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Texas Upstream Natural Gas

Texas Upstream Natural Gas, Oil Industry Adds 6,100 Direct Jobs in June

“As expected, the dip in May upstream employment appeared to be an anomaly. June numbers reflect continued demand for talent and increasing exploration and production activities in the Texas oil and natural gas industry,” said TIPRO’s President Ed Longanecker.

TIPRO, which obtains its employment data from the U.S. Bureau of Labor Statistics, also noted that Texas’ June upstream job count represents a 31,000 year/year increase. The oilfield services (OFS) sector accounted for 22,700 of those new jobs. Moreover, with the remaining 8,300 ascribed to oil and gas extraction, the trade group added.

The 31,000-job gain occurred in tandem with a 55% year/year increase in statewide drilling permits issued by the Railroad Commission of Texas.

TIPRO reported that the Houston metropolitan area, Texas’ largest region for oil and gas employment, added 2,000 upstream jobs from May to June to hit 67,000 direct positions.

The trade group noted the June Houston metro upstream job count reflects a 10,000-position year/year increase. It is with 5,600 of those jobs in OFS and 4,400 in extraction-related roles.

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Source: Natural Gas Intelligence

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New Mexico Economy: Oil and Gas Continues to Drive It

Oil and gas in New Mexico continued to make up a large portion of the state economy. This includes their bottom line. Most of the industry is confined to a rural, two-county area in the state’s southeast corner.

Operations in Eddy and Lea counties in southeast New Mexico’s Permian Basin oilfields accounted for almost a quarter of the state’s tax revenue. This is per recent data from the New Mexico Economic Development Department.

Those numbers reflected tax revenue from matched taxable gross receipts (MTGR) for the third quarter of Fiscal Year 2022 – January, February and March.

MTGR is a metric used to convey sales tax returns combined with associated economic activity, matching each tax payment with receipts reported by taxpayers.

Together, the two counties accounted for 24 percent of the state’s MTGR. There is a 15 percent increase since the last quarter. This is despite only containing a combined 6.5 percent of the state’s population, per the 2020 U.S. Census.

Oil and gas as and industry led the state in growth at 92 percent. This is what the records show following by arts and entertainment at 77 percent and manufacturing at 42 percent.

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Source: Carlsbad Current-Argus

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Oil and gas rig

Oil and Gas Rig Count Up More Than 50% Since Last Year

The number of active oil and gas drilling rigs in the United States rose by four this week and 272, or 56%, in the past year to the highest point since March 2020, an increase that comes even as oil demand — and by extension, gas prices — has abated slightly since last month.

The new numbers bring the total U.S. rig count up to 756, according to data published by Baker Hughes on Friday.

Gas demand also dropped last week, according to new data from the Energy Information Administration, down from 9.41 million barrels per day to 8.06 million barrels per day, while gas stocks increased by 5.8 million bbl.

DAILY ON ENERGY: YELLEN TRYING TO MOVE RUSSIA OIL PRICE CAP FROM ABSTRACTION TO REALITY

Retail gasoline prices have eased slightly since last month, settling Friday at a national average of $4.57 per gallon, according to AAA, a 43-cent decline since June, when prices soared to an all-time high of $5.01 per gallon.

Oil prices were trending slightly up on the day, with futures for international benchmark Brent Crude trading at $101.13 per barrel as of Friday afternoon, up by $2.03, while futures for U.S.-based West Texas Intermediate stood at $97.61 per barrel, an increase of $1.93.

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Source: Washington Examiner

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Oil Prices Bounce Back

Oil Prices Bounce Back From Shocking Collapse

Tuesday’s oil prices bounce back might go down as one of the most memorable moments of the oil market’s tumultuous year of 2022. Despite being the third-largest daily loss since the onset of oil exchanges, declining crude did not trigger any changes along the futures curve, implying that the huge drop was primarily coming from widespread profit-taking as primarily non-physical participants panicked at the prospect of recession hitting the markets sooner than expected. The balances, however, do not lie – we are still living in times of extremely tight supply and even though it might take some time, the physical side of the equation will push prices back soon.

Europe’s Ballooning Gas Prices Might Ease Soon. According to German government sources, Canada has agreed to return the repaired turbines from the Nord Stream 1 pipeline, operated by Russia’s Gazprom, implying that in two weeks’ time throughput might go back to 100% capacity from the current 40%.

Russia Moves to Curb Kazakh Oil Flows. A Russian regional court has ruled that the Caspian Pipeline Consortium (CPC), the main conduit of Kazakh oil flows to the global markets, should be closed down for 30 days after alleged mismanagement of oil spills, however, loadings have continued up to now.

The US Slaps New Sanctions on Iranian Crude. Following the spectacular breakdown of the Doha talks to revive the JCPOA, the US Treasury introduced a new round of sanctions on a network of Chinese, Emirati, and other firms that allegedly deal with Iranian crude.

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Source: Oil Price

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New Mexico oil

New Mexico oil and gas revenues are breaking records and complicating budgets

Oil and gas revenues added more than $1.7 billion to New Mexico coffers in the first four months of the year — more than in any other four-month period in state history.

A lot more.

Records compiled by the New Mexico Tax and Revenue Department show that year-on-year, revenues from January through April more than doubled from $782 million in 2021 — itself a record year. (Records lag by two months to allow producers time to report their production numbers.) This money gusher comes from increasing production in New Mexico’s portion of the Permian Basin — currently, the most productive oilfield on the planet — and skyrocketing oil and gas prices brought on by the Russian invasion of Ukraine.

State Sen. George Muñoz (D-Gallup), vice chair of the powerful Legislative Finance Committee, says that committee economists peg the state’s likely take from oil and gas at $5.2 billion for the fiscal year — roughly a billion more than last year’s oil and gas revenue. That tally may rise if world oil prices remain high.

Mountains of money are generally a good thing for anyone, but the unplanned windfall does come with complications. The first is the kind of money brought in by oil and gas production. Roughly speaking, state government views revenues in two ways: as one-time or recurring income. Recurring money remains fairly steady year after year. For example, people will generally remain employed and use their earnings to buy things, making income and sales taxes a reliable source of steady, recurring revenue for the state.

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Source: Capital & Main

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Oil and gas production

Oil and Gas Production Creates Record Tax Revenue for State of Texas

AUSTIN – Railroad Commission of Texas Chairman Wayne Christian applauds the Texas oil and gas production industry. This is following the Texas Comptroller of Public Accounts’ announcement of record-breaking tax revenues from the industry.

“Comptroller Hegar’s announcement reinforces the fact that oil and gas literally fuel every facet of our lives. This is despite President Biden’s delusional desire to transition away from fossil fuels. From energy to food and beyond”. This is what the Railroad Commission Chairman Wayne Christian said.

“Texas’ oil and gas industry is our economy’s lifeblood supporting roughly one-third of our state’s economy. This is in addition to paying record-breaking tax revenue. This tax funds our schools, roads, first responders, and more, and paying an average salary of $130,000. Oil and gas production is also so much more than simply fueling our energy use and funding our government, it produces about 96% of everyday consumer items including electricity, gasoline, plastics, medicine, and countless others.”

The Comptroller recently announced the oil and gas industry paid record-breaking taxes to the state.  In June, the oil production tax generated $679 million – up 87% from June 2021 and the highest monthly collection on record. For the same month, the natural gas production tax generated $439 million – up 176% from June 2021 and the highest monthly collection on record.

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Source: World Oil

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oil and gas merger

$1.9 Billion Oil and Gas Merger Targets Permian Basin Amid Growing Energy Prices

There is a $1.9 billion merger last week. It’s between two Permian Basin oil and gas companies that own more than 100,000 acres in the region. It actually spans southeast New Mexico and West Texas.

Desert Peak Minerals and Falcon Minerals announced their plans to combine in January. This will bring the new company’s holdings to 139,000 acres with 105,000 acres in the Permian. The deal was announced and closed on June 7.

The company, now known as Sitio, will produce up to 14,000 barrels of oil per day in 2002.

Sitio Chief Executive Officer Chris Conoscenti said the company would continue to explore. They will seek out and acquire lands in the basin. This will enable them to produce fossil fuels in one of the U.S.’ most active oilfields.

“Sitio’s distinguished profile is a leading consolidator in the minerals and royalties space. They will only continue to strengthen over time with the execution of our proven strategy. They just need to focus on large-scale accretive acquisitions across diversified operators,” he said.

Noam Lockshin, chairman of Sitio’s board of directors said the deal’s intention was to improve profit returns for shareholders, following a trend since the COVID-19 pandemic sent oil prices plummeting below $0 a barrel of operators opting for fiscal discipline rather than increasing production.

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Source: Carlsbad Current-Argus

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Oil and Gas in 2021

Who Produced the Most Oil and Gas in 2021?

The top oil producer in the world in 2021 was the United States. The U.S. has an output of 16.58 million barrels per day. This is according to BP’s latest annual statistical review of world energy. Let’s talk more about the Oil and Gas performance in 2021 and how the U.S came on top.

The figure marked a 0.8 percent increase from 2020’s production rate. This is actually 16.45 million barrels per day. BP’s report highlighted that the U.S. produced 17.11 million barrels of oil per day in 2019, 15.31 million barrels per day in 2018, 13.14 million barrels per day in 2017, and 12.35 million barrels per day in 2016, and 12.78 million barrels per day in 2015.

Saudi Arabia ranked second in oil production last year with 10.95 million barrels per day, while Russia ranked third with 10.94 million barrels per day, according to BP’s review. Saudi Arabia’s production in 2021 marked a 0.8 percent drop compared to 2020 and Russia’s output last year marked a 2.6 percent gain in 2020, BP’s review highlighted.

Looking at natural gas, the U.S. also took the top spot in terms of 2021 production, according to BP’s review. The U.S. was shown to have produced 934.2 billion cubic meters of gas last year, which BP highlighted was a 2.3 percent increase compared to 2020’s figure of 915.9 billion cubic meters of gas.

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Source: Rig Zone

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July 4th Gas Prices

What to Expect for July 4th Gas Prices

The average national gas price Monday is $4.897 per gallon, according to the American Automobile Association, which is down 12 cents from its peak of $5.016 on June 14. So, What to Expect for July 4th Gas Prices?

Patrick De Haan, GasBuddy’s head of petroleum analysis, predicted Sunday the national average for gas prices could fall to as low as $4.75 by July Fourth as crude oil prices fall.

That would still represent a more than 50% increase from last July Fourth, when the national average gallon of gas was $3.13, per AAA.

Still, AAA forecasts a record-high 42 million Americans will travel 50-plus miles over the holiday weekend – a telling sign as demand for gas remains largely unfazed by the historic prices at the pump.

Despite the recent cooling in gas prices, it’s unlikely gas prices will fall as quickly as they surged. Gabe Ortega, PDI Software’s fuel pricing practice leader, told Newsweek, “It’s hard to see the case for prices coming down in a meaningful way in July” with demand not dropping, an inability to increase refinery capacity and relatively high oil prices.

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Source: Forbes

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oil prices climb

Oil Prices Climb $2 on Strong Demand, Tight Supply

Brent crude rose $1.80, or 1.6%, to $115.93 a barrel. More about oil prices climb data? Continue on.

The U.S. West Texas Intermediate (WTI) crude contract for July, which expires later on Tuesday, rose $2.26, or 2.1%, to $111.82. The more active WTI contract for August was up $2.37 at $110.36.

UBS analyst Giovanni Staunovo said that despite concerns over economic growth, the latest data on flight activity and mobility on U.S. roads continues to show solid oil demand.

“We expect oil demand to improve further, benefiting from the reopening of China, summer travel in the northern hemisphere, and the weather getting warmer in the Middle East. With supply growth lagging demand growth over the coming months, we continue to expect higher oil prices,” he said.

Prices have been supported by supply anxiety after sanctions on oil shipments from Russia, the world’s second-largest oil exporter, and questions over how Russian output might fall due to sanctions on equipment needed for production.

European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions, a draft document showed.

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Source: Oil and Gas 360

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