EIA issued its 2nd quarter financial review of the E&P industry, found here. Highlights: Production is declining for the first time since the beginning of 2014 (click to enlarge). Companies are losing cash (click to enlarge): Profit is down to zero (click to enlarge): Debt increased (click to enlarge):
Texas Tribune September 24, 2015 – by Ross Ramsey: What happens when an elected official says “we” is that we think they’re talking about us — the people who elected them. Sometimes, that’s right. In fact, it’s right most of the time. Not at the Texas Railroad Commission. It’s…
The Texas Railroad Commission has submitted its “Self-Evaluation Report” to the Texas Sunset Commission, in anticipation of Sunset Commission review of the RRC in the next legislative session in 2017. Under Texas’ sunset law, every Texas agency must periodically undergo review by the Sunset Commission and be re-authorized by legislative…
During my vacation I read The Quartet: Orchestrating the Second American Revolution, 1783-1789, by Joseph J. Ellis. Ellis tells the story of the writing and passage of the US Constitution, orchestrated, he asserts, by George Washington, Alexander Hamilton, John Jay and James Madison (the quartet). Before the adoption of the…
The Texas Supreme Court yesterday granted Coyote Lake Ranch’s petition to review the Amarillo Court of Appeals’ opinion holding that the accommodation doctrine does not apply to severed groundwater. View my previous post on the case here.
In January, the El Paso Court of Appeals decided the appeal of Lazy R. Ranch, LP, et al. vs. ExxonMobil Corporation. The court reversed a summary judgment in favor of Exxon and remanded the case to the trial court for a trial on the merits. Exxon has asked the Texas…
A federal judge in Dallas has ruled that Chesapeake cannot deduct post-production costs on the Plaintiffs’ leases covering lands in Tarrant and Johnson Counties, in the Barnett shale. The order can be viewed here: Winscott – Order on MSJs The case is Trinity Valley School, et al. vs. Chesapeake Operating,…
Last week, the US Energy Information Administration provided a summary of states’ severance tax revenue (click on image below to enlarge): With the precipitous decline in oil prices, Alaska, North Dakota and Wyoming will be hurting. According to EIA, Texas collected $931 million in severance tax revenues in the first…
Big news this week about the Environmental Protection Agency’s new proposed regulations to limit emissions of methane and volatile organic compounds (VOCs) from oil and gas drilling, operating, compression and processing facilities. EPA’s proposed new rules can be viewed here. Among other things, the proposed regs would require operators to…
Chesapeake is spending a lot of money on lawyers. Dan McDonald, a Fort Worth attorney, has filed some 250 cases against Chesapeake contending that it is underpaying its royalty owners. Companies affiliated with former House of Representatives Speaker Tom Craddick have now been added to McDonald’s client list. So many…