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Top H1 2022 Permian Producers
12/22/2022![Top-H1-2022-Permian-Producers](https://images2.rextag.com/public/blog/Top H1 2022 Permian Producers.png)
The year 2022 brought new opportunities to the U.S. economy in different domains that were not perfectly developed. Oil and natural gas production facilitated economic growth, especially in the Permian Basin.
Compared with other U.S. basins, the Permian Basin derives benefits from lower operational costs, better access to oilfield services, and its proximity to U.S. Gulf Coast refineries and export facilities. Core areas of the Permian Basin, and its Delaware and Midland subbasins, consist of multiple stacked shale formations.
According to the U.S. Energy Information Administration (EIA), oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is predicted to grow by almost 50,000 barrels per day (bpd) to a record 5.453 million bpd in November.
In 2022 the total production is 1.6 billion MCF for gas and 507 million BBL for oil. Furthermore, the monthly average production in Permian Basin is 4,236 MCF for gas and 1,127 BBL for oil. The list of the top 5 Permian producers is the following: Pioneer, Windsor, EDG, OXY, and ExxonMobil.
For the time being, OXY has the most significant number of wells (10,388) that are delivering steady production to domestic and foreign customers. Other top producers operate roughly twice as fewer wells (4,000-6000).
In 2023 it is anticipated strong production growth from the Permian basin, generating first-half 2022 average crude oil production of 5.02 million b/d, a growth of 13.6% year-over-year. Constant supply chain bottlenecks, shortages of qualified personnel, and a fluctuating drilled-but-uncompleted (DUC) well inventory could dampen overall expectations, but the play concentrates on many US shale operators.
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Plains All American Expects 10% Increase in the Permian Oilfield Activity
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On 3 August the pipeline operator Plains All American LP raised its 2022 profit forecast for the second time this year, as it expects a huge demand on its pipelines transporting U.S. shale oil to the Gulf Coast. The company increased full-year adjusted earnings guidance by $100 million to approximately $2.38 billion, since it anticipates higher crude and natural gas liquids volumes. European buyers have snapped up the U.S. light sweet crude, the largest part of which is delivered in the Permian Basin of West Texas and New Mexico, as they depend on replacing Russian barrels. Average daily crude oil volumes in the second quarter grew 30% on its Permian Basin pipelines with oilfield activity trending about 10% exceeding its initial expectations. Its shares increased 3.6% in after-hours trading on August 3 to $11.19.
Christmas tree and Santa Against Permian Methane Emissions
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Once upon a Christmas, Santa Claus, while checking his list, noticed something different. Far away in Texas, there was a place called the Permian Basin, not filled with snow, but with oil fields. These fields were letting out a gas called methane, which wasn't good for the air. Santa, always caring for our planet, decided this year he'd do something about it. So, he set off on a special journey, with his bag of toys and a plan to help the Earth. Let's join Santa on this unique adventure as he tries to make the Permian Basin a bit greener this Christmas.
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The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/282_Blog_Renewable Natural Gas How RNG Changes the Industry.jpg)
The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
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Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.