Home / Tag Archives: Texas oil production

Tag Archives: Texas oil production

Texas has suffered billions from oil price slump

We’ve seen the decimation of oil prices, most notably the loss of jobs and the reduction of new wells or new exponential increases in production. In the pursuit of quantifying the damage, a recent report found that Texas petro-wealth is down $33 billion from 2014’s observations. Blackbeard Data just released its 2015 Petro-Wealth report. In its summary, Blackbeard states that ...

Read More »

Eagle Ford conference maps out shale development, next potential boom

On Wednesday, the Fourth Annual Eagle Ford Shale Consortium Conference was held San Antonio. Railroad Commission Chairman Christi Craddick was there to deliver remarks that addressed the current state of the Texas oil and gas industry and provided insight into what may lie ahead in one of Texas’ top shale developments. “As Texas oil and gas production remains high, we ...

Read More »

Eagle Ford on the road to cheaper production

By next year, production in the Eagle Ford shale could be $10 to $15 cheaper per barrel, according to new estimates from Wood Mackenzie analysts. Fuel fix reported on the analysts’ findings, which were stated to a meeting with journalists last week. Thanks to more efficient drilling of horizontal wells, speeding up pressure pumping systems and embracing better technology, initial ...

Read More »

Lucas Energy loses Victory merger

Huston-based company Lucas Energy Inc. received unfortunate news last week as West Texas operator Victory Energy called off any further workings on a potential merger deal. The Houston Business Journal reported last Friday that Victory ended the nonbinding letter of intent on May 11. Both companies were allowed to end the working agreement for any reason. The deal would have ...

Read More »

Signs point to recovery

Oil prices tick upward. The drop in rigs drilling in the Permian Basin continues to flatten. And some observers expect the worst of the layoffs are over. Meanwhile, some of the biggest drillers in the region, Pioneer Natural Resources and EOG Resources, announced plans in the past two weeks to start drilling soon, dependent on price stability and other factors. ...

Read More »

Landowners’ rush for oil gets praise

SAN ANGELO, Texas — Congressman Mike Conaway credited the oil and gas renaissance to private landowners. “While the president brags on the renaissance, his team has done nothing to contribute to that,” Conaway said Thursday at the second day of the West Texas Energy Consortium annual conference in San Angelo. “Oil and gas production on public land has declined under ...

Read More »

Service companies keep cutting as rigs keep falling

Permian Basin producers again dropped drilling rigs this week, Baker Hughes reported Friday, as service companies announced another round of job cuts. Baker Hughes counted 12 fewer rigs in the Permian Basin, leaving 246 drilling for oil and gas in the region. About 74 percent drill horizontal wells as producers focus on core areas. Nationally, the oil and gas rig ...

Read More »