March Newsletter

Our March newsletter is here! Keep reading to see what we're excited about this month!

Texas oil and natural gas industry broke multiple records in 2023

The Texas oil and natural gas industry broke records all around in fiscal 2023. It smashed all previous records it broke in 2022 in all categories, according to an analysis published by the Texas Oil & Gas Association in its Annual Energy & Economic Impact Report.

The industry reported the highest ever totals in production, exports, refining outcomes, crude oil supply, and paid the largest tax revenue contribution in state history of more than $26.3 billion last year.

Read more: (The Center Square)

Keep On Dancing - Exploring The Drivers Of Burgeoning Upstream Consolidation

Brutal arctic cold may have chilled broad swaths of the U.S. last month, but the scorching pace of upstream M&A activity continued to be red hot, with nearly $20 billion in deals announced in January after a record-setting 2023. Last year’s transaction value totaled an astounding $192 billion, a mark 79% higher than the previous 10-year high and more than the previous three years combined.

Read more: (RBN Energy)

ConocoPhillips gets environmental award

The ConocoPhillips Corp. had an active fourth quarter, advancing its global liquefied natural gas strategy through its expansion in Qatar and making final investment decisions at its LNG project at Port Arthur and its federally sanctioned exploration and production Willow Project on the North Slope of Alaska.

Read more: (OAOA)

Global Oil Markets Brace for a Balanced 2024 Amidst Rising Fuel Prices

The world of oil is bracing for a new chapter in 2024, as the International Energy Agency (IEA) predicts that global oil markets will remain comfortable with new supplies meeting demand. This forecast suggests a moderate oil price evolution throughout the year, a welcome relief for consumers who have been grappling with rising fuel costs.

Read more: (BNN)

Sandow Lakes Energy Company, LLC Announces Agreement to Construct a 1200 Net Megawatt Combined Cycle Power Plant at Sandow Lakes Ranch in the Texas Triangle

Sandow Lakes Energy Company, LLC today announced its plans to pursue the construction of a 1200-megawatt, ultra-efficient, natural gas-fueled power plant. The plant, located on Sandow Lakes property in Lee County Texas, will be developed and owned by a Sandow Lakes Energy Company, LLC, subsidiary and will operate within the Electric Reliability Council of Texas (ERCOT). The plant will be capable of serving over 800,000 homes. Construction is expected to begin in 2025, with the plant generating power by 2028.

Read more: (PR Newswire)

Regulatory Overhaul and Contested Seat: The Future of Texas Oil and Gas Industry

In a significant move marred by the backdrop of environmental concerns and regulatory scrutiny, the Railroad Commission of Texas, an agency with a storied history in the oversight of the state's oil and gas industry, has implemented revisions to key reporting forms used by operators for the monthly transportation and storage of oil and gas. These changes, slated to take effect on May 1, 2024, herald a new era of regulatory oversight, poised to make the industry more transparent and accountable.

Read more: (BNN)

DOE announces $24M to expand clean energy workforce

The U.S. Department of Energy?announced a new $24 million funding opportunity for workforce training programs with a focus on training in clean energy jobs that do not require a four-degree.

Read more: (BIC Magazine)

Texas Oil Production to Break All-time Records in 2024 to Exceed 5.6 Million Barrels Per Day

According to data from the US Energy Information Administration, December saw the all-time production record in the USA surpassed with more than 13.3 million barrels per day, a figure that, according to forecasts, will be widely surpassed in both 2024 and 2025.

Texas is already the largest oil producer in the USA with 42% of the total, and employs more than 480,000 Texans. The sector already contributes more than $26.3 billion in state and local taxes to the national economy, an increase of $1.5 billion more than in 2022.

Read more: (Oilman Magazine)

Will USA Oil, Gas Jobs be Affected by a Drop in Shale Growth in 2024?

Evolving strategies in the U.S. shale sector mean output is not growing as quickly as in previous years.

That’s what Rystad Energy’s Head of Upstream Research, Espen Erlingsen, said in a release sent to Rigzone last month, adding that “investments in the shale patch are not expected to grow in 2024, keeping activity and output relatively flat."

Read more: (Rigzone)

US power grids seek more coordination with natgas firms to improve reliability

Several U.S. power grid operators published a position paper on Wednesday which identifies issues and outlines suggestions to improve the reliability of gas-electric coordination.

The paper, "Strategies for Enhanced Gas-Electric Coordination: A Blueprint for National Progress," also notes steps to improve market efficiency of gas supply and delivery.

The grid operators known as the joint Regional Transmission Organizations (RTOs), who continue to rely on thermal generation fueled by gas, have proposed a number of short- and medium-term measures in the paper.

Read more: (Reuters)

Exclusive: Biden administration to approve E15 gasoline expansion starting in 2025, sources say

The White House will approve a request from a group of Midwest governors to allow year-round sales of gasoline with higher blends of ethanol, but will push the start date into next year, two sources familiar with discussions said.

The decision will likely be bittersweet for the biofuel industry, which wants to expand sales of corn-based ethanol but might be frustrated by the 2025 start date. The one-year delay could put off any potential localized price spikes and supply issues that the oil industry says could arise from the decision until after the U.S. election, the sources said.

Read more: (Reuters)

2023 Saw BIG Win for Texas Oil & Gas – It Wasn't by Accident

The importance of Texas’ energy sector to the rest of the U.S. cannot be overstated. Texas is the top oil and gas state in the country, producing 42% of crude oil and 27%t of marketed natural gas, according to Texas Comptroller Glenn Hegar’s Office. Producing more electricity than any other state –?roughly 12% of the nation’s total –?energy is the lifeblood of Texas. While important to the country as a whole, the oil and gas industry is undoubtedly vital for our state and local economies.

Read more: (Texas Insider)

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