Post Tagged with: "Statistics"

Permian Basin Economic Indicators

Permian Basin Economic Indicators

The Federal Reserve Bank of Dallas reported that wages in the Permian Basin fell for the second quarter in a row after spiking in first quarter 2017. The rig count and crude oil production rose in January, the Fed said. Wages Average weekly wages fell 0.3% in the Permian Basin, while wages fell by almost 1% statewide between second quarter 2017 and third quarter 2017. The Permian Basin’s decline was led by Midland’s drop of 0.6%. The average weekly wage in the Permian during third quarter 2017 was over $1,200—about 15% more than the Texas average. This is likely because of the larger share of energy jobs in this area relative to the state’s job market, the Fed said. Energy – continued oil production streak and improved rig count The Permian Basin’s rig count rose to 410 rigs in January 2018—an increase of 12 rigs from the prior month and[Read More…]

February 26, 2018 - 5:35 pm — Closing Bell Story, Exploration and Production (E&P), Finance, Fracing, Industry Insights, Jobs, Oil & Gas Jobs, Oil and Gas 360 Articles
North Dakota Producing Almost 1.2 Million BOPD

North Dakota Producing Almost 1.2 Million BOPD

North Dakota production set new records in 2017 even though the rig count has gone down. At least 1.18 million BOPD was produced in October and November. North Dakota gas production hit new highs in November as well – over two million Mcf/day. Keep the oil barrels rolling Oil production in October reached 36,698,095 barrels in total, or 1,183,810 BOPD For November, the preliminary numbers show 35,847,594 total barrels, or 1,194,920 BOPD For reference, the all-time high was December 2014, at 1,227,483 BOPD November gas production hit a new record October saw 64,027,664 Mcf, or 2,065,409 Mcf/day November gas production hit a new all-time high, reaching 62,860,261 Mcf, or 2,095,342 Mcf/day Permitting October saw 147 drilling and two seismic permits November saw 119 drilling permits December had 86 drilling permits and 2 seismic permits, for reference, the all-time high was 370 drilling permits in October 2012 Rig count October had[Read More…]

January 17, 2018 - 5:52 pm — Closing Bell Story, Energy News, Oil and Gas 360 Articles
Canadian Crude Oil Stats

Canadian Crude Oil Stats

Canada produced 20.0 million cubic meters (125.6 million barrels) of crude oil and equivalent products in September 2017, up 3.8% from the same month a year earlier. Canada’s statistics arm said the increase was largely attributable to an 11.8% rise in non-upgraded production of crude bitumen, which was offset by declines in synthetic crude (-5.3%) and in light and medium crude (-3.3%) oil. Over the same period, heavy crude oil production rose 1.2% to 2.0 million cubic meters. The increase in non-upgraded crude bitumen in September was driven by higher in-situ production (up 11.1% to 7.7 million cubic meters), while mined production decreased 2.9% to 5.8 million cubic meters. Crude bitumen sent for further processing declined 4.4% to 5.5 million cubic meters. 93% of Canadian crude oil went to U.S. via pipeline; 7% went to U.S. via rail, truck and marine vessel Exports of crude oil and equivalent products were[Read More…]

December 12, 2017 - 3:25 pm — Canada, Closing Bell Story, Oil and Gas 360 Articles
Source: Energy.gov

OECD Member Countries Use Less Electricity: Here’s Why

GDP growth rates historically have been tied to electricity usage due to population growth and the need to generate more goods and services to serve the growing populations, but traditional metrics are changing. This relationship between energy usage and economic growth has changed in recent times for several reasons, according to a new study by the EIA. The EIA said that reasons include the countries’ relative levels of development, electrification, economic makeup, and income levels. The shift from manufacturing to service economies reduces electricity needs Developed OECD member countries have been shifting from manufacturing economies towards service economies. Service economies usually use less electricity than economies with highly active manufacturing industries. Commercial services are generally less energy-intensive compared to manufacturing, according to EIA data. Additionally the U.S., UK, and Japan have been shifting towards advanced manufacturing, which uses energy efficient technology. “As more economic activity shifts from lower-skilled manufacturing to[Read More…]

November 20, 2017 - 4:21 pm — Closing Bell Story, Oil and Gas 360 Articles