Texas Oil and Natural Gas Industry Paid a Record $24.7 Billion in Taxes and Royalties in 2022

The surge in oil and natural gas prices was a boon for the state of Texas in 2022. The Texan oil and natural gas industry paid a record $24.7 billion in taxes and royalties last year, crushing the previous annual high of $16 billion set in 2019 by 54%, according to the Texas Oil and Gas Association. The money goes toward funding a range of public interests such as education through public schools and universities, roads, first responders and other … Continue reading “Texas Oil and Natural Gas Industry Paid a Record $24.7 Billion in Taxes and Royalties in 2022”

Texas Manufacturing Activity Continues to Contract as New Orders Plummeted

The Dallas Fed manufacturing survey manufacturing activity index, a key measure of state manufacturing conditions came in at negative -14.4 in November vs -19.4 prior. The shift indicating output continues to slide but at a lesser pace than from October. The new orders index plummeted to -20.9., the lowest since May 2020 and the sixth month in a row it was negative territory. The capacity utilization index turned negative, falling from 9.1 to -3.4. Texas saw slower employment growth with … Continue reading “Texas Manufacturing Activity Continues to Contract as New Orders Plummeted”

Diamondback Energy Earns Record $1.18 Billion with Higher Permian Production

Texas independent oil and natural gas company Diamondback Energy reported better than expected third quarter earnings after the market close Monday. FANG reported adjusted gains of $6.48 per share beating expectations $6.66. Revenue increased to $2.44 billion from $1.91 billion. The average price of oil was $89.79 per barrel in the third quarter of 2022, compared with $68.27 in the third quarter of last year, Diamondback said. The release follows last week’s earnings from oil and gas heavyweights Chevron, Exxon, … Continue reading “Diamondback Energy Earns Record $1.18 Billion with Higher Permian Production”

Diamondback Energy Record $1.3 Billion in Free Cash Flow Raises Permian Production

Texas independent oil and natural gas company Diamondback Energy reported better than expected second quarter earnings after the market close Monday. FANG reported adjusted gains of $7.07 per share beating the expected $6.66. The release follows last week’s earning from oil and gas heavyweights Chevron, Exxon, Shell and Phillps 66. Goldman Sachs named the stock among its top five picks for 2022 shortly before the earnings release. FANG shares are down over 20% from their June peak like many in … Continue reading “Diamondback Energy Record $1.3 Billion in Free Cash Flow Raises Permian Production”

Dallas Fed Texas Manufacturing Activity Continues to Contract -22.6 vs -17.7 Prior

The Dallas Fed manufacturing survey manufacturing index, a key measure of state manufacturing conditions, edged down to negative 22.6 in July, indicating output slid even more from June. The improvement in the company outlook index posted a fifth consecutive negative reading but moved up to -10.8 vs -20.2 prior. The production index, a key measure of state manufacturing conditions, was largely unchanged at 3.8 still indicative of growth. Prices and wages continued to increase but at a more moderate pace.  … Continue reading “Dallas Fed Texas Manufacturing Activity Continues to Contract -22.6 vs -17.7 Prior”

Canes Midstream Expands Oil and Natural Gas Portfolio with Acquisition of Cogent Midstream in Southern Midland Basin

With natural gas hitting highs not seen since 2008 and WTI crude oil around $115bbl the Dallas-based portfolio company of EIV Capital and Denham Capital, Canes Midstream LLC closed on the acquisition of Cogent Midstream LLC. The Cogent assets are located in the southern portion of the Permian’s Midland sub-basin. The Cogent system spans 10 Texas counties, with most of the infrastructure located in Reagan and Irion counties.  The acquired assets include 520 million cubic feet per day of processing … Continue reading “Canes Midstream Expands Oil and Natural Gas Portfolio with Acquisition of Cogent Midstream in Southern Midland Basin”

Texas Manufacturing Index +14.6 vs +4.6 prior, Focus on Raw Material Availability

The Dallas Fed Manufacturing index for October rose 14.6 vs 4.6 expected, the index is a key measure of Texas state manufacturing conditions. New orders +14.9 vs 9.5 prior. Future index flipped positive +2.4 vs -2.8 prior.

US Natural Gas Exports to Mexico New Monthly Record in June 2021

Pipeline Gas exports to Mexico have been rising on rising Mexican demand with insufficient domestic production capability. Costa Azul LNG import terminal conversion has seen even more US gas imported by Mexico. On the demand side, in addition to domestic weather, liquefied natural gas (LNG) export levels hung near the robust 11 Bcf level, boosted by persistent demand from Asia and Europe, while While not as influential overall as LNG Pipeline exports to Mexico is hovering near 7 Bcf daily. … Continue reading “US Natural Gas Exports to Mexico New Monthly Record in June 2021”

Texas Manufacturing Looking Up as New Orders, Prices Received for Finished Goods, Wages and Benefits All Hit Record Highs

The Dallas Fed Manufacturing index for April rose 37.3 vs 30 expected, the index is a key measure of Texas state manufacturing conditions. New orders 38.5 hit a record high vs 30.5 prior. Prices received for finished goods and Wages and benefits both hit record highs.