Category: Contributors
Voters Defeat Three Referendums on Energy
The energy industry won three referendums on Tuesday that would have made energy production more expensive in Colorado, Washington and Arizona. Environmental groups sought to make the production of fossil fuels more expensive by mandating restrictions on production, taxing emissions, and requiring increased usage of renewable sources. The referendum in Colorado, Proposition 112, failed 58 percent to 42 percent. It…
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Forty-Five Years Later…
Forty-five years ago, October 17, 1973, the Arab oil embargo began as agreed to by the OPEC oil ministers. Since that time, beginning with the embargo, U.S. energy and economic direction has been impacted due to that decision. (The members of the Organization of Arab Petroleum Exporting Countries “OAPEC” initiated the oil embargo.) A few months later, (1974), The International…
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Oil and Gas Acquisition Market 2019 Outlook
The last few years I have written about the Market Outlook in the acquisition market for the coming year. For the most part, these outlooks are nothing more than reporting back to the reader the information I hear every single day. I don’t deal in global politics or billion dollar deals, so I have no input on any of those…
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The 75K Well Drilling Profits in the Illinois Basin
Recently the Bakken recorded record crude oil and natural gas output numbers. The Permian is red hot too. These shale plays have crews setting up and tearing down well sites. In the Bakken, for example, well costs are in the $7-8M range, quite a reduction from $12M in 2014. But there are a few oil fields not receiving headlines or…
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Survey Finds More Optimism Among Oil Executives Than in 2017
While oil and gas executives have grown more optimistic about economic conditions within the industry, they are concerned about growing geopolitical issues which include potential environmental restraints. The firm of Deloitte & Touche LLP released this week its annual survey of 325 executives from the exploration-and-production sector (upstream), the transportation sector (midstream), and the refining/chemicals sector (downstream). A growing U.S.…
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Oil Prices Drop Amid Market Uncertainty
Crude oil prices declined again this week as more questions arose regarding supply and demand. One thing is certain: oil production in Texas and the U.S. continued to increase. Texas oil production rose 1 million barrels per day (b/d), or 29.9 percent, over last year, and U.S. oil production rose 18.8 percent to 10.964 million b/d. The increase in U.S.…
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Analysts Optimistic About Fourth Quarter
Even though crude oil prices have declined 10 percent since Oct. 1, some analysts believe that the fourth quarter of 2018 will continue to be optimistic for oil and natural gas producers. The Energy Information Administration (EIA) believes that West Texas Intermediate (WTI) traded on NYMEX will range from $60 to $93 per barrel during the remainder of the year…
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