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Report: Oil, gas helps fund Texas schools

jacked

A report by North Texans for Natural Gas explains how the oil and natural gas industry contributes more than $4 billion per year to the Texas education system. Texas schools benefit from oil and gas royalties that are paid into the state’s Permanent School Fund and the Permanent University Fund. Local independent school districts also benefit from property taxes paid ...

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Energy producers pump up economy in 2014 but plunge feared in 2015

The natural gas industry boosted economic growth last year in Western Pennsylvania, where gross domestic product increased at the fastest pace in five years, according to Commerce Department data released Wednesday. The value of goods and services produced in the seven-county Pittsburgh region grew 2.9 percent in 2014, ranking the region 77th among 381 metro areas in terms of its ...

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Mom and pop businesses feel ripple effect of downturn

Cat Well Service’s workover rigs drilled through a freshly cemented well north of Midland in September, the sort of well maintenance work that many of private oilfield businesses in Odessa and Midland rely on. This work grows increasingly scarce and competitive in the ongoing downturn. As oil companies began idling drilling rigs this year, the amount of workover rigs plummeted, ...

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Inspectorate opens Basin facility

A new oil and gas service facility opened in the Midland-Odessa area earlier this week. Inspectorate, a multinational inspection, sampling and testing services group, announced Tuesday that it will now provide services to the Permian Basin including sampling and gauging, terminal inventories, key point crude testing and water-draws. Inspectorate’s team is also trained and equipped to package and ship samples ...

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Linn Energy seals sales and equity deals

Having struggled through expenditure cuts and debt this year, Linn Energy plans to sell off its remaining assets in the Permian Basin. FuelFix reports the Houston-based company’s assets in Howard County were purchased for $281 million by an unnamed buyer. The assets purchased include about 6,400 acres of Midland for potential Wolfcamp drilling and production from 133 nearby wells. The ...

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Houston-based Apache Corp. to close regional office in Tulsa

TULSA, Okla. (AP) — Houston-based oil and gas producer Apache Corp. will close its regional office in Tulsa as part of a company-wide restructuring. The Tulsa World reports the company announced its plans Monday to close the office that employs 160 people. Apache spokeswoman Castlen Kennedy said the company will try to offer as many jobs as possible to the ...

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SM Energy donates to ECISD robotics programs

SM Energy donated funds to Bonham Junior High School and Permian High School Wednesday for their robotics programs. The oil and gas exploration and production company presented a $10,000 check to Permian High School to kick off its robotics program next fall and $5,000 to Bonham Junior High School, said Connie Greenlee, a senior geological technician for the exploration group ...

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Top 5 Eagle Ford stories of the week

oil

5.Halliburton, Baker Hughes shareholders overwhelmingly approve merger Nearly 99 percent of the shareholders at Halliburton’s special meeting voted in favor of the proposal to issue Halliburton shares. Baker Hughes shareholders also supported the merger overwhelmingly, with 98 percent of shareholders voting to approve the deal. Halliburton chairman and CEO Dave Lesar is pleased with the results and is looking forward ...

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In Texas oil town, early signs of economic strain as drilling slows

Midland, Texas

NEW YORK – Sales tax receipts in the thriving oil town of Midland, Texas, fell this month, only the second decline in five years and one of the first signs of how low oil prices are beginning to ripple beyond oil company bottom lines and into the wider economy. Midland’s sales tax revenues, which reflect commercial and residential spending, dipped ...

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