WTI Crude
56.67
Brent Crude
62.03
Natural Gas
3.03

Category: April 2016

Permania – 100 Years In The Permian Oil Fields Of New Mexico And Texas

The Permian Basin oil field in southeast New Mexico and west Texas first started producing shortly after World War I. But almost 100 years later, it seems to keep getting better, and may become the world’s biggest oil field. A combination of new technologies and global price wars has kept the basin amazingly productive. There’s actually a word for this - it’s called Permania. And it’s on the lips of everyone in the Oil&Gas industry. Many huge oil fields are…

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Growing cybersecurity industry in San Antonio protects valuable South Texas assets

SAN ANTONIO — An industry that often flies below the radar is gaining ground in San Antonio. The cybersecurity world is growing quietly in South Texas and having a significant impact on local industries. “San Antonio has more cybersecurity professionals than any other place other than the National Capital Region,” according to U.S. Congressman Will Hurd of District 23. That’s huge when you think about all of the cyber security headquartered in Washington, D.C., like the Central Intelligence Agency and…

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Oil’s wild ride set to continue after April’s big climb

Oil futures are poised to end April with a monthly gain of nearly 19%, but the ride hasn’t been a smooth one and likely won’t be in the weeks to come as traders continue to navigate conflicting clues on the outlook for crude. “There certainly seems to be a lot of factors pressing on oil prices, yet they keep finding new legs,” said Kevin Kerr, managing editor and executive publisher of Commodities Watch. West Texas Intermediate crude CLM6, -1.54% was…

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New company to recycle oilfield waste

Cars packed the 2700 block of U.S. Highway 183 in front of DeWitt Recyclable Products, a new company that will fully recycle oil field waste at its 8-acre facility. The site, which partner David Elks said will open by the end of May, will be able to process up to 900 tons of oil field waste daily. When the site is fully operational, he hopes to have 40 employees run it. Wednesday, the focus was to educate the public about…

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Oil holding above $45 a barrel as production slips

Oil traded near the highest close in more than five months after a further drop in U.S. crude production, as lower prices take their toll on the nation’s shale boom. Futures slid as much as 0.9 percent in New York after rising 6.3 percent the previous two sessions to close above $45 a barrel. Production slipped for a seventh week to the lowest since October 2014, according to a report from the Energy Information Administration. Nationwide stockpiles rose by 2…

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U.S. energy milestone from the shale revolution

Thanks to the shale revolution, the United States is now on its way to becoming a major exporter of liquefied natural gas (LNG). In February, two LNG cargoes left Cheniere’s Sabine Pass export terminal in Louisiana for Brazil and India. And these are just the first LNG shipments. With five U.S. LNG terminals under construction with a combined export capacity of roughly 10 billion cubic feet per day, many more LNG shipments are on the horizon. After all the export…

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Here’s Why Oil Prices Just Hit a 2016 High

It has to do with a surprise drop in U.S. crude stockpiles. Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles. Brent and U.S. crude’s West Texas Intermediate (WTI) futures finished regular trading about 3% higher, riding on the coattails of a gasoline rally that hit August highs after a series of refinery hikes. In post-settlement trade, both…

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Why Saudi Arabia Will Not Win The Oil Price War

Crude oil prices continued to surprise on Tuesday, with the U.S. benchmark adding another 4 percent to $44.60 a barrel. West Texas Intermediate is now up 65 percent since hitting 13-year lows below $27 a barrel February 11. It's a performance only bettered by the globe's second most traded bulk commodity – iron ore. But like analysts of the steelmaking raw material, many in the industry have been surprised by the extent of the rally, consistently calling the oil price…

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Pioneer’s Strong Results Show America’s Oil Boom Is Just Taking A Breather

Pioneer Natural Resources is a bellwether company, a Platonic ideal of all that is possible for America’s oil industry. Pioneer has the strongest balance sheet of any of the American independents with $2.5 billion in cash against about $3 billion in debt. It has built up a massive 800,000-acre position in the Permian Basin, a region that has emerged as the single best oil province in America, where the rigs are still running even at these prices. Finding oil is…

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Pioneer says West Texas shale wells pumping more crude than expected

Pioneer Natural Resources Co. lifted its 2016 production growth target without increasing spending because wells drilled in a West Texas shale field are pumping more crude than expected. The company said output will grow more than 12 percent this year, up from an earlier estimate of 10 percent. Pioneer will hold its full-year capital budget at $2 billion — a 9.1 percent reduction from 2015 — and pay for it with cash flow from oil and gas sales, money it…

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