The Permian Basin is percolating once again! More companies are heading to Texas and New Mexico in search of opportunities and business.
A $141 million acquisition in the Permian Basin became the latest sale to close in the region as it was expected to continued growing in production of both oil and natural gas.
Kimbell Royalty Partners said May 17 it completed a deal announced in April to buy assets on the eastern Midland sub-basin of the Permian in Howard and Borden counties in Texas.
The acquired assets included about 60,000 acres in the region, expected produce about 1,901 barrels of oil equivalent per in the next year – 77 percent oil and 12 percent natural gas.
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Texas Wants More Protection From Feds
Texas could soon have a new law that aims to make the state a sort of safe haven for the oil and gas industry by shielding it from federal climate and environmental regulation. But experts say the measure — which would do little to change environmental enforcement in Texas — would be more symbolic than anything.
Texas Republicans in both chambers have supported House Bill 33, authored by state Rep. Brooks Landgraf, R-Odessa, as a way to ward off federal climate rules under President Joe Biden, who pledged that the U.S. would cut its greenhouse gas emissions in half by 2030, among other goals to slow climate change. The president’s climate agenda has been viewed by many Texas Republicans as disastrous for the nation’s biggest oil and gas state.
“I view this administration as hostile to Texas,” said Sen. Brian Birdwell, R-Granbury. “I don’t think anybody has any doubt about that.”
Joe Sinnott of Witting Partners gives an update on the Shell Ethane Cracker Plant with a boots-on-the-ground report from the Marcellus.
The Crude Life Daily Radio News & Lifestyle Update
Roe Patterson, author of Crude Blessings, share the story of his father’s (Glenn Patterson) rise in the energy industry.
Glenn Patterson is considered by many, if not most, one of the titans in energy. He is one of the founders of Patterson-UTI Energy and his one rig-to-riches story is often talked about by many aspiring entrepreneurs and energy enthusiasts. He passed away in 2015 at the age of 68.
He also explains how growing up in the industry shaped his work ethic and drive for entrepreneurship in the full length interview below.
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Shell's Ethane Plant, Texas Wants Protection from Feds and the Permian is Percolating