N.M, Texas to collaborate on cross-border well regulation
New Mexico's Oil Conservation Division and the Railroad Commission of Texas last month agreed to coordinate...
New Mexico's Oil Conservation Division and the Railroad Commission of Texas last month agreed to coordinate regulatory oversight of cross-border oil and natural gas wells and better define their respective authority over the drilling, completion, and production of these wells. "The oil and gas industry is vital to Texas and New Mexico and benefits the nation, and the MOA [memorandum of understanding] helps the development of each state's resources in a responsible and efficient manner," said RRC spokesman Andrew Keese.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in four weeks despite crude prices soaring to five-week highs after OPEC+'s decision to cut production.
The U.S. total oil and gas rig count, an early indicator of future output, fell by three to 762 in the week to Oct. 7, the lowest since early September.
Oil rigs fell two to 602 this week, while gas rigs dropped one to 158.
Oil prices on Friday were trading at five-week highs after an OPEC+ decision this week to make its largest supply cut since 2020. Energy executives, however, told Reuters that the big OPEC+ cut will not spur new U.S. oil and gas production due to constraints.
Benchmark U.S. crude oil for November delivery rose $4.19 to $92.64 a barrel Friday. Brent crude for December delivery rose $3.50 to $97.92 a barrel.
Wholesale gasoline for November delivery rose 5 cents to $2.73 a gallon. November heating oilrose 16 cents to $4.02 a gallon. November natural gas fell 22 cents to $6.75 per 1,000 cubic feet.
It’s a regular day of business for the U.S. stock market on...
It’s a regular day of business for the U.S. stock market on Monday,October 10, as equity exchanges stay open for Columbus Day, a federal holiday that also has been recognized as Indigenous Peoples’ Day.
Bond markets, however, take the day off, which means a long weekend for the Treasury market, corporate bonds and other forms of tradable debt, starting after the close of business on Friday.
