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Some good news for a change?

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Chevron plans aggressive growth in the Permian Basin this year, even as rivals in the region scale back amid low oil prices. Senior vice president of upstream Jay Johnson called the Permian “one of our most important growth areas” with assets “second to none,” during an analyst event on Tuesday in New York. “We’ve taken the approach of developing our ...

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Plains to extend its pipeline projects in the Delaware Basin

Houston-based Plains All American Pipeline announced last week that it plans to construct two new Delaware Basin pipelines and related gathering systems. The pipelines will allow Plains All American to expand its existing Blacktip station with the construction of a 20-inch loop line from Blacktip station to Wink. This new infrastructure will support Plains’ previously announced 24-inch pipeline loop from ...

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Gas prices a $1 less than February 2014

Average retail gasoline prices in Midland/Odessa have fallen 0.5 cents per gallon in the past week, averaging $1.96 per gallon, according to GasBuddy’s daily survey of 156 gas outlets in Midland/Odessa. This compares with the national average that has increased 2.7 cents per gallon in the last week to $2.05 per gallon, according to gasoline price website GasBuddy.com. Including the ...

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Winter storm covers Basin in snow

The snow has arrived. Colder air will continue to move through the Permian Basin tonight with the rain and snow gradually moving southeast. The National Weather Service of Midland is expecting 2 to 5 inches of snow across the majority of the area and as much as 7 inches in the higher elevations and southeast New Mexico. NWS is alerting drivers ...

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Winter storm rolling in today

A winter storm watch is in effect Thursday night through 6 a.m. Friday, according to the National Weather Service of Midland. Rain is expected to develop during the afternoon today with highs in the 40s and 50s. Colder air will move in tonight and the rain is expected to change to snow across southeast New Mexico and northern parts of ...

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West Texas oil producers reduce capital budgets, rig count

MIDLAND, Texas — Some Permian Basin oil producers are slashing spending plans for 2015 as crude prices continue to tumble. Concho Resources has trimmed its $3 billion capital program by a third. It will also reduce the number of drilling rigs it operates, from 35 to 25 in the second quarter. The Midland Reporter-Telegram reports reported Sunday that the board of ...

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Rigs drop as downturn continues

Permian Basin oil producers continued to respond to low prices by scaling back, shedding another 15 rigs during the past week to a total 487. The drop followed the starkest national weekly drop since 1991. Two weeks ago, the Permian Basin shed 28 rigs, nearly half of those nationally. Oil producers are expected to release more rigs as their 2015 ...

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Diamondback scales back for 2015

Midland-based Diamondback Energy will cut 2015 capital expenditures by about 40 percent from their initial plan, according to a Tuesday announcement from the company, becoming the latest company to dramatically scale back in the face of low oil prices. Diamondback executives initially planned to run eight horizontal rigs this year, but now they plan to run three under a budget ...

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Falling oil prices to cause Midland County sales tax revenue drop

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We are quickly finding out that the benefits of falling oil prices are few and far between, especially when it comes to local and state governments. Companies and government entities alike are being forced to make unwanted budget and job cuts. Oil-booming towns are having to make budget proposals based on current oil prices, which is causing cities like Midland ...

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