News

Oil and gas contributed $2.8 billion to state’s economy in FY20

Mike Cook, The Las Cruces Bulletin l January 15, 2021

A new analysis from the nonpartisan New Mexico Tax Research Institute reports state revenue from oil and natural gas production in New Mexico totaled $2.8 billion in FY20, accounting for 33.5 percent of total state spending, the New Mexico Oil and Gas Association (NMOGA) said in a news release.

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Study shows potential economic pain in New Mexico if fracking is banned on federal lands

Tim Benson, The Heartland Institute l January 14, 2021

$62 Billion In Lost Tax Revenue, $85 Billion In Lost Income, $207 Billion In Lost Value Added Through 2040

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US oil, gas rig count jumps 18 to 424; Permian sees biggest rig add since pandemic

Starr Spencer, S&P Global l January 14, 2021

Houston — The total US oil and gas rig count leaped by 18 to 424 in the week ending Jan. 13, rig data provider Enverus said, with the Permian seeing its largest weekly gain since the pandemic began to affect markets last March.

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Occidental to Strip Carbon From the Air and Use It to Pump Crude

Kevin Crowley & Akshat Rathi, Bloomberg Business l January 13, 2021

Deep in the Permian Basin, America’s biggest oilfield, Occidental Petroleum Corp. plans to build a facility that it believes could change the way the world thinks about fossil-fuel emissions. The globe’s first large-scale direct air capture (DAC) plant will remove carbon dioxide from the atmosphere and pump it deep underground, where it will remain for millions of years. The process would essentially be the reverse of what oil and gas companies do today. The goal is to lower emissions of the primary greenhouse gas responsible for global warming—and one day even produce a carbon-negative barrel of oil.

 

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Fresh signs of life point to resiliency of Permian Basin

Jens Gould, The New Mexican l January 3, 2021

When Sam Cobb sets out on U.S. 62 these days, he’s seeing more heavy-duty trucks.

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Dallas Fed Energy Survey: Oil and gas activity on the rebound, outlook improves

Staff, ABC 25 News l December 31, 2020

Activity in the oil and gas sector jumped in the fourth quarter of 2020, according to oil and gas executives responding to the Dallas Fed Energy Survey.

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