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Tag Archives: Pioneer Natural Resources

Pioneer to cut budget 45 percent

Pioneer Natural Resources will cut its budget by about45 percent in 2015, according to a late Tuesday announcement from the company that marked the latest Permian Basin producer to dramatically scale back in the face of low oil prices. As planned, the reduction leaves the company with a budget of about $1.85 billion for the year, with more than $1 ...

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Crude prices bruise growth

Fresh data measuring the Permian Basin’s oil activity suggests a decline in November is likely to worsen if prices stay low in 2015, even though analysts expect actual production to increase in the months ahead. The price plunge continuedin the run-up to the New Year, with the Plains Marketing West Texas Intermediate posted price dipping below $50 a barrel on ...

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U.S. agency gives quiet nod to light oil exports

WASHINGTON – The main U.S. export authority is telling some oil companies that they should consider exporting a lightly processed form of crude oil called condensate without formal permission, according to people familiar with the discussions. In conversations that may help clear the way for more overseas sales of U.S. shale oil, the Commerce Department’s Bureau of Industry and Security ...

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Oil budgets tighten

jack

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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Oil’s price bottom uncertain

oil barrels

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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Small number of wells responsible for methane emissions, study finds

A small number of natural gas wells are responsible for the majority of the methane gas being released into the atmosphere during production, but at higher levels than previously estimated by the U.S. Environmental Protection Agency, according to a new study. Researchers from the University of Texas at Austin, benefiting from unprecedented direct access to gas well sites across the ...

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Midland ranks first in state for job creation

Midland skyline

Midland ranks No. 1 in Texas for the lowest unemployment rate and highest employment growth rate, according to a new report by the Real Estate Center at Texas A&M. The Tall City showed a 2.5 percent unemployment rate, while Odessa came in second statewide at 3 percent. But Midland”s employment growth rate of 7.2 percent is the most impressive, as ...

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Price drop to curb boom

barrel

The oil price plummet has yet to settle, but already it should be enough to reduce industry activity and curb growth of the local economy, according to oil and gas experts and economists who study the region. The national benchmark price, the West Texas Intermediate, closed at $63.25 per barrel on Tuesday. That’s up from the low of about $62.50 ...

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Oil companies to provide Petroleum Academy support

classroom

The support MISD needs to make its high school Petroleum Academy a reality for the spring semester is coming together. Superintendent Ryder Warren said several oil companies — Concho Resources, Pioneer Natural Resources, Apache Corp., Chevron and Henry Resources — and Warren Equipment Co. are throwing their support behind the district’s initiative. The companies are helping not only in shaping ...

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