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• How the energy sector benefits Texas' economy
  The booming oil and gas industry in Texas now supports about 17 percent of jobs in the state, either...
  The booming oil and gas industry in Texas now supports about 17 percent of jobs in the state, either directly or indirectly, according to a new economic analysis.
  
  The research published this week by the Waco-based Perryman Group indicates that oil and gas production in the state has increased fivefold since 2010 as shale-extraction techniques have improved, lowering costs and increasing recovery rates.
  
  Total yearly economic benefits generated by the state’s oil and gas industry, along with related businesses, include $557.4 billion in total outlays, the study found. In terms of personal income, the benefits amount to $120.6 billion, according to the report, and the number of jobs the sector supports approaches 2 million, or one out of every six jobs in Texas.
  
  By Michael Carroll | The Center Square - Read Full Article
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• Gary Rich To Retire As Parker Drilling President, CEO
  From Hart Energy: Parker Drilling Co. announced on July 15 that Gary Rich has decided...
  From Hart Energy: Parker Drilling Co. announced on July 15 that Gary Rich has decided to retire from his roles as president, CEO and director of Parker Drilling later this year.
  
  Rich plans to remain in his current roles for an interim period to support a smooth transition. The board of directors will engage a search firm to conduct a comprehensive search for a permanent successor.
  
  “Parker Drilling owes a tremendous debt of gratitude to Gary Rich, who oversaw a disciplined strategy to refocus the company and maintain a strong reputation for reliability, innovation and efficiency amid one of the most challenging markets in the company's history. Gary led the company through the industry downturn and successfully worked closely with several stakeholders to put the company on the right path for the future," Eugene Davis, Parker Drilling chairman, said.
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• Vanguard becomes Grizzly Energy after second bankruptcy
  Houston's Vanguard Natural Resources is going private and changing its name after the struggling company...
  Houston's Vanguard Natural Resources is going private and changing its name after the struggling company emerged from bankruptcy this week for the second time in two years.
  
  Vanguard is now a limited liability company called Grizzly Energy with oil and gas assets in Oklahoma, the Permian Basin, Colorado and Wyoming. Grizzly said it eliminated more than $500 million in debt during its second bankruptcy proceedings.
  
  A 12-year-old company, Vanguard got in trouble when it went on a buying spree in the spring of 2015 when it was believed the oil bust would soon end. But the downturn lasted to 2017 as the size of Vanguard's debt grew, ultimately proving too much.
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• BLM to move headquarters to Grand Junction, Cory Gardner says
  The Bureau of Land Management will relocate its headquarters to Grand Junction from Washington, D.C.,...
  
  The Bureau of Land Management will relocate its headquarters to Grand Junction from Washington, D.C., U.S. Sen. Cory Gardner announced on Monday.
  
  “This is a very big deal for Grand Junction,” the Colorado Republican told The Colorado Sun. “I think this is a signature accomplishment for Grand Junction. They have positioned themselves as a public lands community and economy.”
  
  Gardner said the relocation “showcases and highlights Colorado’s public lands leadership” and will be a major economic driver for the Western Slope.
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• Apollo Weighing Investment in Sanchez Energy Debt
  (Bloomberg) -- Apollo Global...
  (Bloomberg) -- Apollo Global Management LLC is weighing an investment in struggling oil producer Sanchez Energy Corp.’s debt, according to people with knowledge of the matter.
  
  The New York-based private equity firm is among the potential investors that may buy Sanchez’s debt to take control of the company as part of a restructuring, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The Sanchez family could keep a minority interest under the new shareholding structure, the people said.
  
  Sanchez has a debt load of about $2.4 billion, according to its most recent quarterly filing. It warned in its annual report that it may have to file for bankruptcy. Any restructuring is likely to be complicated by the number of assets that are beyond the reach of the company’s creditors.
  
  Shares of Sanchez have fallen 98% in the past year, giving the company a market value of about $9.8 million.
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