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Economy Oil and Gas

Permian Oil Producer Reports 80 Percent Profit Surge in Q3 Despite Production Decrease

Inflated oil and gas prices are nearly doubling profits for some producers, including DiamondBack Energy, which profited $1.2B in Q3, a more than 80% surge from the year before, reports the Houston Chronicle. While revenue has spiked dramatically, DiamondBack Energy, among other oil and gas producers, also reported a decrease in production compared to Q3 of…

November 16, 20220Comments 123Views

Cushing, OK May Be Site of $5.6B Refinery

Cushing, Oklahoma is one of two sites competing for a $5.6 billion refinery, which, if built, would be one of the country's largest refineries and the first to take advantage of clean energy technologies, with plans calling for operations to be powered 100% by renewable energy, reports the Oklahoman. “You can’t make a complete transition to…

October 17, 20220Comments 105Views

Economy Oil and Gas

U.S. Will Release More Oil From Reserves in Response to OPEC+ Production Cuts

The United States plans to release more oil from reserves in an effort to keep costs low after the OPEC+ announced it will cut 2 million barrels a day from production starting in November, reports ABC News. "The president is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is…

October 11, 20220Comments 72Views

Economy Oil and Gas Renewable Energy

Texas Will Need “More of Everything” to Support Growing Population

Texas' population is growing rapidly, and in order to support higher energy demand, the state will need to invest expanding transmission, not just generation, according to the Texas Comptroller of Public Accounts. The state will also need to expand renewable energy resources to combat utility costs, which have increased as a result of rising natural gas…

October 5, 20220Comments 95Views

Coal Oil and Gas Renewable Energy Solar Energy

Solar Energy Accounted for Half of All Global Energy Capacity Additions in 2021

182GW of solar energy was installed globally in 2021, accounting for half of all energy capacity additions, reports Utility Dive. Wind energy additions made up a quarter of new additions, while natural gas accounted for 14% and coal additions jumped 8.5% from the year before. Read More

September 23, 20220Comments 96Views

Oil and Gas

Biden Administration Accepts Nearly $190M in Bids From Offshore Oil Lease Sale

Nearly $190 million in offshore oil lease bids have been approved by the Biden Administration after being rejected by a federal judge nearly a year ago, reports the Associated Press. The approval was required by the Inflation Reduction Act, which also mandates that three sales be allowed to proceed after previously being put on hold by…

September 21, 20220Comments 108Views

Business Oil and Gas

Devon Energy One of Several Oil Companies Partnering to Bring Tech Jobs to Oklahoma

Devon Energy Corp is one of several oil and gas companies who will partner with a Tulsa non-profit founded by the George Kaiser Family Foundation to attract tech startups to Oklahoma, reports Bloomberg. The group aims to bring as many as 2,000 tech jobs to the state over the next decade, in an effort to diversify…

September 14, 20220Comments 86Views

Oil and Gas Refining

Equipping Natural Gas Plants with Carbon Capture Tech Could Save Industry Billions

Natural gas will play an important role as the U.S. energy sector moves towards decarbonization. A new study shows how the industry could save billions of dollars by equipping facilities with carbon capture technology, reports S&P Global Market Intelligence. Thanks to new federal tax credits for carbon capture technology included in the Inflation Reduction Act, the…

September 7, 20220Comments 106Views

Oil and Gas

Texas to Use $25M Federal Infrastructure Grant to Plug 800 Orphaned Wells

Texas will receive a $25 million federal grant from Biden's infrastructure plan to plug 800 orphaned oil and gas wells, putting a small dent in the approximately 7,400 abandoned wells across the state, reports the Texas Tribune. It will cost approximately $428 million to clean up all the orphaned wells in the state which, left unattended,…

September 1, 20220Comments 88Views

Oil and Gas

Permian Oil Production to See Record-Highs in September

Oil production in the Permian Basin is expected to reach a record-breaking 5.408 million bpd in September, with total U.S. shale output predicted to outpace pre-COVID numbers, reports Reuters. The boost in production follows months of calls for increased production in response to the on-going global energy crisis. Read More

August 18, 20220Comments 92Views

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Oil and Gas

Permian Oil Producer Reports 80 Percent Profit Surge in Q3 Despite Production Decrease

Cushing, OK May Be Site of $5.6B Refinery

U.S. Will Release More Oil From Reserves in Response to OPEC+ Production Cuts

Texas Will Need “More of Everything” to Support Growing Population

Solar Energy Accounted for Half of All Global Energy Capacity Additions in 2021

Biden Administration Accepts Nearly $190M in Bids From Offshore Oil Lease Sale

Devon Energy One of Several Oil Companies Partnering to Bring Tech Jobs to Oklahoma

Equipping Natural Gas Plants with Carbon Capture Tech Could Save Industry Billions

Texas to Use $25M Federal Infrastructure Grant to Plug 800 Orphaned Wells

Permian Oil Production to See Record-Highs in September

NewsLetter

Long-Closed Steel Processing Plant Will Reopen to Produce Solar Components

How “Wasted Public Land” Alongside Highways is Being Used for Energy Development

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