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12,100 New Jobs in Texas Oil and Gas This Year So Far

The Texas upstream oil and natural gas industry has added 12,100 jobs in 2023, Texas Oil and Gas Association (TXOGA) noted in a media release, citing newly-released data from the Texas Workforce Commission (TWC). In August alone, employment in the sector rose by 1,200 jobs, TXOGA highlighted.

“The oil and natural gas industry serves as a major driver of the Lone Star State’s robust economy,” said Todd Staples, president of TXOGA.

“The 1,200 jobs reported in August add to already strong job growth numbers for this year, continued evidence of the strong demand for these irreplaceable resources both at home and abroad,” he added.

In its review of the August Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS), the Texas Independent Producers and Royalty Owners Association (TIPRO) said that Texas upstream employment for August 2023 totaled 208,500 jobs.

Texas Oil and Gas: The Industry has Added 51,500 Texas Upstream Jobs

Since the COVID-low point of September of 2020, the industry has added 51,500 Texas upstream jobs, averaging growth of 1,479 jobs a month, TXOGA pointed out. At 208,500 upstream jobs, compared to the same month in the prior year, August 2023 jobs were up by 18,200, or 9.6 percent, over August of 2022, TXOGA said.

Months with an increase in upstream oil and natural gas employment have outnumbered months with a decrease by 30 to five, according to TXOGA. Oil and natural gas jobs pay among the highest wages in Texas with employers paying an average salary of approximately $115,000 in 2022, the association said.

The upstream sector involves oil and natural gas extraction and excludes other industry sectors such as refining, petrochemicals, fuels wholesaling, oilfield equipment manufacturing, pipelines, and gas utilities, which support hundreds of thousands of additional jobs in Texas, TXOGA outlined.

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Source: Rig Zone

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Oil and Gas lease sale

First Oil and Gas lease sale of 2023 nets estimated $14.7 million in Wyoming

The Bureau of Land Management’s first oil and gas lease sale in over a year netted roughly $14.7 million in Wyoming — about $1.8 million more than last year’s sale.

Wyoming will receive 48% — roughly $7 million — of that revenue.

While Gov. Mark Gordon applauded the lease sale in a Monday statement, he noted that it represents “not even a quarter of a loaf.”

“The fact that our producers participated to the degree they did is a credit to the Wyoming oil and gas industry,” Gordon said. “Their efforts mean Wyoming will continue to provide energy for the Nation, even though they do so with increasing pressure from Washington, DC, to give up.”

Federal law requires the Bureau of Land Management to hold lease sales each year on a quarterly basis. But in 2021, President Joe Biden signed an executive order to pause these sales as part of his plan to address climate change by making the environmental review process for sales more stringent.

The higher mandatory fees required by the Inflation Reduction Act mean higher fuel prices at the pump. Since Wyoming receives 48 percent of royalty rates, bonus bids and rental payments, the State will receive more revenue due to the increased federal fees, which comes at a cost to consumers and the oil and gas economy.

The Wyoming oil and gas industry has yet to regain the number of drilling rigs or employees it had in 2019. The number of drilling rigs for 2023 has hovered around 20, slightly more than half of the number in 2019.

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Source: Casper Star-Tribune

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Tighter Oil Market Supports Prices

Despite lingering concerns about China’s economy, global oil demand hit a record high in June. It could be on track for another form of tighter oil market move in August. This is what the International Energy Agency (IEA) said in its latest monthly report.

The cuts from OPEC+ and Saudi Arabia are coupled with expected continued strength in demand. They are set to result in inventory draws for the rest of the year, supporting oil prices, analysts and forecasting agencies say.

China, of course, will be the key driver of price moves either up or down, depending on how its economy fares and how much stimulus authorities are ready to unroll to help a much-awaited rebound after the reopening early this year.

So far into 2023, weaker-than-expected Chinese economic data have stopped price rallies in their tracks. U.S. economic prospects have turned somewhat brighter, with the Fed and investment banks no longer expecting a recession.

But persistent worries about China are holding oil prices back.

Just this week, following seven consecutive weeks of gains, oil prices dipped on three consecutive days after China reported another set of weak economic data. Concerns about the property and credit markets in the world’s second-largest economy also weighed on market sentiment.

The Central Bank of China pledged on Thursday to keep its policy “precise and forceful”. This is to help the economy struggling to lift off.

The bank vowed to “better leverage the dual functions of aggregate and structural monetary policy tools and firmly support the recovery and development of the real economy.”

The oil market continues to be cautious about China’s economy. This is until market participants see additional measures to prop up the economy in the world’s top crude oil importer. Moreove the results of these measures are the concerns about China will not abate.

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Source: Oil Price

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US Gas Prices Climb to Highest Level in Nearly 10 Months

US Pump gas prices are creeping toward $4 a gallon nationally.

According to AAA, the national average for regular gasoline hit $3.85 a gallon on Monday. That’s the highest level since October 19 and comes just weeks ahead of Labor Day weekend when millions of Americans will hit the roads.

The summer spike in gas prices has eased, with the cost to drivers moving just gradually higher more recently. The national average is up by two cents over the past week.

Still, gas prices have climbed by 28 cents over the past month and 32 cents since the Fourth of July as a result of higher oil prices caused by Russia and Saudi Arabia cutting supply and extreme heat sidelining some US refineries.

When the summer unofficially started Memorial Day weekend, drivers were enjoying big savings on gas from the year before. Those year-over-year savings have nearly vanished, with the national average down just 11 cents from this point last summer.

According to AAA, there are now 11 states averaging $4 or higher, including Arizona, Illinois and Utah. Colorado and Michigan aren’t far away.

OPEC leader Saudi Arabia earlier this month extended its oil production cut at least until September. An official source from the Saudi Ministry of Energy told state-run news agency SPA On August 3 that the kingdom will extend this voluntary cut of one million barrels per day. The source told state media the cut could be extended further and the move is aimed at supporting the stability and balance of oil markets.

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Source: CNN

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Oil and Gas lease sale

Chevron Acquires PDC Energy, Creating the Largest Oil & Gas Business in Colorado

Denver-based PDC Energy in acquisition by Chevron Corporation, creating Colorado’s largest oil and gas company. The deal comes three years after Chevron acquired Noble Energy.

The new company will now hold 600,000 acres statewide. It is about half of that in the Denver-Julseburg Basin adjacent to Chevron’s existing operations. This will produce 400,000 barrels of oil per day on average. It will be one of Chevron’s top five production units in the world.

“We have an inventory that has permission and we see possibilities here,” Chevron’s Regional Vice President, Kim McHugh told CBS News Colorado.

“Both companies have the commitment to lowering their carbon footprint.”

McHugh also said, “These two companies have similar cultures both safe and reliable benefitting the communities where they operate.”

Chevron is based in California. it is also looking to expand its renewable fuel business in Colorado to include hydrogen, geothermal and carbon sequestration.

McHugh says the company has not made decisions yet regarding possible layoffs at PDC Energy.

No decision on possible layoffs after Denver-based PDC Energy was acquired by Chevron

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Source: CBS News

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Oil and Gas Companies Increase Production Plans for Permian Basin

Oil and gas companies in the Permian Basin are planning to ramp up production of fossil fuels. This is despite a slight dip in crude oil production expected this month. Chevron reported record Permian Basin production during the second quarter of 2023. It has an 11% increase compared to the same period last year. The company produced 772,000 barrels of oil equivalent per day (boe/d) during that time. Chevron attributed its success to recent operations and growth in the Permian. This is leading them to plan further investments in the area.

Matador Resources is also increasing its operations in the Permian’s western Delaware sub-basin. The company reported “record” oil and gas production in the second quarter after acquiring Advance Energy Partners. The acquisition included 18,500 acres and 406 horizontal drilling locations. Matador averaged about 130,000 boe/d in the second quarter and expects to increase production. An estimate to 140,000 boe/d by the end of the year.

Although the Energy Information Administration (EIA) predicts a dip in oil production in the Permian Basin, the region is still producing more oil than all other major shale regions combined. The Permian is expected to lead in natural gas production growth, with an estimated increase of 36 million cubic feet per day (cfd) to about 23.4 billion cfd.

The Permian Basin continues to be a hub of activity for the oil and gas industry. New Mexico and Texas, which share the Permian, have the second- and first-highest oil and gas rig counts in the U.S., respectively. The region is also leading in mergers and acquisitions (M&A) among oil and gas companies, with $24 billion in deals during the second quarter.

Despite fluctuations in production and market conditions, oil and gas companies remain committed to expanding operations in the Permian Basin.

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Source: Energy Portal

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U.S. Crude Gains Weight Against Global Oil Benchmarks

A surge in United States crude gains made oil exports change the face of the global market and how oil is priced. This is with the price of U.S. crude gaining weight against other benchmarks.

This is what traders and analysts have observed this year. Now, as Europe became a major destination for U.S. oil as it sought to replace sanctioned Russian barrels. But Asia has been receiving more U.S. oil, too, because of its competitive pricing, Reuters reported, citing trade industry insiders.

Earlier this year, in February, the number of oil swaps linked to oil produced in Texas hit a record. As of early 2023, the number of such swaps in total also sat at a record. It has likely increased further since.

These developments were made possible by the shale revolution that turned the United States into the world’s biggest oil producer and a major exporter, especially since last year when the European Union embargoed Russian crude oil and fuels. And because U.S. crude is so competitive, it is probably going to gain further ground on international markets.

“As Midland becomes more and more important in the dated Brent assessment, it has a knock-on effect on other grades having to price themselves lower to compete with WTI Midland,” Reuters quoted Vortexa market analyst Rohit Rathod as saying.

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Source: Oil Price

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Oil Prices

Why Oil Prices Strongest Run Since Before Russia Invaded Ukraine

Global oil prices strongest run have gained more than 16% since late June. Moreover, it is heading for their fifth-straight week of gains. It is the longest rally since before Russia’s full-scale invasion of Ukraine upended energy markets.

The price of Brent crude, the global benchmark, ticked down 0.1% to $84 a barrel in Friday. However, it is still up 3.9% this week. The winning streak is the longest since an eight-week rally ended in early February 2022.

US oil prices are also set for a 3.9% gain this week. They have chalked up their longest rally since April 2022. That has spurred a jump in US gasoline prices, which hit an average of $3.73 a gallon on Friday, their highest level since mid-November 2022.

Fears of a global recession have swirled for months. Moreover a lackluster economic recovery in China had dampened prospects for energy demand. So why are oil prices climbing?

Oil output cuts

According to the International Energy Agency, global oil demand is expected to rise by 2.2 million barrels per day. It will be to a record 102 million this year. But global oil production is forecast to rise by only 1.5 million barrels per day to 101.5 million, the agency said in a report this month.

That supply gap has been exacerbated by production cuts by OPEC+, an alliance of the world’s major producers.

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Source: CNN

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Oil on Track for Fifth Week of Gains

Oil prices were steady on Friday but on track for a fifth straight week of gains. This is with investors optimistic healthy demand and supply cuts will keep prices buoyant.

Risk appetite in wider financial markets has been fuelled by growing expectations. The expectation is that central banks are nearing the end of policy tightening campaigns. What banks? The Fed and European Central Bank. It is boosting the outlook for global growth and energy demand.

Both oil benchmarks are on track for a 3.6% weekly increase – a fifth straight week of gains. This is bolstered by supply cuts from the OPEC+ alliance announced earlier this month.

By 1229 GMT, Brent crude slipped 9 cents to $84.15 a barrel, while U.S. West Texas Intermediate (WTI) crude dipped 3 cents to $80.06 a barrel.

Bullish demand expectations were boosted on Thursday after U.S. second-quarter gross domestic product grew at a forecast-beating 2.4%, supporting Federal Reserve Chairman Jerome Powell’s view that the economy can achieve a so-called “soft landing.”

Investors are warming up to the idea of peak rates getting ever closer, while it is looking increasingly probable that the United States will avoid recession, said PVM analyst Tamas Varga.

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Source: Oil & Gas 360

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Oil Bulls Are Cautiously Optimistic As Brent Holds Above $82

Oil prices have been slowly but surely edging higher in July as rising optimism around Chinese demand combines with supply concerns to boost bullish sentiment. Oil bulls are optimistic now?

Chinese authorities have reformed natural gas pricing in the country, linking retail residential gas prices to distributors’ purchasing costs to avoid squeezing the margin of power-generating companies too much.

The deregulation of natural gas prices in China has almost immediately engendered a wave of retail price increases, mostly between 10%-15%, with China Gas expecting its gross margin to increase 30% in 2023.

– The pricing reform is expected to boost two areas: coal-to-gas projects that were previously suppressed by the price caps and LNG imports as passing on purchasing costs to customers becomes the norm.

– LNG prices in Northeast Asia hit an all-time high of $69.9 per mmBtu last August, but weaker-than-expected Chinese buying and higher LNG supplies have depressed the JKM marker to $11 per mmBtu currently.

Market Movers

– French oil major TotalEnergies (NYSE:TTE) intends to take full control of Total Eren, a power producer with hydro, wind, and solar plants, buying the remaining 70% and bringing Total Eren’s total enterprise value to $4.2 billion.

– UK-based energy firm Shell (LON:SHEL) agreed to sell its 35% stake in the Masela natural gas block in offshore Indonesia to Malaysia’s Petronas and Indonesia’s Pertamina for a consideration of $650 million.

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Source: Oil Price

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