Adrian Hedden . New York private equity firm Stonepeak Infrastructure Partners bought Permian Basin-focused pipeline operator Oryx Midstream in a $3.6 billion deal in April. It is often oversimplified and mischaracterized as a singular play with homogeneous geology and stratigraphy. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. News. Oil and gas rigs continued to climb in the U.S. following news that a vaccine for COVID-19 could be developed and available next year. More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. To put some more meat onto the bone of that thesis, I was able to secure some time with Allen Gilmer, whose company, DrillingInfo, keeps close tabs on everything happening in the Permian and the country's other major play areas. October 31, 2020. They completely miss the nuances of all of these variables and the non-linear aspects in all of this. A natural gas pipeline that would have connected producers in the Permian Basin with export and refinery markets in the Gulf Coast was halted as the fossil fuel industry struggles amid the COVID-19 pandemic. He is the resident energy expert on the "In The Oil Patch" radio program, and executes frequent public speaking engagements around the state of Texas and at conferences. Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit, Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave, Here are the 7 oil and gas operators being sued by the New Mexico State Land Office, U.S. Sen. Tom Udall continues push for oil and gas leasing reform, BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing, Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling, New Mexico oil and gas operators report millions of gallons of water use, New Mexico State Land Office cracking down state land misuse by oil and gas, others, Your California Privacy Rights / Privacy Policy. September 11, 2020. A rainbow appears over a drilling site in the Permian Basin of West Texas. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. Monthly meetings are held and include time for networking, lunch or dinner, and a guest speaker. Austin oil company Parsley Energy is doubling down on drilling in the Permian Basin of West Texas. The answer quoted above was to my first question, related to the growing current conventional wisdom among some critics of the industry that per-well productivity was somehow crashing in the region. Abrams drilled the first well in 1920, but it produced only 10 barrels of oil per day. What we’re seeing is that [Permian Basin] wells drilled this year are continuing the trend of being better than they were the year before, across the whole Permian – the New Mexico Permian and the Texas Permian. Frankly, they can't get their heads around a demand-driven oil and gas industry rather than a supply-driven one.". Pennsylvania was second in the nation with about 19.4 billion cubic feet per day, followed by Alaska at 8.9 billion cubic feet per day. The all time high for this statistics is 11. Oil & Gas news: In the Pipeline; High school sports; Archives ; Home; News; Business; Permian Basin Drilling Report Top Story DRILLING REPORT: April … They miss the fact that there are operators that can make a lot of money on drilling the same well another operator can’t. Permian Basin Information, Railroad Commission of Texas. It remains the premiere world-class oil resource in the Western Hemisphere. That remarkable growth in the Permian and elsewhere has made the U.S. the world’s top oil and natural gas producer, a far-fetched idea just 20 years ago. The 625-mile line would have transported natural gas from Texas’ Waha Hub, where natural gas is sent from across the Permian Basin in West Texas and southeast New Mexico, to markets in southwest Louisiana. Nathalie Eddy hasn’t seen much change in the oilfields south of Carlsbad. US shale oil output to drop 68,000 bpd to 7.64 million bpd in October: EIA. News. “I’m happy to mention that the energy demand in India, particularly of the petroleum products and natural gas, has returned to pre-Covid-19 level,” he said at the meeting. More:BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing. Adrian Hedden can be reached at 575-628-5516, achedden@currentargus.com or @AdrianHedden on Twitter. DALLAS, Nov. 19, 2020 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin Royalty Trust … Texas continued to lead the country in natural gas production averaging about 27 billion cubic feet per day as of September, per the most recent data from the Energy Information Administration (EIA) released on Nov. 30. The Permian Basin is a large sedimentary basin in the southwestern part of the United States.The basin contains the Mid-Continent Oil Field province. Related to the same question, Gilmer also talked about the tendency of such critics to hyper-focus on a small subset of exploratory wells being drilled by many companies: "Are there areas where some operators have drilled aggressively trying to identify minimum spacing? Anadarko's weak performance in U.S. Permian made it a takeover target CURRENT REPORT. The Permian Basin is one of the oldest and most widely recognized oil and gas … Investments in water midstream developments continued in the Permian Basin amid a growing need for water handling and recycling even as drilling operations … “But unconventional plays treat you fundamentally different. The Permian Basin is not uniform, with deeper zones of sedimentary rock forming the Midland and Delaware Basins and the shallower Central Basin Platform forming a bridge between whose prehistoric reefs were ideal for trapping large oil deposits. Permian Basin Province, Mahlon M. Ball, U.S. Geological Survey. UTSA vs. UT Permian Basin Friday Nov. 27, 2020. Short-Term Energy Outlook Supplement, Energy Information Administration. Carlsbad Current-Argus. No one has to choose a club because you attend a tryout. The Permian Basin is around 250 miles wide and 300 miles long, across West Texas and southeastern New Mexico. Average per-well peak rates for the New Mexico Permian since 2014 have gotten better every year, averaging about 20% better every year. View Comments. The basin contains the Mid-Continent Oil Field province. 3.32-0.01 (-0.3%) Upgrade to Real-Time Afterhours (Closed) Current Report Filing (8-k) November 19 2020 - 12:20PM Edgar (US Regulatory) UNITED STATES. Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. I spend a lot of time listening. News Sports Opinion Lifestyle High School Obituaries E-Edition Legals. October 22, 2020 TxDOT Launches Game to Combat Distracted Driving. Three Decades after Oil Bust, Permian Basin Booms Again, San Antionio Express-News. More: Joe Biden's election as President sparks concerns for New Mexico's oil and gas industry In a Dec. 1 letter to FERC, President of Permian Global Access Pipeline LLC (PGAP) Joey Mahmoud wrote that the present market conditions meant the project was not financially viable. When it does, we'll start seeing some improvement, but that may take awhile." Permian Basin Royalty Trust Nov 19, 2020, 09:30 ET. "We are starting to see deterioration of those on the spacing side in the same zone, but those are tiny experiments that represent tiny fractions of the Permian Basin as a whole.". Washington, D.C. 20549 . public companies have to dance to these loud voices. CURRENT REPORT. 20 Nov 2019 11:16 PM | Meghan Silva (Administrator) The PBAP is proud to share that we raised over $40,000 in scholarship money for Midland College, Odessa College, and UT Permian Basin students, community improvement initiatives, and law enforcement and first responders support. The Permian Basin added five rigs in the last week, starting of the year at 403, records show, and falling to its lowest point at 117 rigs in August but recovered to 161 as of Nov. 25. Gilmer's and DrillingInfo's findings on this question are also supported by the findings of another recent report, from Rystad Energy, which also finds per-well recoveries in the Permian continuing to grow during 2019, contrary to many analyst and media reports. He said the company could resume the project in the future if the market recovers, and the company would hold an open season to re-solicit shipping commitments from producers. It’s funny to me – I’ve had talks with several of these analysts in which they poo-poohed the technology that goes into drilling the wells, claiming it was just a question of how much sand you put in there and how long your lateral is. Permian Basin. Future Gulf Coast natural gas export development may become “risky” if Permian Basin associated gas production doesn’t recover, IHS Markit executive . More:Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit. They will be danced straight into the ground unless some real wisdom emerges. FORM 8-K . © 2020 www.currentargus.com. The market for natural gas and other energy sources could be improving in other countries around the world as the pandemic wanes. Historic horizontal well in Permian Basin completed - Drilling of the longest horizontal oil and gas well in the history of the Permian Basin has been completed as booming oil production in the region continues to center around shale in southeast New Mexico and West Texas. Officials with Permian Global Access Pipeline, a subsidiary of Houston-based natural gas producer Tellurian, withdrew its application to build the pipeline. Chesapeake Energy CHK - Permian Basin Unconventional Liquids Plays (West Texas and southern New Mexico): Chesapeake has built a strong position of approximately 670,000 net acres of leasehold in four Permian Basin unconventional liquids plays: the Avalon Shale, Bone Spring, Wolfcamp and Spraberry in West Texas and in southern New Mexico. Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Rules and Requirements – Fall 2018 ; Select Page. “As the third largest global energy consumer, I am confident that India will continue to remain a key global energy demand center, particularly for natural gas.”, More:New Mexico State Land Office cracking down state land misuse by oil and gas, others. The Gray Oak Pipeline stretches from the Permian Basin to delivery points at or near the Houston Ship Channel and capable for crude deliveries of 900,000 barrel per day. City Bank will make available a total of $60,000 to be awarded to 30 local nonprofits to assist them in carrying out their missions of hope and service to people in need. Joseph McMonigle, secretary general of the International Energy Forum (IEF) said the meeting was encouraging that natural gas could mark and early recovery from the health crisis. According to an analyst, The Gray Oak Pipeline could help alleviate a crude oil transportation bottleneck in the Permian Basin … The all time high for this statistics is 11. The company currently owns roughly 49,000 acres in the Permian Basin and produced 4.4 million barrels in the third quarter, contributing 62% to its total output. EZ Rider to Receive New Buses. Gilmer pointed out that one reason why so many analysts acquire false beliefs about the relative health of the Permian play is due to a tendency to take poor results achieved by one operator and assume they apply to all producers across the Basin. Some … The reality is that if you’re going to have 20, 30-something wells within a two-section unit on multiple producing horizons, that’s why it didn’t really matter what you’re paying for acreage. "What the industry needs is for a few of these operators to get to a place where they are generating substantial free cash flow and prove the critics wrong. But as I also noted, that does not mean that, as some in the energy-related media are claiming, that the most active drilling basin in the world is "dying," "on its last legs," or even "peaking.". : "Absolutely – interstitial acreage is what we call it. Lowell Waite recently published a book review in the journal International Geology Review, entitled “Anatomy of a Paleozoic basin: the Permian Basin, USA, Volumes 1 and 2. Permian Basin Royalty News . “As the world reaches the end of the pandemic tunnel, it will need an energy partner that can help prevent environmental degradation, ensure a stable and uninterrupted supply of energy, and bring affordable and reliable energy for all. “However, with the arrival of the COVID-19 pandemic, ensuing collapse of the domestic and global energy commodity prices, reduced consumption and the addition of alternative transportation solutions out of the Permian Basin, PGAP has re-evaluated the Project’s need and has determined that current market conditions do not support the economic thresholds to pursue the Project further at this time.”, More:U.S. Sen. Tom Udall continues push for oil and gas leasing reform. We are committed to keeping you up to date, engaged and alert with local coverage from Midland-Odessa to Alpine and everywhere in between. Reuters . All rights reserved. Skill actually matters. New Mexico climbed to 59 active rigs as of Dec. 4, growing from November’s average of 54, per data from Baker Hughes, but was still at barely half of its average of 103 rigs in December 2019. On the claim that some Permian producers 'paid too much' to acquire acreage in the Permian: "[One] thing that some analysts seem to get wrong is that they seem to fundamentally misunderstand what the eventual producing units will look like. Share this article. This resulted in slumping oil and gas prices as consumers across the world used less fuel during the global health crisis. But hasn’t that always been the case everywhere? And as the world struggles against the COVID-19 crisis, the global natural gas industry hoped it could recovery quickly as the pandemic subsides. unconventional plays treat you fundamentally different. Although many experts considered the region a “petroleum graveyard,” Texon Energy tried again in August 1921. The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. Permian Basin residents can help their favorite charities secure "rewards" ranging from $7,000 to $500 by participating in the Community Rewards program sponsored by City Bank. Permian Basin News. Opinions expressed by Forbes Contributors are their own. : “All these things come together to make a very interesting investment environment. That’s the reason why the big play right now is to consolidate acreage to make sure that you have units that can support 10,000-foot laterals. Days after Parsley closed its $2.3 billion deal to … : "That’s always been the case in the unconventional plays, and it’s always been pretty much ignored. Continue Reading. City Bank will make available a total of $60,000 to be awarded to 30 local nonprofits to assist them in carrying out their missions of hope and service to people in need. But it’s really all about this horse-trading to be able to go out there and trade acreage in two-, three-, and four-way trades to become capable of having high-grade locations that are valuable enough to drill in a world where oil prices are so volatile.". Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. August 8, 2020. Energy News; Latest Energy News; Permian basin; Permian Basin. That multiplies the basin’s natural resource potential. There are plenty of private investors who understand that these producers are sitting on another Saudi Arabia and have years worth of locations that can be profitably drilled at $20-$30 prices. Conventional plays are different – it didn’t matter who drilled the East Texas field first, whether it was Dad Joiner or Humble Oil, because conventional plays treated everyone the same. All Rights Reserved, This is a BETA experience. Permian Basin, also called West Texas Basin, large sedimentary basin in western Texas and southeastern New Mexico, U.S., noted for its rich petroleum, natural gas, and potassium deposits. Maps. Date of Report (Date of … The 625-mile line would have transported natural gas from Texas’ Waha Hub, where natural gas is sent from across the Permian Basin in West Texas and southeast … A drilling revival may soon be underway in the Permian Basin of West Texas where a flurry of permits for new horizontal wells have been filed. News. Date of Report (Date of … FORM 8-K . Midland oil company Discovery Operating filed its first drilling permits since June. Since the first well drilled in the basin in July of 1920, over 30 … The text or links to all of David’s writings and podcasts can be found at www.dbdailyupdate.com. Midland City and County Officials Celebrate Reopening of Cotton Flat Road. Our 2nd Annual PBAP Roping Event was a great success! Just a few thoughts… by PB Elite | Sep 24, 2018 | 0 Comments. The geology of the Permian Basin is unique because it contains multiple “stacked plays.” These enable a single well to produce oil and natural gas from several layers of rock in different geological zones. Gilmer says, not exactly. Permian Basin Royalty News . “PGAP continues to believe that in time the proposed Project will provide significant benefits,” he wrote. The sad fact is that the public companies have to dance to these loud voices. It would have crossed 24 Texas counties and four parishes in Louisiana, moving up to 2.3 billion standard cubic feet of gas per day. Contact. The golden age of U.S. shale is far from over, with an expected slowdown in the Permian Basin likely to be temporary, according to the new U.S. Energy Secretary. Because the acreage cost is only about 10% to 20% of your drilling cost.". The Federal Energy Regulatory Commission (FERC) first approved the request to begin the application process in September 2019, but more than a year later as energy markets struggled to recovery from the pandemic, the application to FERC was withdrawn. News; Current Teams; Safe Sport; League Schedules. Career Opportunities . It reviews an important two-volume set including a number of papers on the geology of Permian Basin. As local coronavirus cases spike and Midland Memorial Hospital opens an additional COVID-19 wing to accommodate higher numbers of patients, … Past Presidents. Follow PBT. 3.32-0.01 (-0.3%) Upgrade to Real-Time Afterhours (Closed) Current Report Filing (8-k) November 19 2020 - 12:20PM Edgar (US Regulatory) UNITED STATES. Follow PBT.  to acquire … It encompasses several sub-basins, including the Delaware Basin and the Midland Basin. June 23, 2020: Book review published. Thousands of oil workers are getting laid off in the Permian Basin Coronavirus, combined with an oil price war, is taking its toll on the nation’s prolific shale patch . Skip to … About COPAS and PASPB. He is currently Associate Editor for Shale Magazine (www.shalemag.com), a contributor on energy-related matters at Forbes.com, and a feature writer for World Oil Magazine. Live Coverage of Texas-Permian Basin Falcons @ UTEP Miners Wednesday, November 25, 2020 on MSN Sports W.H. Permian Basin Royalty Trust (NYSE PBT) News Headlines Today. Most of it is economic at $40/bbl  - you just need to be able to go out there and do it the right way.". Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. That remarkable growth in the Permian and elsewhere has made the U.S. the world’s top oil and natural gas producer, a far-fetched idea just 20 years ago. Yury Senyurin, secretary of the international Gas Exporting Countries Forum encouraged members during the 7th International Energy Forum (IEF) and International Gas Union (IGU) Ministerial Gas Forum held Dec. 3 by the Malaysian government. Anadarko Output at every formation is expected to fall in October, except the Permian basin of Texas and New Mexico, where production is expected to rise by about 23,000 bpd to 4.17 million bpd, the data showed. Wisdom emerges following news that a vaccine for COVID-19 could be strained by 2nd COVID-19 wave gas geologic basins the! Up to date, engaged and alert with local coverage from Midland-Odessa to and! These loud voices located in Western Texas and New Mexico Permian since 2014 have gotten better every year, about. Represents a significant growth area writings and podcasts can be reached at 575-628-5516 achedden. 10 % to 20 % better every year, U.S. Geological Survey with local coverage from Midland-Odessa to Alpine everywhere. 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