New Mexico halts some oil-field lease sales in standoff over royalty rates in Permian Basin
New Mexico’s State Land Office will withhold lease sales indefinitely on its most promising tracts for oil and gas development in the Permian Basin as it seeks approval by the state Legislature to increase top-tier royalty rates.
This West Texas town has a lot of money in the bank. Why can't it pick up its trash?
Like local leaders in many other towns in West Texas, the Kermit City Council spent years saving its tax revenue fearing the energy economy would crash. Now it is struggling to keep up with essential services like trash and road repair.
How an internship program hopes to end “brain drain” in Texas’ Permian Basin and other rural regions
This is the third year businesses in the Permian Basin — known for high school football and oil fields — have participated in the University of Texas at Austin program. Students this year say they are seeing their hometowns in a new way.
Gov. Greg Abbott vows to fight Joe Biden’s energy and climate agenda
Greg Abbott visited the Permian Basin on Thursday and spoke out against President Joe Biden’s energy and environment policies. The latter move has proved particularly controversial within Texas, with four U.S. House Democrats from the state asking Biden to rescind it on Wednesday. Abbott called the order a "homework assignment" for every agency and threatened to fire agency leaders who do not go along with it. It was not immediately clear if there was already a bill filed with the Texas Legislature to achieve Abbott's goal. “To save Texas energy, we need to demand new leadership in this state that is honest, upfront with Texans, and embraces the future,” party spokesperson Abhi Rahman said in a statement.
ConocoPhillips buying Concho in $9.7B all-stock deal
ConocoPhillips is buying shale producer Concho Resources in an all-stock deal valued at $9.7 billion, making it a major presence in the Permian Basin, the top-producing oil field in the U.S. The deal comes as many oil producers are struggling to make ends meet. More than 200 oil producers have filed for bankruptcy protection in the past five years. ConocoPhillips had acreage in the Permian Basin, but it was small compared to the company's size, and the deal "gets them a premier position in the Permian,” LeBlanc said. The Permian basin stretches from the northern reaches of Texas across the New Mexico border.
Trump rallies oil-and-gas workers in the Permian Basin against Democrats ahead of the November election
U.S. President Donald Trump signed presidential permits for energy development during a tour of the Double Eagle Energy oil rig in Midland on Wednesday. Carlos Barria/REUTERSPresident Donald Trump sought to give a morale boost to the beleaguered Texas energy industry during a visit Wednesday to the Permian Basian, while also rallying oil-and-gas workers against Democrats ahead of the November election. "We were very close to losing a very powerful, great industry," Trump said, "and now we're back and we're just gonna keep expanding." While Texas officials welcomed Trump to Texas by endorsing his "support of Texas energy producers, the industry across the state has been harshly disrupted in 2020. The trip was Trump's 16th visit to Texas as president but first to the Midland-Odessa area, a Republican stronghold.