US Drillers Add Oil, Gas Rigs for Second Consecutive Week
U.S. energy firms this week added oil...
U.S. energy firms this week added oil and natural gas rigs for a second week in a row, but only incrementally as softening crude prices deter some drillers from returning to the wellpad.
The total oil and gas rig count, an early indicator of future output, rose four to 756 in the week to July 15, its highest since March 2020.
Baker Hughes said that puts the total rig count up 272, or 56%, over this time last year.
U.S. oil rigs rose two to 599 this week, their highest since March 2020, while gas rigs were unchanged for a second week in a row at 153.
Oil and gas continues to drive New Mexico's economy
Oil and gas in New Mexico continued to make up a large portion of the state's bottom line, although...
Oil and gas in New Mexico continued to make up a large portion of the state's bottom line, although most of the industry is confined to a rural, two-county area in the state’s southeast corner.
Operations in Eddy and Lea counties in southeast New Mexico’s Permian Basin oilfields accounted for almost a quarter of the state’s tax revenue, per recent data from the New Mexico Economic Development Department. The Permian produces about 5 million barrels of oil per day, nearly half of the U.S.’ national output of 11 million barrels daily.
Those numbers reflected tax revenue from matched taxable gross receipts (MTGR) for the third quarter of Fiscal Year 2022 – January, February and March.
Tropical Storm Estelle strengthens off southern Mexico
Newly formed Tropical Storm Estelle rapidly gained force off of Mexico's Pacific coast on Saturday...
Newly formed Tropical Storm Estelle rapidly gained force off of Mexico's Pacific coast on Saturday and forecasters said it was likely to become a major hurricane, though without threatening land.
The system developed into a tropical depression early on Friday and it strengthened into a named storm during the night. By late Saturday morning, Estelle had top sustained winds of 70 mph (110 kph), the U.S. National Hurricane Center said.
It was centered about 350 miles (560 kilometers) south of Manzanillo, Mexico, and was heading to the west-northwest at 10 mph (17 kph). Tropical-storm-force winds expended outward as far as 60 miles (95 kilometers).
Forecasters said it was expected to remain well offshore as it grows stronger — likely reaching major hurricane force by Monday.
