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Tag Archives: Permian Basin

U.S. oil production will be falling by end of 2015: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Jan 7 – Unless prices recover, U.S. oil production will start falling before the end of 2015 as new drilling is insufficient to replace declining output from wells completed in 2013 and 2014. Future production depends on the rate of decline from existing wells (known as ...

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2014’s Oil Boom-erang

The Permian Basin reached 1.85 million barrels of crude production per day this year, capping what for several years now has been an unprecedented boom even as a cloud hangs over the region about whether it will continue. Some 85 percent of Odessa and Midland’s economy ties in directly to the oil industry, according to Amarillo economist Karr Ingham, who ...

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Top 5 Permian Basin stories of the week

oil drums

5. Apache to sell stakes in two LNG projects to Woodside for $2.75 billion Apache announces that it will be selling two LNG projects fro $2.75 billion.  To read the full story, click here.   4. Oil’s price bottom uncertain With oil close to $50 per barrel, oil producers are getting worried.  To read the full story, click here.   ...

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Oil budgets tighten

permian

Many of the major players in the Permian Basin have yet to detail how they plan to scale back in 2015 in response to low oil prices, but announcements from a handful of companies offer a glimpse at how they intend to trim budgets. They support the view of analysts that the roughly 50 percent drop in West Texas Intermediate ...

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BHP Billiton slashes $2.5B of capital spending

budget

BHP Billiton slashes $2.5B for capital spending According to Deutsche Bank, BHP Billiton (BHP) jumps on the capital spending bandwagon and is expected to cut $2.5 billion from its onshore U.S. petroleum business over the next four years. As reported by Western Australia Today, Paul Young, a mining analyst with Deutsche Bank, said, “BHP’s strategy of focusing its U.S. onshore ...

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Oil’s price bottom uncertain

oil and money

The Plains-WTI oil price closed at $52.25 per barrel on Tuesday, deepening uncertainty for many local producers now selling their crude for almost half of what they were at the peak earlier this year. The price of oil has yet to find its bottom as a slowdown appeared under way. “People are canceling rigs today, but it’s going to get more ...

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KWI acquires new business

hands shaking

Today, KW International, LLC (KWI) announced its acquisition of Advance Fabrication & Measurement LLC (AFM). KWI, an OFS Energy Fund portfolio company, and AFM’s partnership will diversify KWI’s product offering, expand its customer base and provide an additional manufacturing facility located in Midland, Texas.  With the deal, all of AFM’s employees were hired at KWI, which increases KWI’s employees to ...

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Rig count drops in the Permian

permian basin

The Permian Basin’s rig count dropped by 20 to 548 last week, according to Baker Hughes weekly rig count.  District 8, which includes Midland County, is down 19 rigs to 316. Statewide the Texas rig count was down 24 rigs as of last week, bringing the total to 872. In Texas’ Eagle Ford shale the rig count dropped by two, ...

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