Oil

ALBUQUERQUE, N.M. (AP) Oil companies in the Permian Basin of Texas and New Mexico need millions of gallons of water to retrieve petroleum. At the same time, the city of Lubbock spends $1 million each year to dispose its treated wastewater at two city farms.

BISMARCK, N.D. (AP) A federal appeals court on Aug. 5 reversed a judge's order that shut down the Dakota Access pipeline pending a full environmental review. The U.S. Court of Appeals for the District of Columbia Circuit sided with pipeline owner Energy Transfer to keep the oil flowing, saying a lower-court judge "did not make the findings necessary for injunctive relief." But the appellate court declined to grant Energy Transfer's motion to block the review, saying the company had "failed to make a strong showing of likely success." The appeals court said it expects the parties to "clarify their positions" in the lower court.

In a recent interview with Markets Insider, Canary Drilling Services CEO Dan Eberhart said that he thinks the U.S. oil market is headed for a "mini-supply shock" with U.S. oil prices braced to rise over 90 percent to $70 a barrel by the fall as the country has "over-cut production." Eberhart said, "When U.S.

SANTA FE, N.M. (AP) An economic boom in southeast New Mexico has been attributed to skyrocketing oil production. The Albuquerque Journal reported on Aug. 16 that New Mexico's revenue exceeded projected levels allowing lawmakers to authorize a $663-million spending increase for the budget year that started in July.

ExxonMobil has begun construction on a new crude unit at its Beaumont, Texas, refinery that will increase capacity by more than 65 percent, or 250,000 barrels a day. "This project is part of ExxonMobil's larger ‘Growing the Gulf' initiative, a series of refining and chemical expansion projects across Texas and Louisiana," said Emily Russell, ExxonMobil public and government affairs advisor.

On June 10, 2019, Phillips 66 announced two separate 50/50 joint ventures to proceed with construction of two new pipelines, the Liberty Pipeline (with Bridger Pipeline LLC) and the Red Oak Pipeline (with Plains All American Pipeline). "The [Liberty] Pipeline adds to our integrated infrastructure network that serves the key shale oil producing regions with connectivity to major Gulf Coast market centers," said Greg Garland, chairman and chief executive officer of Phillips 66.

BISMARCK, N.D. (AP) Two companies are proposing a $1.6 billion pipeline to move North Dakota crude oil, making it the biggest such project in the state since the Dakota Access pipeline that sparked violent clashes between protesters and law enforcement in 2016 and 2017.

Wolfcamp and Bone Spring Formations of the Permian Basin in west Texas and New Mexico hold oil and gas reserves estimated at 46.3 billion barrels of oil. According to a fourth quarter 2018 U.S. Geological Society report, full production estimates through 2025 predict that by 2021 one in every six barrels of oil, globally, will come from the Permian Basin.

ExxonMobil said a new study estimates the company's development of Permian Basin resources in New Mexico will generate approximately $64 billion in net economic benefits for the state and local communities over the next 40 years, creating thousands of new jobs and providing increased funding for education, health and human services and infrastructure improvements.

Howard Energy Partners (HEP) announced May 16 that it has completed construction on the majority of its previously-announced crude oil and natural gas gathering and processing infrastructure in the core of the Delaware Basin. HEP's Delaware Basin assets are part of a strategic joint venture with WPX Energy that is operated by HEP and supported by an area of mutual interest of more than 600 sq.

CARLSBAD, N.M. (AP) A key highway in southeastern New Mexico and another West Texas are getting much-needed upgrades to accommodate the rise in traffic from the region's oil and gas boom. In New Mexico, the state's Department of Transportation is working to renovate U.S.