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Dallas Fed: Energy indicators see continued increase

proven oil reserves

The most recent report from the Federal Reserve Bank of Dallas for June 2017 shows that many indicators for the oil and gas sector continued to increase in May. While WTI crude dropped slightly, production growth continues to stay strong, especially in the Permian basin. Below is a summary of the report from the Dallas Fed. For more details and graphs, be sure ...

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U.S. Silica plans Permian frac sand plant

frac sand, U.S. Silica

Frederick, Maryland-based U.S. Silica announced plans Monday to build a new frac sand mine and plant in West Texas to serve the Permian Basin. The Permian has been growing steadily despite the recent oil slump, supported by increased production and recently discovered oil reserves by the U.S. Geological Survey at the end of last year. The projected budget for the ...

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Baker Hughes: Rig Count up another 11

oil rig, rig count, Baker Hughes

Breaking another record, the Baker Hughes Rotary Rig Count showed an other increase of 11 new rigs exploring for oil and gas this week. Despite some concern about overproduction, the rig count continues its upward climb, with a total of 927 rigs in the U.S. The total North American count is now 1059. Canada also increased its count by 33. ...

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Rig count: Colorado up 5, Texas down 1

oil rig, rig count, Baker Hughes

In a small surprise, this week’s Baker Hughes rotary rig count showed a nice gain of rigs exploring for oil and gas in Colorado. Typically, Texas has topped recent weekly increases, but this week the Lone Star State saw its first loss in several weeks. By state, Alaska, New Mexico, North Dakota and Oklahoma also gained one rig each.  Texas was ...

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Who made the A list? Forbes’ list of top 2000 companies

exxon ceo say company will invest

When Forbes releases a list about successful companies, people are anxious to read who’s who among the big players. Everyone wants to know who’s winning, and who’s slipping. The list, according to Forbes, compiled by measuring each company based on revenues, profits, assets and market value. And despite difficult times, and a downturn in oil, Forbes’ 2017 Global 2000 list of ...

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Oil company protects pregnant polar bear

polar bear

An oil company operating in Alaska has proven to be an ally in protecting a pregnant polar bear. The bear sought to dig a maternity den in a snow drift along a bridge leading to an artificial production island off the north coast of Alaska, reports Dan Joling from the Associated Press. Hilcorp Alaska LLC took “vigorous measures” to make ...

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U.S. rig count breaks 900

oil rig, rig count, Baker Hughes

With almost 500 more rigs than last year at this time, the Baker Hughes U.S. rotary rig count broke 900 Friday with another sizable jump of 16 new rigs exploring for oil and gas. The U.S. rig count now sits at 901. Of those rigs, 720 are exploring for oil, up 8 from last week, and 180 are exploring for ...

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WSJ: Why Canada and Brazil hurting market balancing efforts

goodrich files bankruptcy

No one really thinks about how the “little guys” affect the effort to rebalance the oil market. Today, the Wall Street Journal reported that a “wave of new petroleum production from countries like Canada and Brazil is adding a new problem for oil traders.” The WSJ notes that the two countries are the seventh and 10th largest oil suppliers, and production ...

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Rig count increases for 17th week in a row

oil rig, rig count, Baker Hughes

According to the May 12 Baker Hughes rig count, drillers added 8 rigs for a total of 885 total rigs exploring for oil and gas. It’s the 17th straight week of increases. The count is up 479 from last year at this time. Oil rigs increased by nine, while the total rigs exploring for gas dropped by one. It’s no surprise ...

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Methane rule pits ND leaders against one another

Heidi Heitkamp, methane rule

The U.S. Senate rejected a resolution to revoke the Obama-era rule to limit methane emissions from oil and gas production on federal lands, reports Reuters. The inability to revoke the law is seen as a direct blow to the Trump and his ability to “free the drilling industry from what he sees as excessive environmental regulation.” On the campaign trail ...

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