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Tag Archives: Permian Basin

Noble makes bold moves in the Permian

US rig count drops to 443 this week, Texas loses 7

With a recent Permian Basin acquisition worth around $6 billion, Exxon Mobil isn’t the only oil and gas company making waves in the new year. Noble Energy announced Jan. 16 it plans to acquire Clayton Williams Energy for $2.7 billion in Noble Energy stock and cash. The Noble Energy press release notes the acquisition will advance the companies goals within the ...

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Halliburton hiring in West Texas

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

According to FuelFix, Halliburton is set to hire 200 workers in the Permian Basin in West Texas and New Mexico. The Current-Argus reported that Halliburton spokeswoman Emily Mir said in late December there will be job opportunities throughout the Permian, including in Artesia. As the oil industry begins to see a small upswing, local businesses are crossing their fingers that ...

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Thanks to the Wolfcamp, Permian Basin breaks another record

The U.S. Geological Service (USGS) announced the estimate of continuous oil in the Wolfcamp shale in the Midland Basin portion of the Permian Basin is almost three times that of the 2013 USGS Bakken-Three Forks resource assessment. This makes the the Wolfcamp the largest estimated continuous oil accumulation that the USGS has assessed in the United States–ever. The USGS estimates ...

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Oil industry headlines from around Texas

Texas oil, pumpjack

From budget cuts to oil spills, here is the news from the Texas oil and gas industry this week. Oil spill photos are finally visible to the public Photos taken by the Civil Air Patrol of flood-related oil spills are now available to the public online, rather than requiring a login and password for the University of Texas website. The ...

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‘Hard choices’ in Texas as oil bust, costly lawsuits collide

AUSTIN, Texas (AP) — The oil bust already shrinking Texas’ coffers is colliding with the possibility of the state getting socked with multibillion-dollar verdicts in major lawsuits, budget officials said Tuesday, which could test years of Republican resistance to cracking the state’s emergency piggybank. No lawmakers or budget-crunchers raised the potential of spending cuts or a shortfall when the Legislature ...

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Chevron shifts focus to Texas shale

Chevron shifts focus to Texas shale

Chevron plans to focus on shorter-cycle investments in West Texas shale plays after its larger, long-term investments come into production this year. By the end of the decade, Chevron believes it can nearly triple its oil production in the Permian Basin by increasing its rig count from seven to 14. “Don’t be surprised if by the middle of the next ...

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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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Gas, oil rigs down as Texas takes hit

Texas down 10 in weekly rig count

The number of active rigs searching for oil and gas in the United States dropped down 14 from last week for a total of 650 rigs. Texas saw the steepest decline, as seven rigs shut down, according to oilfield service company Baker Hughes. Just one oil rig shut down as crude oil prices continue to slump. The total number of ...

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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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