Texas Oil & Gas Association

Remember, a quick call to 811 before any digging project can save lives and prevent damage. #CallBeforeYouDig https://call811.com

Restoring native grasslands is a key component in some oil & gas operators' remediation plans, and it contributes to the continued success of our state. It's a small but impactful step for the love of our big state. Listen to the full conversation with Jay B. Sauceda: https://lnkd.in/gnmiFyiv

As global demand for crude oil surges, Texas faces a significant challenge: crude oil pipelines are running out of room. Key pipelines connecting the prolific Permian Basin to the Port of Corpus Christi, a critical export hub, are nearing capacity. This congestion threatens to limit U.S. oil exports at a time when the world needs American crude oil more than ever. Crude oil pipelines from the Permian Basin to Corpus Christi are operating at over 90% capacity, and projections suggest that by the end of 2025, they could reach up to 95% use. With the U.S. set to hit new oil production records next year, this bottleneck could stem the flow of incremental output to international markets, tightening the global supply even more. Read more: https://lnkd.in/gPa_83qv

The TXOGA Workers’ Compensation Safety Group recently launched a new safety initiative, TXOGA Safety Talks, a bi-monthly email newsletter that provides helpful safety tips and discussion questions to TXOGA members and those participating in the Safety Group for their workplace safety meetings. “Safety in the workplace is everyone’s responsibility,” said TXOGA President Todd Staples. “TXOGA Safety Talks is a benefit for TXOGA members and Safety Group participants to help them adhere to high standards for workplace safety within the industry and ensure that Texas’ natural resources continue to be produced responsibly for years to come.” “Workplace safety is always top of mind in the oil and natural gas industry,” said TXOGA Insurance Agency President Neal Carlton. “As part of our continued commitment to prioritizing safety, we are pleased to announce TXOGA Safety Talks, which offers our members an invaluable resource to introduce and reinforce safety best practices to employees.” Read more: https://lnkd.in/gijmCXBw

On the latest episode of TXOGA Talks, we embark on a virtual road trip to explore some of our state's amazing museums with interactive exhibits that bring the story of oil and natural gas to life. Listen to the full episode: https://lnkd.in/gnmiFyiv

Last week, Chevron announced the relocation of their headquarters to Houston, Texas. “Chevron is a long-respected energy leader and moving their headquarters to the Energy Capital of the World—Houston—is fantastic news and a strong signal they are continuing to plan aggressively for a robust oil and natural gas future,” TXOGA President Todd Staples, told The Center Square. “With the right policies in place, oil and natural gas will continue to contribute to the state economy in a powerful way, create jobs, meet the everyday energy needs of families and secure our energy future.” Read more: https://lnkd.in/ghwZmHt6

📊 TXOGA Chartbook Update - Week of August 5, 2024 🔹U.S. economic indicators show industrial strength but labor weakness and consumer pressures. Industrial production grew 1.6% year-over-year in June, its strongest since November 2022, and improved business conditions per the ADS Index from the Philadelphia Federal Reserve Bank align with GDP growth in Q3 2024. Conversely, consumer sentiment, measured by the University of Michigan’s final July reading, was revised upwards but still showed weakness compared to the prior month and year. Non-farm payrolls increased by 114,000 while June payrolls were revised downwards, and the unemployment rate rose by 0.2% in July to 4.3%, likely supporting a Federal Reserve rate cut in September. 🔹Oil market fundamentals tightened, but economic concerns pushed oil prices down by 4% week-over-week (w/w) to $74 per barrel as of August 2. In weekly U.S. petroleum data as of July 26, strong consumption and exports outweighed record-high domestic crude oil production of 13.3 million barrels per day (mb/d), resulting in a 3.4 million barrels (mb) drawdown of crude oil inventories (excluding the Strategic Petroleum Reserve). Domestic crude oil inventories have fallen by 27.6 mb (6.0%) over the past five weeks to the bottom of their 5-year range. 🔹Texas crude oil, natural gas, and natural gas liquids (NGL) production achieved new record highs in May 2024, and Texas crude oil production rose further in July by TXOGA’s estimates, as highlighted in the Chart of the Week. 🔹U.S. natural gas seasonal inventory building continued to slow. Although U.S. natural gas production and exports remained strong in July, according to EIA estimates, natural gas inventories have remained historically high and exerted downward pressure on prices. However, the pace of seasonal inventory building has slowed, with natural gas storage shifting from being 25% above the top of its 5-year range a month ago to being within 1% of it as of July 26. The natural gas futures contract for delivery in December 2024 is priced at $3.13 per million Btu (mmBtu), 58% higher than the prompt month contract for September delivery ($1.98 per mmBtu) as of August 2. For detailed insights and analysis, please visit the TXOGA Chartbook at: https://lnkd.in/g8tSBmUm #TexasOilAndGas #EconomicOutlook #OilMarket #NaturalGas #EnergyTrends #MarketInsights #Business #Economics #Productivity #QuantitativeAnalysis #Strategy #Innovation #Inflation #Prices #Markets #Data

Check out our Month in Review for July to see how TXOGA was busy advocating for the Texas oil and natural gas industry: https://lnkd.in/gHjkKFjs

In the latest episode of TXOGA Talks, we are joined by Jay B. Sauceda, host of the Texas Country Reporter. Click here to listen to the full episode: https://lnkd.in/g_KQtPUT