COPAS SOCIETY OF THE PERMIAN BASIN AREA. 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. 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. He said the company could resume the project in the future if the market recovers, and the company would hold an open season to re-solicit shipping commitments from producers. Opinions expressed by Forbes Contributors are their own. Oil & Gas news: In the Pipeline; High school sports; Archives ; Home; News; Business; Permian Basin Drilling Report Top Story DRILLING REPORT: April … The Permian Basin is a large sedimentary basin in the southwestern part of the United States.The basin contains the Mid-Continent Oil Field province. Contact. News. Society Information. When it does, we'll start seeing some improvement, but that may take awhile." 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. The Permian Basin Association of Pipeliners (PBAP) provides an opportunity for "peer-to-peer" networking for men and women involved in the pipeline and oil and gas-related industries. ABOUT US. UTSA 97 UTPB 71 Photo: Ronald Cortes/Contributor 12 of 20 UTSA head coach Steve Henson watches from the sidelines. : “All these things come together to make a very interesting investment environment. View Comments. Over the past eight years, there has been phenomenal production growth in the Permian. $25 Million Grant Provided for I-20 Improvements Near Midland in Permian Basin. “I’m happy to mention that the energy demand in India, particularly of the petroleum products and natural gas, has returned to pre-Covid-19 level,” he said at the meeting. It’s not buying bird’s nests on the ground, it’s not buying commodities. Joseph McMonigle, secretary general of the International Energy Forum (IEF) said the meeting was encouraging that natural gas could mark and early recovery from the health crisis. Monthly Permian Basin Oil and Gas Magazine single copy price is $2. SECURITIES AND EXCHANGE COMMISSION. It would have crossed 24 Texas counties and four parishes in Louisiana, moving up to 2.3 billion standard cubic feet of gas per day. The Permian Basin is around 250 miles wide and 300 miles long, across West Texas and southeastern New Mexico. Follow PBT. It encompasses several sub-basins, including the Delaware Basin and the Midland Basin. 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. Today, 5,000-foot laterals are kind of break-even deals, but at 10,000-feet they’re all of a sudden massively valuable. “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. “However, with the arrival of the COVID-19 pandemic, ensuing collapse of the domestic and global energy commodity prices, reduced consumption and the addition of alternative transportation solutions out of the Permian Basin, PGAP has re-evaluated the Project’s need and has determined that current market conditions do not support the economic thresholds to pursue the Project further at this time.”, More:U.S. Sen. Tom Udall continues push for oil and gas leasing reform. © 2020 www.currentargus.com. Reuters . Permian Basin Royalty Trust Announces November Cash Distribution. News & Events. Share this article. Past Presidents. Midland oil company Discovery Operating filed its first drilling permits since June. Absolutely," he said. The Permian Basin is responsible for the greatest oil production gains in the U.S. in recent years. Thousands of oil workers are getting laid off in the Permian Basin Coronavirus, combined with an oil price war, is taking its toll on the nation’s prolific shale patch . Subscribe. Engineering skill, testing, what have you. Permian Basin Information, Railroad Commission of Texas. David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. Pennsylvania was second in the nation with about 19.4 billion cubic feet per day, followed by Alaska at 8.9 billion cubic feet per day. A natural gas pipeline that would have connected producers in the Permian Basin with export and refinery markets in the Gulf Coast was halted as the fossil fuel industry struggles amid the COVID-19 pandemic. It is often oversimplified and mischaracterized as a singular play with homogeneous geology and stratigraphy. “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 basin contains the Mid-Continent Oil Field province. I pointed out that that was one of the big drivers behind the April/May battle between Oxy and Address all purchased requests, subscriptions, news items and inquiries to: Permian Basin Oil and Gas Magazine 500 … Chevron Chesapeake Energy CHK - Permian Basin Unconventional Liquids Plays (West Texas and southern New Mexico): Chesapeake has built a strong position of approximately 670,000 net acres of leasehold in four Permian Basin unconventional liquids plays: the Avalon Shale, Bone Spring, Wolfcamp and Spraberry in West Texas and in southern New Mexico. Permian Basin Royalty Trust (NYSE PBT) News Headlines Today. Date of Report (Date of … Date of Report (Date of … UTSA vs. UT Permian Basin Friday Nov. 27, 2020.  to acquire 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. Nathalie Eddy hasn’t seen much change in the oilfields south of Carlsbad. More:BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing. Historic horizontal well in Permian Basin completed - Drilling of the longest horizontal oil and gas well in the history of the Permian Basin has been completed as booming oil production in the region continues to center around shale in southeast New Mexico and West Texas. Lowell Waite recently published a book review in the journal International Geology Review, entitled “Anatomy of a Paleozoic basin: the Permian Basin, USA, Volumes 1 and 2. More:Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling. FORM 8-K . “We understand our duty to the world and are committed to strengthen global energy security as reliable suppliers of this important energy source.”, More:New Mexico oil and gas operators report millions of gallons of water use. Oil and gas rigs continued to climb in the U.S. following news that a vaccine for COVID-19 could be developed and available next year. During this time, David has led numerous industry-wide efforts to address a variety of issues at the local, state and federal level, and from April 2010 through June 2012, he served as the Texas State Lead for America’s Natural Gas Alliance. 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. Our 2nd Annual PBAP Roping Event was a great success! Skip to … And right now, we are doing a land-office business in land in West Texas and Southeast New Mexico that, when you superficially look at it, nobody would expect...they would look at a map and say all the big blocks are already put together. The Permian Basin is one of the most prolific oil and natural gas geologic basins in the United States. Average per-well peak rates for the New Mexico Permian since 2014 have gotten better every year, averaging about 20% better every year. Just a few thoughts… by PB Elite | Sep 24, 2018 | 0 Comments. The geology of the Permian Basin is unique because it contains multiple “stacked plays.” These enable a single well to produce oil and natural gas from several layers of rock in different geological zones. Midland City and County Officials Celebrate Reopening of Cotton Flat Road. 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. Live Coverage of Texas-Permian Basin Falcons @ UTEP Miners Wednesday, November 25, 2020 on MSN Sports For ExxonMobil, the Permian represents a significant growth area. EZ Rider to Receive New Buses. He attended Texas A&I University and The University of Texas, earning B.A. Texas continued to lead the country in natural gas production averaging about 27 billion cubic feet per day as of September, per the most recent data from the Energy Information Administration (EIA) released on Nov. 30. August 8, 2020. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. That remarkable growth in the Permian and elsewhere has made the U.S. the world’s top oil and natural gas producer, a far-fetched idea just 20 years ago. New York private equity firm Stonepeak Infrastructure Partners bought Permian Basin-focused pipeline operator Oryx Midstream in a $3.6 billion deal in April. Most of it is economic at $40/bbl  - you just need to be able to go out there and do it the right way.". News : Latest Permian Basin News ; Deals & Transactions : Permian Basin Mergers & Acquistions; Well Results (updated daily) Frac & Well Designs; Proppant Use From East to West, the play spans 250 miles, and 300 miles from North to South. More:Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit. 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. The market for natural gas and other energy sources could be improving in other countries around the world as the pandemic wanes. Career Opportunities . News. More: Joe Biden's election as President sparks concerns for New Mexico's oil and gas industry Permian Basin. The loudest are typically the ones that really don't understand this. Follow PBT. So, bottom line, the Permian Basin is not "dying," "on its last legs," or "peaking." The Permian Basin’s long history is characterized by ups and downs. 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. October 31, 2020. It means the rate of growth, while still robust, is proceeding at a slower pace than it did during 2018, when the U.S. domestic industry added a record 2 million barrels of oil per day of production. I-20 Getting 6 Lanes From 2025-30. In a Dec. 1 letter to FERC, President of Permian Global Access Pipeline LLC (PGAP) Joey Mahmoud wrote that the present market conditions meant the project was not financially viable. All rights reserved. India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan said demand for fuel in his country had returned to pre-pandemic levels. 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. HIGH SCHOOL SPORTS: Permian Basin Scoreboard for Nov. 21 OA sports oasports@oaoa.com 432-333-7703 Odessa American Posted on Nov 21, 2020 by OA sports News provided by. News. 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 … 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. Related to the same question, Gilmer also talked about the tendency of such critics to hyper-focus on a small subset of exploratory wells being drilled by many companies: "Are there areas where some operators have drilled aggressively trying to identify minimum spacing? 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. SECURITIES AND EXCHANGE COMMISSION. They miss the fact that there are operators that can make a lot of money on drilling the same well another operator can’t. We are committed to keeping you up to date, engaged and alert with local coverage from Midland-Odessa to Alpine and everywhere in between. Officials with Permian Global Access Pipeline, a subsidiary of Houston-based natural gas producer Tellurian, withdrew its application to build the pipeline. Santa Rita taps Permian Basin, American Oil & Gas Historical Society. DALLAS, Nov. 19, 2020 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin Royalty Trust … For ExxonMobil, the Permian represents a significant growth area. The Federal Energy Regulatory Commission (FERC) first approved the request to begin the application process in September 2019, but more than a year later as energy markets struggled to recovery from the pandemic, the application to FERC was withdrawn. Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit, Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave, Here are the 7 oil and gas operators being sued by the New Mexico State Land Office, U.S. Sen. Tom Udall continues push for oil and gas leasing reform, BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing, Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling, New Mexico oil and gas operators report millions of gallons of water use, New Mexico State Land Office cracking down state land misuse by oil and gas, others, Your California Privacy Rights / Privacy Policy. Because the acreage cost is only about 10% to 20% of your drilling cost.". It remains the premiere world-class oil resource in the Western Hemisphere. W.H. The Permian Basin is a large sedimentary basin in the southwestern part of the United States. : "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 problem with the Permian Basin isn't a lack of resources or pipeline capacity or low prices. Adrian Hedden . More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. 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. 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.. Investments in water midstream developments continued in the Permian Basin amid a growing need for water handling and recycling even as drilling operations … Permian Basin Royalty News . REGIONAL NEWS. Owing to its economic importance, it is one of the most well-studied geologic regions of the world. Permian Basin Royalty Trust Nov 19, 2020, 09:30 ET. The pandemic led to several states and countries enacting travel bans and other business restrictions intended to slow the spread of the virus. Anadarko “As the world reaches the end of the pandemic tunnel, it will need an energy partner that can help prevent environmental degradation, ensure a stable and uninterrupted supply of energy, and bring affordable and reliable energy for all. Days after Parsley closed its $2.3 billion deal to … October 22, 2020 TxDOT Launches Game to Combat Distracted Driving. Permian Basin Royalty News . The all time high for this statistics is 11. Output at every formation is expected to fall in October, except the Permian basin of Texas and New Mexico, where production is expected to rise by about 23,000 bpd to 4.17 million bpd, the data showed. 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. in accounting in 1979. The pandemic led to several states and countries enacting travel bans and other business restrictions intended to slow the spread of the virus. New Mexico was ranked 8th with about 5.7 billion cubic feet per day, records show. The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. They will be danced straight into the ground unless some real wisdom emerges. Skill actually matters. The text or links to all of David’s writings and podcasts can be found at www.dbdailyupdate.com. The Permian Basin is not uniform, with deeper zones of sedimentary rock forming the Midland and Delaware Basins and the shallower Central Basin Platform forming a bridge between whose prehistoric reefs were ideal for trapping large oil deposits. Get custom notifications on traffic, crime and events happening in your area. Go to several different tryouts and weigh your options before choosing a club. Stacked plays allow for multiple wells from a single pad location, using shared infrastructure. News; Current Teams; Safe Sport; League Schedules. This sedimentary basin is located in western Texas and southeastern New Mexico. Permian Basin, also called West Texas Basin, large sedimentary basin in western Texas and southeastern New Mexico, U.S., noted for its rich petroleum, natural gas, and potassium deposits. 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. 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. We all need the Permian Basin to rollover and decline. Three Decades after Oil Bust, Permian Basin Booms Again, San Antionio Express-News. DrillingInfo has seen these kinds of deals as one of the factors that have led to a boom in what Gilmer refers to as "horse-trading" of acreage between producing companies: "Out there in the Permian, if you can get a 10,000-foot lateral your return will be a 3 to 7 PV10 multiple over what you get on a 5,000-foot lateral. FORM 8-K . June 23, 2020: Book review published. Permian Basin News. Skill actually matters. Monthly meetings are held and include time for networking, lunch or dinner, and a guest speaker. Annual subscriptions are free to members of PBPA or online at www.pbog.com. 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. - Allen Gilmer, Founder and Chairman of the Board of DrillingInfo, As I wrote in my piece last week, there is no doubt that activity in the booming Permian Basin is slowing down, and in fact has been gradually slowing throughout this year. CURRENT REPORT. Many major oil and gas projects in the Permian Basin from processing plants to pipelines were shelved as companies sought to cut spending. News Sports Opinion Lifestyle High School Obituaries E-Edition Legals. But more importantly, on a cumulative basis, the same amount of time it used to take to produce a nominal break-even per well was five years [in 2014], and today it’s 9 months. "What the industry needs is for a few of these operators to get to a place where they are generating substantial free cash flow and prove the critics wrong. Texas also increased to 149 rigs from Novembers average of 144 but remained at less than half of what its rig count average of 406 a year ago before the virus struck. : "Absolutely – interstitial acreage is what we call it. 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. Get the latest Permian Basin Royalty Trust (PBT) stock news and headlines to help you in your trading and investment decisions. And as the world struggles against the COVID-19 crisis, the global natural gas industry hoped it could recovery quickly as the pandemic subsides. … EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. 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. I spend a lot of time listening. All Rights Reserved, This is a BETA experience. public companies have to dance to these loud voices. 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 … Permian Basin mandated back to 50% occupancy by Texas DSHS under Gov. © 2020 Forbes Media LLC. What we’re seeing is that [Permian Basin] wells drilled this year are continuing the trend of being better than they were the year before, across the whole Permian – the New Mexico Permian and the Texas Permian. David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. 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. Since the first well drilled in the basin in July of 1920, over 30 … This resulted in slumping oil and gas prices as consumers across the world used less fuel during the global health crisis. 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. About COPAS and PASPB. They will be danced straight into the ground unless some real wisdom emerges in those that call the music. A drilling revival may soon be underway in the Permian Basin of West Texas where a flurry of permits for new horizontal wells have been filed. The Permian Basin – spanning west Texas and southeast New Mexico – has become the most prolific oil field in the world. Gilmer says, not exactly. Austin oil company Parsley Energy is doubling down on drilling in the Permian Basin of West Texas. News. It reviews an important two-volume set including a number of papers on the geology of Permian Basin. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. “But unconventional plays treat you fundamentally different. That's a story that the industry itself is going to have to a better job of telling, because no one else is going to do that on its behalf. Petroleum Accountants Society of the Permian Basin . Energy News; Latest Energy News; Permian basin; Permian Basin. Some … Adrian Hedden can be reached at 575-628-5516, achedden@currentargus.com or @AdrianHedden on Twitter. Maps. Frankly, they can't get their heads around a demand-driven oil and gas industry rather than a supply-driven one.". 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. In addition to client-related work, David also maintains a growing media communications practice. To put some more meat onto the bone of that thesis, I was able to secure some time with Allen Gilmer, whose company, DrillingInfo, keeps close tabs on everything happening in the Permian and the country's other major play areas. US shale oil output to drop 68,000 bpd to 7.64 million bpd in October: EIA. The Gray Oak Pipeline stretches from the Permian Basin to delivery points at or near the Houston Ship Channel and capable for crude deliveries of 900,000 barrel per day. CURRENT REPORT. Natural gas is that partner,” he said. Permian Basin Province, Mahlon M. Ball, U.S. Geological Survey. Oil & Gas news: In the Pipeline; High school sports; Archives ; Home; News; Business; Permian Basin Drilling Report Top Story DRILLING REPORT: April 2 through April 8. The Permian Basin is one of the oldest and most well-known hydrocarbon-producing areas. Abrams drilled the first well in 1920, but it produced only 10 barrels of oil per day. But hasn’t that always been the case everywhere? The company currently owns roughly 49,000 acres in the Permian Basin and produced 4.4 million barrels in the third quarter, contributing 62% to its total output. A rainbow appears over a drilling site in the Permian Basin of West Texas. David has enjoyed a 39-year career in the oil and gas industry, the last 23 years of. Although many experts considered the region a “petroleum graveyard,” Texon Energy tried again in August 1921. Parsley is seeking permission from the […] Permian Region Drilling Productivity Report. Continue Reading. Read the latest oil and gas news … September 11, 2020. Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. Anadarko's weak performance in U.S. Permian made it a takeover target 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.". As local coronavirus cases spike and Midland Memorial Hospital opens an additional COVID-19 wing to accommodate higher numbers of patients, … If it is suffering from anything, it is from a lack of understanding by many analysts, media observers and perhaps most-importantly, investors, about what is really fundamentally taking place in West Texas and Southeast New Mexico. 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