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Tag Archives: midland

Rigs plummet again

The Permian Basin shed 28 rigs in the past week, comprising nearly half of what nationally amounted to the biggest rig drop since 1991, according to a Friday report from Baker Hughes. The rig fall off represented the most dramatic sign yet of producers’ response to plunging oil prices. Permian Basin producers on Friday saw prices of about $44.75 per ...

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Concho announces cuts as oil falls

Concho Resources, the largest oil company focused entirely on the Permian Basin, announced plans to cut 2015 spending by about $1 billion in the face of low oil prices, a reduction of nearly a third from previous forecasts and a sign of how other companies might scale back. The Midland-based company with its Monday forecast became the latest to reveal ...

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Texas outpaced nation in job growth

Texas flag

FORT WORTH, Texas — West Texas oil country led the nation in job growth last month with the largest year-over-year percentage gains in employment even as oil prices tumbled. According to data released Tuesday by the Bureau of Labor Statistics, the Midland metropolitan area saw job growth rise by 6.2 percent. Odessa followed with a 4.7 percent increase. The Houston ...

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2014’s Oil Boom-erang

The Permian Basin reached 1.85 million barrels of crude production per day this year, capping what for several years now has been an unprecedented boom even as a cloud hangs over the region about whether it will continue. Some 85 percent of Odessa and Midland’s economy ties in directly to the oil industry, according to Amarillo economist Karr Ingham, who ...

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Texas’ November jobless rate falls to 4.9 percent

AUSTIN, Texas — Texas’ unemployment rate has declined for the third month in a row to 4.9 percent in November as the state continues to add jobs, the Texas Workforce Commission reported Friday. The state added 34,800 seasonally adjusted total nonfarm jobs in November for a total of 441,200 jobs added since last year. The November seasonally adjusted unemployment rate ...

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UT System regents authorize hiring of a CEO to oversee oil lands

University of Texas System regents on Monday authorized hiring a chief executive officer to oversee the system’s vast West Texas lands, which are rich in oil and natural gas deposits. A consulting firm recommended last year that the UT System hire a CEO and expand its staff in Midland in light of a dramatic increase in drilling. Royalty payments and ...

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KWI acquires new business

Today, KW International, LLC (KWI) announced its acquisition of Advance Fabrication & Measurement LLC (AFM). KWI, an OFS Energy Fund portfolio company, and AFM’s partnership will diversify KWI’s product offering, expand its customer base and provide an additional manufacturing facility located in Midland, Texas.  With the deal, all of AFM’s employees were hired at KWI, which increases KWI’s employees to ...

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Gas prices drop 7.5 cents since last week

Average retail gasoline prices in Midland/Odessa have fallen 7.5 cents per gallon in the past week, averaging $2.48/g yesterday, according to GasBuddy’s daily survey of 156 gas outlets in Midland/Odessa. This compares with the national average that has fallen 8.3 cents per gallon in the last week to $2.57/g, according to gasoline price website GasBuddy.com. Including the change in gas ...

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Another company expands in West Texas

EagleClaw Midstream Services LLC, a company backed by EnCap Flatrock Midstream, has purchased multiple natural gas properties in West Texas. The price of the acquisition was not disclosed. The properties, which are located in Reeves County, consist of more than 50 miles of gas gathering pipelines and a refrigerated Joule-Thomson plant with the capacity to process 15 million cubic feet ...

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Midland ranks first in state for job creation

oil workers

Midland ranks No. 1 in Texas for the lowest unemployment rate and highest employment growth rate, according to a new report by the Real Estate Center at Texas A&M. The Tall City showed a 2.5 percent unemployment rate, while Odessa came in second statewide at 3 percent. But Midland”s employment growth rate of 7.2 percent is the most impressive, as ...

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