Permian Powers On 90+ years of prolific production and still growing
Home to oil legends and vast fortunes, the Permian Basin is the undisputed capital of the light oil revolution. And the opportunity for legendary profit-making is far from over. Pioneer Natural Resources, who will be featured at this year's opening keynote presentation, estimated in June 2014 it has 20,000+ potential Wolfcamp and Lower Spraberry well locations. That count doesn't include what may be possible from down-spacing or from wells in the Clearfork, Middle Spraberry, Atoka and Woodford layers.
While this world-class play isn't immune to the impacts of current oil markets, it remains a strategic investment for elite producers who are successfully driving breakeven costs down. With layer upon layer of proven resource-rich rock, companies are finding innovative ways economically produce oil in any market.
Why should you spend two days in Midland, TX this November? Because it’s where the oil is! Attend the ONE conference that gives you an in-depth look at activity in the nation's top oil province, and unique perspectives on the entire U.S. oil and gas market. Plan now to join 1,100+ industry executives, managers, capital providers, financiers and analysts, 15+ executive-level speakers and 80+ exhibiting companies November 9-10 in Midland.
TransCanada: Heartland Line's Construction Delayed Construction on the Heartland Line from Edmonton, Alberta, to Hardisty is indefinitely delayed because the Keystone XL and Energy East systems it would supply are delayed, executives said, Bloomberg reported.
Study: Crude Prices On Track To Fall Further The growing worldwide oil surplus is a prelude to another price drop, and prices will continue to remain suppressed until there is evidence that the glut is shrinking, according to an IHS study released July 31.
Of course, the oil and gas industry has not been able to escape a difficult conundrum: Since the oil price collapse, global oil production has gone up, not down. Since the November 2014 OPEC meeting, aggregate production from the U.S., Saudi Arabia, and Iraq has increased 2 million barrels a day (MMbbl/d). That production number is far more than the global demand, IHS said, and in return the global glue has increased.
Prices in the U.S. have not yet fallen far enough, or for a long enough period of time, for an appreciable supply adjustment to occur. Yet IHS says such as equilibrium may not be far off, particularly if oil prices fall further with the availability of additional Iranian supplies.