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Here is this week’s industry news & analysis…
News Digest
Oklahoma rattled by shallow 5.1 magnitude earthquake
A 5.1 magnitude earthquake shook an area near Oklahoma City late ;ast Friday, followed by smaller quakes during the next several hours, the U.S. Geological Survey reported.
OCC Suspends SWD Permits Near Quake
According to the OCC, all oil and gas wastewater disposal wells permitted to dispose into the Arbuckle formation that operate within 10 miles of the earthquake’s epicenter will be expected to cease operations by February 17.
B3 Insight Weighs In On MidCon Quake
B3 LinkedIn post touches on a recent seismic event in Oklahoma.
Liberty Energy Releases 2024 Bettering Human Lives Report
Chris Wright was an amazing keynote speaker at our May 2023 event and was handing out 2023 copies of this report there. This week he releases the newest version and it shows how the modern world today is powered by and made of hydrocarbons. Preach!
NGIF Capital Leads an Investment in CarboNet to Expand Their Water Treatment Platform
“We were impressed that CarboNet could not only help the energy sector improve water use,” said John Adams, NGIF Cleantech Ventures Managing Partner, “but also cut OPEX, CAPEX, and emissions. It’s such a powerful offer that the company became the dominant supplier of produced water in the Permian Basin in just two years.
Disputed Martin County water recycling facility gets approval
Midland-based Martin Water Operating saw its plans for a produced water treatment facility in Martin County move a step forward with unanimous approval of its permit application by the three Railroad Commissioners.
Natural Gas: Ugly Price Action- How Low Can Natty Gas Go?
A significant decline over the past couple months took March natural gas futures to a $1.997 per MMBtu low on February 6.
Wellspring Hydro project moving forward, receives loan from state Industrial Commission
The planned Wellspring Hydro facility in Williams County (ND) looks to turn produced water in the oilfield into commodity materials.
Exxon, Chevron Ramp Up Permian Oil Growth in Threat to OPEC
Exxon Mobil Corp. and Chevron Corp. plan to aggressively ramp up production from the Permian Basin this year in what could be an early sign that US oil output may surpass expectations once again, like it did in 2023.
Chevron sees second-half production build in Permian
The company is targeting 1 million b/d from the basin by 2025, to be sustained by about $5 billion annually in capital spending.
Oil prices rise as U.S. crude production is seen growing more slowly this year
Crude oil futures rose for a third day on Wednesday as U.S. production this year is expected to grow less than expected, easing worries that the market is oversupplied.
ExxonMobil Says Activist Shareholders’ ‘Extreme Agenda’ Designed to Diminish Existing Operations
ExxonMobil is seeking to prevent some investors from using what it called a “Goldilocks Trojan Horse” strategy to diminish existing business operations.
New York legislators propose ban on use of carbon dioxide to extract gas
The proposed legislation comes in response to a Texas-based company's plan to use carbon dioxide to drill for natural gas in the Southern Tier’s Marcellus and Utica shales.
KSAT Explains: Should we be concerned about increase in earthquakes in South Texas?
A look at fracking and seismicity in South Texas.
State spends millions to plug massive well leak in the oil fields of Crane County
Danny Sorrells, the commission’s director of oil and gas, reported to the railroad commissioners at their Jan. 30 meeting that the effort to plug the well cost approximately $2.5 million. Even though the plugging project has been completed, Sorrells said there are still questions surrounding the leak.
Austin water recycling startup plans to invest $75M into New Mexico infrastructure in 2024
Company plans to hire more people, eyes acquisition deal.
Oil production water release reported at well near Keene
The North Dakota Oil and Gas Division was notified of a produced water release January 30 at the Galaxy SWD 1 well location, about seven miles from Keene in McKenzie County.
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