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January 20, 2017

Weekend Oil Market Enthusiasm

OPEC strategy meeting, Trump administration support promises outweigh big rig and inventory jump for investors, at least for now

Oil prices continued upward in after hours trading Friday on hopes that this weekend's OPEC meeting will confirm that oil output cuts are underway, despite a large number of oil

OPEC is expected to formulate a compliance plan to verify cuts in production among members and among some nations outside the cartel.

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By Mike Shiloh

January 20, 2017

WSJ: Schlumberger Well Below Expected Losses

From the Wall St. Journal:

The chief executive of Schlumberger Ltd. expressed cautious optimism Friday that a two-year downturn that ravaged the world-wide energy industry has reached its bottom and recovery is on the way.

The world’s largest oil-field services company posted a fourth-quarter loss of $204 million Friday, markedly lower than the loss of $1 billion it reported for the period a year earlier.

Chief Executive Paal Kibsgaard said energy prices and production were both poised to increase in 2017, led by shale drillers in North America. But he warned that a ramp-up in offshore projects and international production could take longer to materialize.

By Mike Shiloh

January 20, 2017

TER Closing Top Texas Energy Stocks Jan. 20, 2017

WTI up 1.10 to close at $53.22

Brent up 1.33 to close at $55.49

Natural gas down 0.16 at 3.20

CLOSING OIL STOCKS

Anadarko (APC) down 0.15 at 70.03

Chevron (CVX) up 0.02 at 115.64

ConocoPhillips (COP) up 0.87 at 50.73

Devon (DVN) up 0.17 at 46.26

Energy Transfer Partners (ETP) up 0.11 at 35.76

EOG Resources (EOG) up 0.28 at 105.47

ExxonMobil (XOM) up 1.16 at 85.89

Marathon Oil Corp. (MRO) up 0.34 at 17.60

Noble Energy (NBL) down 0.06 at 40.21

Occidental Petroleum (OXY) down 0.14 at 68.59

Parsley Energy (PE) up 0.02 at 36.88

Phillips 66 (PSX) up 0.05 at 83.04

Pioneer Natural Resources (PXD) up 1.02 at 184.97

Valero (VLO) up 0.17 at 66.24

CLOSING TOP FIVE UTILITY STOCKS

Next Era Energy (NEE) down 0.02 at 119.26

Exelon Generation (EXC) up 0.06 at 35.80

Entergy (ETR) up 0.09 to close at 71.17

CenterPoint (CNP) up 0.16 at 25.60

NRG (NRG) up 0.55 at 16.11

By Mike Shiloh

January 20, 2017

Texas Railroad Commissioner Ryan Sitton: Welcoming Donald Trump as Our 45th President

As we celebrate the 45th Presidential Inauguration, I am excited to welcome a president who understands the importance of energy to our economy and national security. I am confident that President Donald Trump will advance American energy security and prioritize American energy development.

Already President Trump has proven a strong leader in energy with his excellent Cabinet choices. Rex Tillerson, Rick Perry, Scott Pruitt and many others will pave the way for important strategic energy decisions, whether that be expeditious approval for interstate energy infrastructure or trade deals with nations who need American energy among many others.

Most importantly, President Trump will peel back burdensome and duplicative federal regulations that unnecessarily cost Americans jobs and millions of dollars. Overly burdensome regulations raise the price of energy while having little to no meaningful impact. I look forward to the Trump Administration peeling back or revising the following federal actions:

  • Clean Power Plan
  • Regional Haze Rule
  • Mercury and Air Toxic Standards
  • Ozone Standard
  • Recent Methane Regulations
  • Final Information Collection Request for the Oil and Natural Gas Industry
  • Waters of the United States Rule
  • Stream Protection Rule
  • Department of Labor FLSA Overtime Rule
  • Endangered Species Act

With President Trump at the helm, this country can expect to see a re-energized economy and robust job growth. There is no doubt that the incoming administration’s business-like approach, all-of-the-above energy strategy and commitment to serving the public will Make America Great Again.

By Ryan Sitton

January 20, 2017

Trump Support for Oil & Gas is Immediate

White House website pledges support for clean coal technology, access to federal land for oil and gas

Just minutes after Donald Trump became president, the White House posted a notice on its website listing some of his energy-related campaign promises as official policy goals.

The notice includes the promise, "President Trump is committed to eliminating harmful and unnecessary policies such as the Climate Action Plan and the Waters of the U.S. rule." along with intentions to lift those restrictions.

Notably, the White House webpages on strategies for combating climate change are now gone.

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By Mike Shiloh

January 19, 2017

TER Closing Top Texas Energy Stocks Jan. 19, 2017

WTI up 0.11 to close at $51.48

Brent up 0.24 to close at $54.16

Natural gas down 0.07 at 3.30

CLOSING OIL STOCKS

Anadarko (APC) up 0.29 at 70.18

Chevron (CVX) down 0.36 at 115.58

ConocoPhillips (COP) down 0.41 at 49.86

Devon (DVN) down 0.27 at 46.09

Energy Transfer Partners (ETP) up 0.10 at 35.65

EOG Resources (EOG) down 0.21 at 105.19

ExxonMobil (XOM) down 1.55 at 84.73

Marathon Oil Corp. (MRO) down 0.06 at 17.27

Noble Energy (NBL) up 0.48 at 40.27

Occidental Petroleum (OXY) down 0.59 at 68.73

Parsley Energy (PE) up 0.34 at 36.86

Phillips 66 (PSX) down 1.14 at 82.99

Pioneer Natural Resources (PXD) up 0.94 at 183.95

Valero (VLO) down 0.68 at 66.07

CLOSING TOP FIVE UTILITY STOCKS

Next Era Energy (NEE) down 0.75 at 119.28

Exelon Generation (EXC) up 0.03 at 35.74

Entergy (ETR) down 0.81 to close at 71.08

CenterPoint (CNP) down 0.24 at 25.44

NRG (NRG) up 0.30 at 15.56

By Mike Shiloh

January 18, 2017

API Crude Drop, Gasoline Rise Send Oil Up Then Down

Predicted increases in shale output offsetting OPEC cuts also worry markets

US shale output is expected to rise next month, triggering concerns that it will offset the reduction in crude production by OPEC-aligned nations, and that helped send the price of oil down Wednesday.

The American Petroleum Institute also reported a much larger than expected drop in crude supplies. Analysts called for a one-million barrel decrease n oil stocks, but instead API reported a drop of 5.04 million bbls. Cushing, OK crude was down by a million barrels, twice what analysts expected.  

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By Mike Shiloh

January 18, 2017

Press Release: Report Says U.S. Will Lose One-Third of its Electricity Generation Capacity Without More Infrastructure

A new report released today by Consumer Energy Alliance (CEA) found that rejecting pipeline infrastructure would remove almost one-third of U.S. electricity generation capacity by 2030, dangerously raising electric rates nationwide, especially for poverty-stricken households.

The report, titled “Families, Communities and Finances: The Consequences of Denying Critical Pipeline Infrastructure,” found that by 2030, 31 percent of U.S. electricity generation capacity would be removed should the rejection of pipeline infrastructure projects continue at its current pace and if baseload generation options go offline unnecessarily. This would threaten the delivery of vital oil and natural gas feedstock to power generation facilities and sacrifice the reliability of the electric grid. Because natural gas is increasingly used to create electricity, pipeline expansion is more critical than ever. Without more pipelines, natural gas – as well as oil for fuel and power – will not get to market.

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By Consumer Energy Alliance

January 18, 2017

TER Closing Top Texas Energy Stocks Jan. 18, 2017

WTI down 1.40 to close at $51.08

Brent down 1.20 to close at $54.27

Natural gas down 0.11 at 3.30

CLOSING OIL STOCKS

Anadarko (APC) down 0.83 at 69.89

Chevron (CVX) down 0.34 at 115.94

ConocoPhillips (COP) up 0.12 at 50.27

Devon (DVN) down 0.12 at 46.36

Energy Transfer Partners (ETP) down 1.10 at 35.55

EOG Resources (EOG) down 0.08 at 105.40

ExxonMobil (XOM) down 1.08 at 86.28

Marathon Oil Corp. (MRO) down 0.11 at 17.33

Noble Energy (NBL) down 0.26 at 39.79

Occidental Petroleum (OXY) down 0.41 at 69.32

Parsley Energy (PE) up 0.04 at 36.52

Phillips 66 (PSX) up 0.57 at 84.13

Pioneer Natural Resources (PXD) up 1.99 at 183.01

Valero (VLO) up 0.56 at 66.75

CLOSING TOP FIVE UTILITY STOCKS

Next Era Energy (NEE) down 10.19 at 120.03

Exelon Generation (EXC) down 0.17 at 35.71

Entergy (ETR) down 0.25 to close at 71.89

CenterPoint (CNP) up 0.19 at 25.68

NRG (NRG) down 0.08 at 15.26

By Mike Shiloh

January 17, 2017

Anadarko, Plains, Oxy and Noble Top Best Energy Places to Work

International jobs website says Texas has six of the top 9

Six Texas companies make the list of top 9 best energy (or energy-related) companies at which to work, topped by Houston-area-based Anadarko, according to a major employment website.

The Stamford, Connecticut-based website Indeed asked people who were applying for jobs to review and rate the oil and gas companies they've worked for, looking at a number of factors that include the number of job seeker reviews, a history of job openings and the employee ratings they received.

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By Mike Shiloh

January 17, 2017

Lloyds Energy Applies to Export LNG from Matagorda Bay

Company hopes to meet strong FTA client demand for liquified gas

Liquified natural gas (LNG) will be a major new export from Point Comfort, Texas to nations around the world if Lloyds Energy Group LLC gets the regulatory green light.

Lloyds said Monday it has applied with the US Department of Energy to export LNG from a proposed facility in Calhoun County off Matagorda Bay along the central Texas coast between Houston and Corpus Christi.

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By Mike Shiloh

January 17, 2017

New Oilfield Waste Landfill to Open Off I-10

110-acres to be dedicated to oilfield waste products in same county where Austin company hopes for nuclear waste disposal site

A new West Texas landfill has the go-ahead to take oilfield waste.

Petro Waste Environmental says it has been granted a construction permit by the Texas Railroad Commission to build the waste facility off I-10 not far from Fort Stockton.

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By Mike Shiloh

January 17, 2017

TER Closing Top Texas Energy Stocks Jan. 17, 2017

WTI up 0.11 to close at $52.48

Brent down 0.38 to close at $55.48

Natural gas up 0.02 at 3.39

CLOSING OIL STOCKS

Anadarko (APC) down 0.52 at 70.72

Chevron (CVX) down 0.10 at 116.28

ConocoPhillips (COP) down 0.44 at 50.15

Devon (DVN) up 0.07 at 46.48

Energy Transfer Partners (ETP) up 0.53 at 36.65

EOG Resources (EOG) up 0.09 at 105.48

ExxonMobil (XOM) down 0.16 at 87.20

Marathon Oil Corp. (MRO) down 0.01 at 17.44

Noble Energy (NBL) up 2.66 at 40.05

Occidental Petroleum (OXY) up 0.65 at 69.73

Parsley Energy (PE) down 0.08 at 36.48

Phillips 66 (PSX) up 0.27 at 83.56

Pioneer Natural Resources (PXD) down 0.95 at 181.02

Valero (VLO) down 0.20 at 66.19

CLOSING TOP FIVE UTILITY STOCKS

Next Era Energy (NEE) up 1.17 at 120.22

Exelon Generation (EXC) up 0.44 at 35.88

Entergy (ETR) up 0.56 to close at 72.14

CenterPoint (CNP) up 0.07 at 25.49

NRG (NRG) up 0.74 at 15.34

By Mike Shiloh

January 17, 2017

WPX Buys Permian Production from Panther, Carrier

Tulsa-based oil and gas company WPX Energy has now acquired more than 100,000 acres of land in the Permian Basin from Sugar Land-based Carrier Energy Partners and Panther Energy Company II, the company said Tuesday.

WPX says it will pay $775 million in cash and stock.

The purchase includes more than 18,000 acres in Reeves, Ward, Winkler and Loving counties, 23 producing wells with 6,500 barrels of oil equivalent per day and two horizontal wells that are drilled but not producing.

WPX Chairman, President and CEO Rick Muncrief said in a statement that the company has now "firmly established itself as a leader in the Delaware Basin."

By Mike Shiloh

January 17, 2017

ExxonMobil buys Bass family companies

Exxon gets vast acreage with 6 billion barrels of oil equivalent (or more!) for $6.6 billion

ExxonMobil is buying a quarter million oil-rich acres in the Permian Basin in a deal with Ft. Worth's Bass family priced at $6.6 billion.

That more than doubles Irving-based Exxon's holdings in the Permian, with most of the Bass land in an adjacent area in the New Mexico Delaware Basin that in all boasts perhaps 60 billion barrels of oil equivalent, estimated, the company said.

The land Exxon acquires produces 18,800 barrels per day, according to the company, which estimates that, once the land is properly explored, could yield that 60 billion (estimated)  figure in the long run, though the official figures put the estimated reserves at about 6 billion.

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By Mike Shiloh

January 16, 2017

TPPF Talkers Tout Trump

Energy speakers deride quick action on man-made climate change, praise renewables partnering with fossil fuels

There was excitement about the new US president at the Texas Public Policy Foundation's annual policy orientation in Austin last week, with state Senator Craig Estes declaring that "many of the regulations that came out of the Obama administration...were designed to be punitive to the state of Texas."

"This," he said, "changes everything."

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By Mike Shiloh

January 16, 2017

Clayton Williams Merges Into Noble Energy

$2.7 billion deal brings more consolidation to Permian Basin

Noble Energy is merging with Clayton Williams Energy in a new $2.7 billion deal.

The boards of both companies have approved the deal, which folds Midland's Clayton Williams into Noble.

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By Mike Shiloh

January 16, 2017

Law and Policy Changes Bring Uncertainty to ERCOT Future

Recent report warns legislators to watch possible though unlikely future reduction in some Texas electricity reserves

Reflecting the uncertainty that new laws are bringing to electricity markets, a recent report says ERCOT could see its reserve power fall at some point over the next ten years.

The possible loss of reserve capacity depends on the outcome of possible future energy regulations (the EPA's Clean Power Plan, for example), according to an annual long-term assessment by the North American Electric Reliability Corporation (NERC).

That does not mean the Electric Reliability Council of Texas region would fall short on electricity generation. It does mean there is a possibility of a decrease in potential reserve electricity during high-capacity periods, based on how things stand today.

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By Mike Shiloh

January 16, 2017

Excel Requests Rate Increase

Asking PUC for 1,000 KWH/M customer increase of about 1.6%

Excel Energy Texas is asking the state Public Utility Commission for an increase in monthly charges because of the increasing cost of natural gas.

Excel points out that it does not make a profit on fuel costs, calling the increase a "dollar-for-dollar pass-through" in the cost of gas.

The company says a 1,000 KWH per month customer would see an increase of 1.6%, or about $1.78 each month on average.

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By Mike Shiloh

January 16, 2017

Magellan May Offer Fuel to Two Texas Airports

Open season for company's pipeline reconfiguration plans

Magellan Midstream Partners says it hopes to begin offering jet fuel to two major Texas airports through a new pipeline configuration, for which open season continues through March 10th.

A pipeline expansion is intended to increase capacity on Magellan's south pipeline system, including a new line between a tank farm in Hearne, Texas and the company's east Houston terminal.

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By Mike Shiloh

January 16, 2017

Central Texas Pipeline Renovations

Bastrop to Halletsville line to be refitted

124 miles of Central Texas high pressure gas pipeline will be refitted and repurposed, according to Houston's Multifuels Midstream Group, which recently purchased the line.

Construction on the line that runs between Bastrop to Halletsville is expected to begin soon with completion next year.

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By Mike Shiloh

January 13, 2017

TER Closing Top Texas Energy Stocks Jan. 13, 2017

WTI down 0.64 to close at $52.37; Brent down 0.37 to close at $56.64

Natural gas up 0.03 at 3.42

CLOSING TOP TEN OIL STOCKS

Anadarko (APC) down 0.25 at 71.24

Chevron (CVX) up 0.22 at 116.38

ConocoPhillips (COP) up 0.44 at 50.59

Devon (DVN) down 0.05 at 46.41

EOG Resources (EOG) up 0.02 at 105.39

ExxonMobil (XOM) up 0.01 at 86.35

Marathon Oil Corp. (MRO) up 0.05 at 17.44

Occidental Petroleum (OXY) up 0.05 at 69.08

Phillips 66 (PSX) down 1.05 at 83.29

Valero (VLO) down 0.13 at 66.39

CLOSING TOP FIVE UTILITY STOCKS

Next Era Energy (NEE) down 0.05 at 119.05

Exelon Generation (EXC) unchanged at 35.44 

Entergy (ETR) down 0.25 to close at 71.58

CenterPoint (CNP) up 0.09 at 25.42

NRG (NRG) up 0.22 at 14.60

By Mike Shiloh

January 12, 2017

No Concerns So Far About Nuclear Components Probe

Texas nuclear plants named among those using parts from French manufacturer undergoing product quality investigation

There are no immediate safety concerns about components used in some US nuclear power plants -- including the South Texas Nuclear Project and the Comanche Peak nuclear plant --  while a quality investigation continues, according to the US Nuclear Regulatory Commission (NRC).

The nuclear components manufacturer Areva said last year that paperwork for some of its products used in nuclear plants appears "irregular," and the company has launched an intensive production quality probe.

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By Mike Shiloh

January 12, 2017

RRC: New Electronic Well Log Data Filing Will Reduce Costs

Hundreds of thousands to be saved by Railroad Commission and by operators under well log digital filing system

To the relief of many oil and gas companies, the Texas Railroad Commission is now taking well log data electronically.

So essentially, companies will no longer have to turn their digital records into paper copies to file with the commission, only to have the commission turn around and convert the paper files back to digital records.

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By Mike Shiloh

January 12, 2017

TER Closing Top Texas Energy Stocks Jan. 12, 2017

WTI up 0.78 to close at $53.03; Brent up 0.95 to close at $56.05

Natural gas up 0.16 at 3.37

CLOSING TOP TEN OIL STOCKS

Anadarko (APC) down 0.11 at 71.49

Chevron (CVX) up 0.23 at 116.16

ConocoPhillips (COP) down 1.07 at 50.15

Devon (DVN) up 0.94 at 46.46

EOG Resources (EOG) up 0.62 at 105.37

ExxonMobil (XOM) down 0.47 at 86.34

Marathon Oil Corp. (MRO) down 0.25 at 17.44

Occidental Petroleum (OXY) down 0.32 at 69.03

Phillips 66 (PSX) down 0.55 at 84.34

Valero (VLO) down 0.56 at 66.52

CLOSING TOP FIVE UTILITY STOCKS

Next Era Energy (NEE) up 0.09 at 119.50

Exelon Generation (EXC) up 0.05 at 35.44

Entergy (ETR) up 0.13 to close at 71.83

CenterPoint (CNP) up 0.09 at 25.33

NRG (NRG) up 0.28 at 14.38

By Mike Shiloh

January 12, 2017

Rick Perry Prepares for Energy Dept. Hearings

Perry touts his record on lowering Texas greenhouse gases, prepares to sell ETP holdings ahead of next Thursday's confimation hearings

Next Thursday is the scheduled nomination hearing for former Texas Governor Rick Perry, who is President-elect Donald Trump's pick to head the US Department of Energy, and Perry has been getting ready, talking up the state record of lower carbon emissions while he was in office.

The Senate Energy and Natural Resources Committee said today it will hold a confirmation hearing the day before Trump's inauguration, pretty much the end of such hearings that began this week.

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By Mike Shiloh

January 11, 2017

TER Closing Top Texas Energy Stocks Jan. 11, 2017

WTI down 0.01 to close at $52.24; Brent up 1.46 to close at $55.10

Natural gas up 0.08 at 3.30

CLOSING TOP TEN OIL STOCKS

Anadarko (APC) up 2.02 at 71.60

Chevron (CVX) up 0.97 at 115.93

ConocoPhillips (COP) up 1.56 at 51.22

Devon (DVN) up 0.70 at 47.40

EOG Resources (EOG) up 1.52 at 104.92

ExxonMobil (XOM) up 0.88 at 86.81

Marathon Oil Corp. (MRO) up 0.21 at 17.69

Occidental Petroleum (OXY) unchanged at 69.35

Phillips 66 (PSX) down 1.13 at 84.89

Valero (VLO) up 0.55 at 67.08

CLOSING TOP FIVE UTILITY STOCKS

Next Era Energy (NEE) up 0.83 at 119.41

Exelon Generation (EXC) up 0.33 at 35.39

Entergy (ETR) up 0.46 to close at 71.70

CenterPoint (CNP) up 0.47 at 24.42

NRG (NRG) up 0.48 at 14.10

By Mike Shiloh

January 10, 2017

First "carbon capture" coal plant opens near Houston

NRG joint venture "carbon capture" coal plant sending carbon dioxide for use in enhanced oil recovery

The Petra Nova project southwest of Houston is now operational, capturing carbon dioxide from coal fire, sending thosands of tons of it per day through 80 miles of pipeline for use in oil recovery.

It's a cooperative effort by NRG Energy and JX Nippon Oil and Gas Exploration Corp. to capture more than 90% of the carbon dioxide resulting from burning coal.

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By Mike Shiloh

January 10, 2017

In the legislature: Oil Country's Seliger President Pro Tempore

Lawmakers urged calm and civility as they meet more problems and proposals with less money

The Texas legislature gaveled into session Tuesday at noon with the usual atmosphere of cooperation and anticipation.

San Antonio's Joe Straus for the firth time was voted speaker of the house, but this time there were no challengers for the job and it was unanimous. His five terms tie him with Gib Lewis (1983-1993) and Pete Laney (1993-2003) for longest-serving speaker.

Republican Kel Seliger of Amarillo was elected by fellow state senators to be President Pro Tempore of the Senate, to substitute for Lieutenant Governor Dan Patrick when he's out of state and for Governor Greg Abbott when both are unavailable.

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By Mike Shiloh

January 10, 2017

New Neighbors in the Permian

Noble and Houston American have new interests in the Delaware Basin

With companies racing to be part of the lucrative Permian Basin plays, Noble Energy has gained 7,200 acres in Reeves County, Texas, following the closing of a cash deal with an undisclosed company, and Houston American Energy is entering into an agreement with Founders OIl and Gas III for participation in two lease blocks in the Delaware Basin, also in Reeves County.

Noble's bolt-on deal adds acreage adjacent to land it's already holding in the county, and Noble's Executive Vice President of Operations Gary W. Willingham says the land will have net production of about 2,400 bbls of oil equavalent each day as the company's core acreage rises about 18%.

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By Mike Shiloh

January 10, 2017

TER Closing Top Texas Energy Stocks Jan. 10, 2017

TER Closing Top Texas Energy Stocks Jan. 10, 2017

WTI down 1.14 to close at $50.82; Brent down 1.30 to close at $53.64

Natural gas up 0.18 at 3.28

CLOSING TOP TEN OIL STOCKS

Anadarko (APC) down 0.40 at 69.58

Chevron (CVX) down .88 at 114.96

ConocoPhillips (COP) unchanged at 49.66

Devon (DVN) up 0.12 at 46.70

EOG Resources (EOG) up 0.38 at 103.40

ExxonMobil (XOM) down 1.11 at 85d.93

Marathon Oil Corp. (MRO) up 0.08 at 17.04

Occidental Petroleum (OXY) down 1.13 at 69.35

Phillips 66 (PSX) down 0.26 at 83.76

Valero (VLO) up 0.16 at 66.53

CLOSING TOP FIVE UTILITY STOCKS

Next Era Energy (NEE) up 0.23 at 118.35

Exelon Generation (EXC) down 0.21 at 35.06

Entergy (ETR) up 0.15 to close at 71.24

CenterPoint (CNP) up 0.07 at 24.95

NRG (NRG) up 0.15 at 13.62

By Mike Shiloh

January 9, 2017

TXOGA Statement on Texas Budget

With the release of Monday's pre-legislative session forecast of Texas discretionary  budget (see story below), Texas Oil and Gas Association President Todd Staples released this statement:

“While more diverse than in the past, the Texas economy unmistakably depends on a strong oil and natural gas industry and the billions of dollars in annual tax revenue paid by the industry to fund schools, roads and essential services. 

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By Mike Shiloh

January 9, 2017

TER Closing Top Texas Energy Stocks Jan. 9, 2017

WTI up 0.03 to close at $51.99; Brent down 2.16 to close at $54.94

Natural gas up 0.02 at 3.12

CLOSING TOP TEN OIL STOCKS

Anadarko (APC) down 1.76 at 69.98

Chevron (CVX) down 1.00 at 115.84

ConocoPhillips (COP) down 1.08 at 49.66

Devon (DVN) down 2.09 at 46.58

EOG Resources (EOG) down 2.19 at 103.02

ExxonMobil (XON) down 1.46 at 87.04

Marathon Oil Corp. (MRO) down 0.48 at 17.04

Occidental Petroleum (OXY) down 0.60 at 70.48

Phillips 66 (PSX) down 1.38 at 84.02

Valero (VLO) down 0.29 at 66.37

CLOSING TOP FIVE UTILITY STOCKS

Next Era Energy (NEE) down 0.30 at 118.35

Exelon Generation (EXC) down 0.81 at 35.27

Entergy (ETR) down 2.15 to close at 71.09

CenterPoint (CNP) down 0.48 at 24.88

NRG (NRG) up 0.11 at 13.47

By Mike Shiloh

January 9, 2017

Solar company plans Texas expansion

North Carolina company says it will build small- to medium-sized solar farms in the Lone Star State

An Ashville, North Carolina company says it's moving into Texas solar power development in a big way, already offering contracts for power generation even though the projects haven't been built yet.

Innovative Solar Systems is planning more than 50 solar farm projects throughout Texas, with some of the projects producing 35 MW and others producing up to 200 MW.

The company says it expects to sell the solar-generated electricity farms as investments for oil and gas companies, pension funds and family businesses.

By Mike Shiloh

January 9, 2017

Oil and gas woes cut into state budget forecast

State controller says lawmakers must work several billion less than two years ago

The downturn in oil and gas prices is hitting the Texas budget hard, and lawmakers going into the first day of the new session tomorrow will have several billion dollars less to work with over the next two years.

The 2018-19 budget estimate announced Monday by state Controller Glenn Hegar -- the amount of state income lawmakers will have to work with -- amounts to just under $105-billion.

That's more than $2.8-billion less than the 2016-2017 budget allowance.

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By Mike Shiloh