Oil and gas’ interest in the Permian Basin of southeast New Mexico and West Texas continued to rise. This is as multiple deals valued at more than $100 million were announced. It was in recent weeks while production ramped up on the heels of COVID-19. Production slowed as travel and business restrictions stymied fuel demand. […]
The number of active drilling rigs in the United States last week rose by 7, bringing the total to 586 as oil prices remain relatively strong despite the fresh wave of Covid-19 cases brought by the new variant of the coronavirus. Let’s talk more about the US oil rig here. Last week’s count compared with a rig […]
Texas oil and natural gas job growth grew by 15.4% this November compared to last November. It brought 2,400 upstream jobs last month. This is the data from the Current Employment Statistics report from the Bureau of Labor Statistics show. What happened in the past 6 months? Employment gains in the Texas oil and natural […]
The average energy stock is on track to gain more than 50% this year, a stunning result for a sector that has lagged far behind the market for most of the past decade. Prospects are looking good for 2022, too, particularly in oil. Oil prices are indeed rising and will continue to rise. International crude […]
The demand for the products they make will remain robust for years to come. Moreover, demand will continue even as the world attempts to transition to lower-carbon energy sources. This is what the leaders of the world’s largest oil companies said on Monday. At the World Petroleum Congress in Houston, they said that while the […]
Gas and oil industry companies have recovered from the 2020 crisis with bumper cash flows in 2021. For example, they are looking towards 2022 with more cash on hand. This is to increase shareholder distributions and prepare for the energy transition. In 2022, the oil and gas industry could be up for a transformational year. […]
The largest oil and gas companies made a combined $174bn in profits in the first nine months of the year as gasoline prices climbed in the US, according to a new report. The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas […]
Saudis raise oil prices for buyers in Asia and the U.S. This signaling sees demand staying strong despite the spread of the omicron variant of the coronavirus. The move comes days after the Organization of Petroleum Exporting Countries and its allies. It is a 23-nation group led by Saudi Arabia and Russia — surprised traders […]
Oil and gas rose to prominence in New Mexico. It started when energy companies were able to tap into massive reservoirs of crude oil. This also includes natural gas thousands of feet beneath the Permian Basin and cities like Carlsbad. The industry quickly began generating record-breaking revenue from the rural southeast corner of the state. […]
Crude oil could soar to $125 per barrel next year and $150 in 2023. This is due to OPEC’s limited capacity to boost production, JP Morgan analysts said in a new report. This is just some of the oil prices projection. “OPEC+ is not immune to the impacts of underinvestment…. We estimate ‘true’ OPEC spare […]
