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The head of the largest independent oil producer in the Permian Basin predicts US shale production has peaked and will likely decline from here as oil prices hover near four-year lows."We have a very good view of what the US looks like. And right now that's a business that's slowing dramatically and likely declining in terms of production," Diamondback Energy (FANG) CEO Travis Stice said during the company's earnings call on Tuesday morning.Stice, who is slated to step down and become executive chairman later this month, issued a shareholder letter on Monday in which he pointed to declining crew count...

Texas Attorney General Ken Paxton has filed a lawsuit against the administration of President Joe Biden over an endangered lizard found in West Texas. The dunes sagebrush lizard, found in southeastern New Mexico and four Texas counties, was classified as endangered by the U.S. Fish and Wildlife Service in May. Typically about 2.5 inches long, the lizards are found in the Permian Basin, which is an epicenter of oil and gas production in the U.S. However, Paxton argues that this classification is improper and violates the Endangered Species Act, and says the U.S. Fish and Wildlife Service failed to use...

The gangs are allegedly attacking oil workers and attempting to steal oil, fuel, and copper from oil fields in Texas.

Texas dominates U.S. oil production, contributing 42.6% of the total output, mainly due to the Permian Basin.New Mexico has seen dramatic 190% increase in oil production over the past five years, becoming the second-leading oil producer in the U.S.California faces a 30.7% reduction in oil production over the past five years, largely due to political and geological challenges.U.S. oil production has increased by 21% over the past five years. According to data from the Energy Information Administration (EIA), earlier this month U.S. oil producers set a new annual production record.This increase is being driven by a surge of production in...

As part of a massive, pre-holiday weekend document dump by the Biden administration on June 30, the domestic oil and gas industry received an unwelcome gift from the U.S. Fish & Wildlife Service (USFWS), one that shifts Mr. Biden’s continuing war on oil and gas to the Permian Basin. In a notice published in the Federal Register, USFWS said it has determined a need to list the Dunes Sagebrush Lizard, long a topic of concern and controversy, as an endangered species under the Endangered Species Act. Though a day past deadline, the notice of proposed listing will presumably satisfy a...

In case you were wondering whether the Biden administration could do anything more to cripple the U.S. fossil fuel industry, the answer is yes.The Environmental Protection Agency is considering an “ozone violation designation” for portions of the Permian Basin, the largest oil field in the United States, according to Bloomberg News. The Permian Basin is located in West Texas and southeastern New Mexico.In a letter to President Joe Biden on Monday, Texas Gov. Greg Abbott warned that this action “could lead to skyrocketing prices at the pump by reducing production, increase the cost of that production, or do both.”Advertisement -...

Texas Governor Greg Abbott’s deadline for the Biden administration to respond to his request that they cancel an Environmental Protection Agency (EPA) proposal passed on Wednesday, and he now plans to take action to protect the nation’s gasoline supply himself. The proposed regulations take aim at the Permian Basin, the largest oil field in the United States, accounting for 95,000,000 gallons of gasoline per day or 40% of the oil produced domestically, according to the Texas Governor’s Office. Abbott claimed that the EPA’s proposal would further raise gas prices for consumers when fuel already costs more than $5 per gallon...

Anticipated federal policy changes to oil and gas leasing and permitting on federal lands “could shift oil production, prompting a realignment of Permian Basin activity between Texas and New Mexico,” a new report by the Dallas Fed says. The Permian Basin is the world’s largest shale oil and gas field, located in the Dallas Fed’s Eleventh District service area, straddling the Texas-New Mexican borders. On the New Mexico side, half of the oil and gas produced in the Permian Basin occurs on federal land. On average, even during the state’s shutdown in 2020, the state produced 1 million barrels of...

On Sunday, China’s Shandong Xinchao announced its decision to shell out $420 million to purchase oil-producing acreage from Grenadier Energy in the Texas Permian Basin.Or rather, Surge Energy of Houston made the announcement via PR Newswire.HOUSTON, Jan. 31, 2021 /PRNewswire/ — Surge Energy US Holdings Company (“Surge Energy” or the “Company”) announced in the US that it, through its subsidiary, has signed a purchase and sale agreement to acquire leasehold interest and producing wells from Grenadier Energy Partners II LLC (“GEP II”) in Howard County, TX (the “Transaction”). The aggregate purchase price of the Transaction is expected to be approximately...

Double Eagle Oil Rig Midland, Texas3:28 P.M. CDTTHE PRESIDENT:  Thank you.  Thank you, Cody.  Good job you did, Cody.  He was wealthier four months ago, but he’ll be up there very soon.  He’s doing good.  Come on.  Sit down, please.  Let’s have some fun.And I really am — I’m thrilled to be here in Midland, Texas, with the extraordinary men and women of Double Eagle Energy.  And what a nice welcome.  And thank you very much.  (Applause.)  There’s a lot of big, beautiful rigs behind me.Thanks to the hardworking citizens like you, the United States of America is now...

Exxon Mobil plans to reduce the number of oil rigs operating in an oil-rich region in the Southwest and may cut planned capital expenditures as the spreading coronavirus saps energy demand. The price of a barrel of oil has fallen more than 20% since the start of the year, and 8% in the last month, with energy demand expected to shrink as the outbreak drags on the global economy. Exxon will reduce the number of rigs in the Permian basin, a region that stretches across the border of New Mexico and Texas. Capital expenditures include expenses such as drilling and...

A recent influx of dynamic, new oil and gas operators are bringing innovative applications of modern technology to restore the San Juan Basin to its place as a leading basin in the United States

NEW YORK - U.S. oil output from seven major shale formations is expected to rise 84,000 barrels per day (bpd) in March to a record of about 8.4 million bpd, the U.S. Energy Information Administration said in a monthly report on Tuesday. The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 43,000 bpd to a record 4.024 million bpd in March. A shale revolution has helped boost the United States to the position of world's biggest crude oil producer, ahead of Saudi Arabia and Russia. Overall crude production...

Plunging drilling costs have sparked an explosion of production out of the Permian Basin of West Texas. In fact, Texas is pumping so much oil that it will surpass OPEC members Iran and Iraq next year, HSBC predicted in a recent report. If it were a country, Texas would be the world’s No. 3 oil producer, behind only Russia and Saudi Arabia, the investment bank said. “It’s remarkable. The Permian is nothing less than a blessing for the global economy,” said Bob McNally, president of Rapidan Energy Group, a consulting firm… “The industry cracked the code on fracking,” said McNally....

Hundreds of small, independent producers might soon be swallowed up by today’s unprecedented oil and gas boom in southeastern New Mexico. As industry titans like ExxonMobil and Concho Resources pump billions of dollars into previously untapped sections of New Mexico’s century-old oil patch, the state’s small- and medium-sized producers are struggling on the margins to keep running aging wells based on outdated technology. Those companies, which have flourished for decades in New Mexico’s side of the Permian Basin, don’t have the resources to invest in the modern drilling technology needed to dig into the oil-rich, hard shale-rock formations where the...

What are the most active crude oil-producing regions in the United States? The Permian Basin and Eagle Ford Shale, according to the U.S. Energy Information Administration's rig counts. Among more than 1,500 oil rigs in operation around the nation as of early November, more than 560 were in the Permian Basin and more than 200 were in the Eagle Ford Shale. By comparison, about 190 rigs were operating in the Bakken Shale. And at third quarter's end, the Permian Basin and Eagle Ford Shale housed 7,787 and 3,541 wells, respectively, while 2,062 wells were located in the Williston Basin, which...

$75 dollars a barrel – that’s the price crude oil would have to hit for frackers in North Dakota’s Bakken fields to feel pressure to slow new production, according to Greg Zuckerman, author of “The Frackers” and a special reporter at the Wall Street Journal. “All these guys have hedged. They’ve got production [and] they’ve already got the acreage. They’re not gonna stop but maybe they’ll kind of slow new stuff.” Fracking in other parts of the country, though, is likely to be much more resilient. In Texas’s Eagle Ford and Permian basin, Zuckerman says oil prices would have to...

Six years ago Bryan Sheffield had no energy industry experience. Today he’s on track to become a billionaire before his 40th birthday. How it happened is one of the greatest Texas oil stories of all time. The Great American Energy Boom is responsible for some of the most incredible roughneck-to-riches stories in business history. Aubrey McClendon built Chesapeake Energy CHK -0.87% into a land-grabbing juggernaut, lost his shirt (and his spot on The Forbes 400) from too much borrowing and is now clawing his way back. Harold Hamm envisioned using horizontal drilling and hydraulic fracturing technology to bring up oil...

As fracking accelerates in North American shale fields, oilfield services providers Halliburton Co and Baker Hughes Inc are stockpiling sand to protect themselves against rising costs and are buying more railcars to transport the haul.

Much larger than Eagle Ford and once thought to have reached peak production, new technology has brought us full circle back to the Permian Basin in Texas and New Mexico, where the recent shift to horizontal well drilling has rendered this play the unconventional ground zero.