News

Are you having a backyard BBQ this weekend? Many of the products you use are powered from oil and natural gas! Here are some examples:

David Blackmon, Forbes | May 24th, 2022President Joe Biden took some heat on Monday for saying the quiet part of the energy transition out loud. At a press conference following a meeting in Japan with Japanese Prime Minister Fumio Kishida, the President seemed to frankly admit that high gasoline and diesel prices are just part of the overall plan for the transition to renewables.

Adam Sabes, Yahoo News | May 23rd, 2022President Biden said that the country is going through an "incredible transition" away from fossil fuels via the high gas prices being experienced nationwide.

ConocoPhillips | May 2022NEW MEXICO – ConocoPhillips recently announced $100,000 to be allocated to the All Together NM Fund and other relief agencies in support of New Mexico’s wildfire disaster relief efforts. The All Together NM Fund was established in 2020 by the New Mexico Coalition of Community Foundations in conjunction with the Governor’s office to help New Mexico respond to and eventually recover from the COVID-19 pandemic. The All Together NM Fund has now been reactivated to coordinate statewide relief for the ongoing wildfires.

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.

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