News

We keep up with what’s happening in the industry. Read more below.

U.S. Gulf of Mexico crude oil production to continue to set records through 2020

By CORRINA RICKER on 10/16/2019 WASHINGTON - U.S. crude oil production in the U.S. Federal Gulf of Mexico (GOM) averaged 1.8 MMbpd in 2018, setting a new annual record. The U.S. Energy Information Administration (EIA) expects oil production in the GOM to set new production ...

Oil and Gas Companies Turn to AI to Cut Costs

Artificial intelligence helps predict equipment glitches, manage workers and increase output By Neanda Salvaterra Amid a growing push to cut operating costs, big oil is looking to artificial intelligence for help with automating functions, predicting equipment problems and increasing the output of ...

Oil Extends Losses After Bigger-Than-Expected Stockpile Increase

By Catherine Ngai Oil extended losses and headed toward a two-month low after crude inventories in the world’s biggest economy swelled more than expected. Futures fell as much as 2% on Wednesday in New York. U.S. oil stockpiles rose by 3.1 million barrels last week, ...

He Paid $1.50 an Acre for Barren Texas Land Now Worth $7 Billion

The Fasken heirs own land in the heart of the Permian Basin. By Austin WeinsteinSeptember 10, 2019, 5:00 AM CDT (Bloomberg) - So much of the Permian Basin is under production that the lights glowing at night, on well pads and rigs and ...
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Oil Holds Gains as US Signals Trade Talk Progress

(Bloomberg) -- Oil held its biggest gain in more than five months as OPEC and its allies edged closer to fixing a date for their next meeting and as the U.S. and China signaled trade talks would resume after a stalemate. Futures ...