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Tag Archives: Permian Basin

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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Rig count trends among major U.S. shale plays

The slide in oil prices recently has been causing a noticeable trend with the amount of rigs accounted for among various shale plays throughout the United States. In fact, over the past three weeks, rig counts have seen substantial declines with over 90 rigs being shut down, according to Baker Hughes. Which raises the question. Which of the major shale ...

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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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Oil budgets tighten

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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 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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KWI acquires new business

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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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