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Top Producing Oil Play In The Permian Set To Break Records In 2022

Top Producing Oil Play In The Permian Set To Break Records In 2022

Rystad Energy, OilPrice.com | May 19th, 2022Total hydrocarbon production in the Permian Delaware Basin, the top-producing play in the Permian, will hit a record 5.7 million barrels of oil equivalent per day (boepd) average in 2022, according to Rystad Energy research. Spurred on by high oil prices and appealing well economics, total production is set to grow by around 990,000 boepd, almost half of which – 433,000 boepd – is new oil production. Investments in the basin are also expected to jump, surging more than 40% from 2021 levels to reach $25.7 billion this year. A significant contributor to this growth is the majors – ExxonMobil, Chevron, BP and ConocoPhillips – who last year cut Permian Delaware investments by 33% vs. 2020. This year, the majors are expected to raise investments in the basin by 60%, bringing their total to $7.4 billion. Private operators’ share is also set to balloon in 2022, rising 50% from $5.8 billion in 2021 to nearly $9 billion in 2022. Cost inflation on the services side, which is expected to range between 10% and 15% this year, is also a contributor to the higher spend levels.

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Oil tax revenues in New Mexico, other states spotlight a dependence on fossil-fuel taxes

Oil tax revenues in New Mexico, other states spotlight a dependence on fossil-fuel taxes

Morgan Lee, Chicago Sun Times | May 17th, 2022NMOGA_External-20.webpSANTA FE, N.M. — Thanks to oil tax revenues, government budgets are booming in New Mexico.

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New director wants to show Oil and Gas Association’s impact in New Mexico

New director wants to show Oil and Gas Association’s impact in New Mexico

Mike Cook, The Las Cruces Bulletin | May 16th, 2022NMOGA_External-23.webpThe new president and CEO of the New Mexico Oil and Gas Association (NMOGA) wants to “show people what we’re doing” for the state’s economy, the environment and the average American who fills his or her vehicle with gasoline to get work every day.

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Chevron announces $250,000 donation to new mexico wildfire relief efforts

Chevron announces $250,000 donation to new mexico wildfire relief efforts

Chevron | May 16th, 2022NMOGA_External-22.webpChevron Corporation (NYSE: CVX) today announced a contribution of $250,000 from the Chevron Global Community Fund to the All Together NM Fund and Taos Community Foundation to support relief efforts for wildfires in New Mexico.

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Inflation 'really pressuring' US oil and gas industry

Inflation 'really pressuring' US oil and gas industry

Talia Kaplan, Fox Business | May 11th, 2022Mike Sommers, the American Petroleum Institute president and CEO, argued on Wednesday that a long-term energy strategy is needed to reduce prices and stressed that the U.S. has resources that can be developed quickly "if we get the policies right."

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Don’t Look to Oil Companies to Lower High Retail Gasoline Prices

Don’t Look to Oil Companies to Lower High Retail Gasoline Prices

Garrett Golding and Lutz Kilian, Federal Reserve Bank of Dallas | May 10th, 2022The rise of U.S. retail gasoline prices in March 2022 has triggered a debate about whether U.S. oil companies are doing enough to rein in high gasoline prices and whether these companies should be held accountable for not increasing the production of crude oil.

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