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$30 oil? Texas says bring it on

$30 oil? Texas says bring it on

Some parts of the Eagle Ford and Permian Basin are profitable with oil below $30 a barrel, according to analysis by Bloomberg Intelligence. Wells in DeWitt County can be profitable with benchmark crude at a price as low as $22.52, which is $4 below its lowest price this year. Crude oil settled at $26.55 on Jan. 20, its weakest price ...

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New Mexico lobbyists dole out $750K in campaign donations

ALBUQUERQUE, N.M. — Lobbyists and their clients handed out about $750,000 in campaign contributions to New Mexico lawmakers, Gov. Susana Martinez and others in the months leading up to this year’s legislative session, according to the latest disclosure reports. The contributions were in addition to nearly $90,000 spent by lobbyists since last spring for food, drinks, gifts and entertainment for ...

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Minimizing the risk of bankruptcy with efficient oilfield water management

For many years the industry has discussed the importance of the Energy-Water Nexus. This term highlights the interconnection and critical nature of water in energy production and conversely the requirement of energy for water production. Professionals in the upstream energy sector live and work within this Nexus on a daily basis. Water is both the largest input and output within ...

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Permian Basin deep discovery 68 years ago this week

Permian Basin well

The American Oil & Gas Historical Society reported this week the story of a Permian Basin discovery. Known today for its prolific oil production, the Permian Basin’s oil drilling history isn’t new. AOGHS notes the Alford No. 1 was completed at a depth of 12,011 feet in the Ellenburger limestone about 50 miles southeast of Midland, Texas, known today as the ...

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Permian Basin saw major projects in 2015

A drilling rig operating in the Permian Basin near Farmington, New Mexico. (Image courtesy of Encana Corp)

Plummeting oil prices dominated the headlines in 2015, and to be sure, the economic fallout bled into other businesses. But the momentum of the waning boom still brought a number of major businesses as local businesses navigated the downturn. Rapidly growing thoroughfares continued to grow, including major projects. New businesses entered the market or expanded their presence, developments that included ...

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Oil fueling Eddy County’s economic future

Oil fueling Eddy County's economic future

CARLSBAD, N.M. — Stakeholders in New Mexico’s oil and gas industry, particularly in Eddy County, are bracing for where crude oil prices will land in this new year. The New Mexico Oil and Gas Association says the state had a record producing year but a drop in prices in 2015 had many wondering if it was the end of a boom, ...

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Occidental opens new facility in Midland

Occidental opens new facility in Midland

Occidental Petroleum opened doors to its new offices last month in Midland, Texas. The Oxy Permian Plaza is comprised of two office buildings connected by a conference center and covers 212,000 square feet. Oxy Permian Plaza is the second facility opened this year in Midland by Occidental Petroleum. The company constructed a training facility earlier this year. Occidental is the ...

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