We all need the Permian Basin to rollover and decline. SECURITIES AND EXCHANGE COMMISSION. I hear a lot of people holding forth on the end of hydrocarbons because they don't know much about the dynamics of a rapidly changing industry. Skip to … Stacked plays allow for multiple wells from a single pad location, using shared infrastructure. © 2020 www.currentargus.com. News provided by. Read the latest oil and gas news … 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. 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. As local coronavirus cases spike and Midland Memorial Hospital opens an additional COVID-19 wing to accommodate higher numbers of patients, … The Permian Basin’s long history is characterized by ups and downs. We are committed to keeping you up to date, engaged and alert with local coverage from Midland-Odessa to Alpine and everywhere in between. FORM 8-K . 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.". Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. 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. Energy News; Latest Energy News; Permian basin; Permian Basin. Monthly Permian Basin Oil and Gas Magazine single copy price is $2. 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. The New Mexico field advocate for national environmental group Earthworks said oil and gas facilities across the Permian Basin and in southeast -mexico">New Mexico were responsible for air-polluting emissions with little oversight from the state, even as product slowed amid the COVID-19 pandemic. Skill actually matters. Skill actually matters. View Comments. Drilling Down: Parsley Energy to hit milestone in Spraberry formation. The industry saw some minor recovery in recent weeks amid reports that a COVID-19 vaccine could be developed and publicly available by spring 2021, but the news wasn’t enough to drive prices near pre-pandemic levels.  to acquire The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. Absolutely," he said. This resulted in slumping oil and gas prices as consumers across the world used less fuel during the global health crisis. Follow PBT. A rainbow appears over a drilling site in the Permian Basin of West Texas. Permian Basin's oil and gas water sector continues growth in Texas and New Mexico. EZ Rider to Receive New Buses. New Mexico was ranked 8th with about 5.7 billion cubic feet per day, records show. UTSA vs. UT Permian Basin Friday Nov. 27, 2020. Subscribe. : "We still have this issue where we have the best operator producing 30-40% more for the same dollar drilled in the same producing zone than the worst operator.". The sad fact is that the public companies have to dance to these loud voices. 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. Address all purchased requests, subscriptions, news items and inquiries to: Permian Basin Oil and Gas Magazine 500 … Drilling rights in the Permian Basin averaged $24K/acre in recent deals, down 67% from 2018, and the average price across all U.S. shale has plummeted to … 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. The all time high for this statistics is 11. David has enjoyed a 39-year career in the oil and gas industry, the last 23 years of which were spent in the public policy arena, managing regulatory and legislative issues for various companies, including Burlington Resources, Shell, El Paso Corporation, FTI Consulting and LINN Energy. Permian Basin mandated back to 50% occupancy by Texas DSHS under Gov. 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. The loudest are typically the ones that really don't understand this. India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan said demand for fuel in his country had returned to pre-pandemic levels. Petroleum Accountants Society of the Permian Basin . 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. Deposits of the Permian Basin are featured in Guadalupe Mountains National Park. 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. Midland City and County Officials Celebrate Reopening of Cotton Flat Road. It encompasses several sub-basins, including the Delaware Basin and the Midland Basin. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. 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 … Frankly, they can't get their heads around a demand-driven oil and gas industry rather than a supply-driven one.". News & Events. 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. Continue Reading. The Permian Basin is a large sedimentary basin in the southwestern part of the United States. Investments in water midstream developments continued in the Permian Basin amid a growing need for water handling and recycling even as drilling operations … : “All these things come together to make a very interesting investment environment. 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. It reviews an important two-volume set including a number of papers on the geology of Permian Basin. Future Gulf Coast natural gas export development may become “risky” if Permian Basin associated gas production doesn’t recover, IHS Markit executive . News. Follow PBT. $25 Million Grant Provided for I-20 Improvements Near Midland in Permian Basin. Today, 5,000-foot laterals are kind of break-even deals, but at 10,000-feet they’re all of a sudden massively valuable. I spend a lot of time listening. 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. More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. Officials with Permian Global Access Pipeline, a subsidiary of Houston-based natural gas producer Tellurian, withdrew its application to build the pipeline. We are your go-to source for local news, weather and sports in the Permian Basin, powered by Big 2 News - KMID and Fox 24 News - KPEJ. Rules and Requirements – Fall 2018 ; Select Page. More:BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing. FORM 8-K . Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. unconventional plays treat you fundamentally different. Career Opportunities . The Council of Petroleum Accountants Societies, Inc. (COPAS) was established in 1961 by representatives from various independent local societies throughout the U.S. and Western Canada. Three Decades after Oil Bust, Permian Basin Booms Again, San Antionio Express-News. Reuters . 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. US shale oil output to drop 68,000 bpd to 7.64 million bpd in October: EIA. 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. News; Current Teams; Safe Sport; League Schedules. Owing to its economic importance, it is one of the most well-studied geologic regions of the world. ABOUT US. DALLAS, Nov. 19, 2020 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $0.013566 per unit, payable on December 14, 2020, to unit holders of record on November 30, 2020.. Austin oil company Parsley Energy is doubling down on drilling in the Permian Basin of West Texas. August 8, 2020. CURRENT REPORT. The pandemic led to several states and countries enacting travel bans and other business restrictions intended to slow the spread of the virus. People who really know what they’re doing are going to make a fortune in this stuff, and the people who don’t know what they’re doing are going to waste a lot of capital. 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. Washington, D.C. 20549 . Opinions expressed by Forbes Contributors are their own. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. Permian Basin Province, Mahlon M. Ball, U.S. Geological Survey. Do these fundamental misconceptions about the nature of shale plays help explain why operators are finding their access to capital markets increasingly restricted? 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. “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. “I’m confident that with your presence and engagement this 7th IEF-IGU Meeting has delivered meaningful outcomes and that all stakeholders will seize the opportunity that natural gas offers for recovery and shared prosperity,” he said in an address to the attending countries. The all time high for this statistics is 11. About COPAS and PASPB. 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. 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