest at a speed of 12 mph. Tropical storm warnings were in effect from Baffin Bay to High Island, Texas, the Miami-based agency said.
Texas oilfields could see strong rains and thunderstorms later this week, though they were spared the heaviest flooding that struck central and eastern Texas over the Memorial Day weekend, the National Weather Service said on Tuesday.
Nostra Terra Oil & Gas has acquired a new venture in the south Texas, with a minority interest in the San Miguel prospect. The area spans 35,000 acres and is said to have similar characteristics as the Don Pedro project, where last month the company also gained a 1% stake. The San Miguel project has also already been the subject of extensive regional mapping and it is the subject of ongoing drilling work.
Thousands of Texans who prowled county courthouses, poring over dusty deeds and maps to cash in on the biggest oil boom in decades, are seeing their work go bust. Land managers, or landmen as they’re known, are part of a once dying oil patch profession resurrected when production soared. With the price of crude close to a six-year low of about $46 a barrel, less than half what it was nine months ago, they’re among the first to be hit by an energy-industry rout cascading through the economy. “Almost all the landmen I know have had to take either a serious pay cut, or are working part time or laid off,” said Gates Mueller, 29, an independent landman in San Antonio who lost his job in December. Just about every facet of the US oil-and-gas industry is being affected by the market’s slide, from pipeline welding to truck driving to geological exploration.
DALLAS — Amid all the pessimism surrounding the plunge in oil prices since mid-2014 and the havoc it has unleashed on the industry, there’s a sense of calm in the sprawling conference room just north of downtown Dallas. I’m sitting next to the legendary Texas oilman T. Boone Pickens, who doesn’t seem worried at all. Ask Pickens what’s going to happen with oil prices, and rattles off an optimistic scenario: The US rig count will drop to somewhere between 750 and 1,000 working rigs (currently, it’s at a five-year low of 1,192). Then, the market will balance off U.S. production and West Texas Intermediate crude will return to about $70 a barrel by year’s end.
A US oil and gas company has pulled out of a farm-out and exploration deal with another firm, citing the falling price of oil as a factor in the decision. Texas-based companies Caza Oil and Gas and Clayton Williams Energy Inc (CWEI) have mutually agreed to terminate their deal to develop the latter's 14,738-acres site in Reeves County, Texas.
An Aberdeen-based oil and gas company's US branch will work with one of the world's largest petrochemical companies during their multi-billion dollar Texas expansion. Wood Group's Mustang's Automation and Control business unit is providing process control systems, detailed engineering, procurement and fabrications services for the huge project by ExxonMobil Chemical Company.
Dome Energy has made an oil discovery on the Orange Field in Texas. The Gulf Lee Hager Fee 37 (GLHF#37) spudded on December 24 and reached a total depth (TD) of 6,550 feet.
Galilee Energy has confirmed plans to drill a well at the Hoffer Prospect in Texas. The Hoffer B well was spud on January 6 and will now be drilled to a total depth of 4,430metres. This is expected to take between 40 to 60 days.
Archer Petroleum has signed a Letter of Intent (LOI) to work with Cardiff Energy on a three-well drilling program in Texas. The firm will earn a 25% working interest on the production rates of 180 barrels a day and 250,000 cubic cubic feet of gas on the Bearcat 4 well in Ballinger.
Shale gas provided the largest share of American natural gas production last year, new figures have shown. The US Energy Information Administration said withdrawals reached a new high of 82billion cubic feet per day (Bcf/d) last year. Shale gas well withdrawals jumped from five bcf/d in 2007, to 33 bcf/d in 2013, representing a 40% increase in total gas production and surpassing production from non-shale gas wells.
SgurrEnergy has opened an office in Texas as part of its three-year expansion plan. The company believes the new work space will strengthen its services amid the growing Texas energy market, which has the highest number of operational wind farms in North America.