[2] It also provides initial transportation of Permian Basin crude oil to the Gulf Coast via connections to other pipelines at Colorado City, Texas and Wichita Falls, Texas. The COVID-19 pandemic and subsequently shrinking fuel and energy demands led natural gas to be priced beneath $2 per MMBTUs for most of the spring and summer, dropping to about $1.50 per MMBTUs in April, May and June. The Basin Oil Pipeline transports crude oil from the Permian Basin in west Texas and southern New Mexico to Cushing, Oklahoma. Texas also saw dramatic drops in rig counts, averaging 113 rigs in June, compared to its average of 467 in June 2019. The initial drop in demand brought the price of oil down to less than $0 per barrel in April for the first time history, but prices showed some recovery as states lessened emergency health orders and travel restrictions. In total, the Permian Basin averaged 131 rigs this week, records show, down from 441 a week ago. [5], In 2014, the pipeline drew scrutiny when Plains All American Pipeline replaced a section of the pipeline running under Thunderbird Lake, the drinking water source for Norman, Oklahoma, for "maintenance purposes," which environmental advocate Casey Holcomb characterized as "extremely disturbing. U.S. Securities and Exchange Commission 10-K. U.S. Securities and Exchange Commission Form 10-Q. The price of natural gas continued to struggle beneath $2 per million British thermal units (MMBTUs), up to $1.70 as of Monday from about $1.40 per MMBTUs last Thursday, per data from Nasdaq. [2], According to June 2020 data from the U.S. Energy Information Administration (EIA), the expansion adds an additional loop from Wink, Texas to Midland, Texas. But a report from Nasdaq warned prices could see another drop as the number of cases began to spike again amid the reopening of businesses and reduction in health precautions, as the third quarter of 2020 could see even steeper market declines. Thursday’s dip to about $1.40 per MMBTUs was the lowest point all year, records show. Support local journalism. The pipeline originates in Wink, Texas, and terminates in Cushing, Oklahoma. The Basin Oil Pipeline transports crude oil from the Permian Basin in west Texas and southern New Mexico to Cushing, Oklahoma. Liquefied natural gas (LNG) cargoes have displaced pipeline natural gas volumes in the Atlantic Basin throughout 2019, due to historically low spot prices of the shipped fuel. All rights reserved, Contractor Safety and Operator Qualification. “With the Chinese Communist Party’s imposition of new security measures on Hong Kong, the risk that sensitive U.S. technology will be diverted to the People’s Liberation Army or Ministry of State Security has increased, all while undermining the territory’s autonomy,” Ross said in a statement. Houston, TX 77002 New Mexico congresspeople continue hunt for funding to plug abandoned oil and gas wells, New Mexico partners with oil and gas industry to curb flaring, activists call for its end, Carlsbad locals take oversight of Permian Basin oil and gas pollution into their own hands, New Mexico State Land Office tracking oil spills, mineral theft using satellite imagery, NMSU, New Mexico Tech awarded funding for water treatment projects, aim to reuse oil and gas waste, New Mexico's oil and gas regions could become the state's leaders in renewable energy, New Mexico to extend relief for shut-in oil wells by another year amid COVID-19, Oil and gas struggles to recover from COVID-19 as rig counts drop in New Mexico, Xochitl Torres Small seeks support for oil and gas to shut-in wells amid COVID-19, BLM: Oil and gas land leases postponed in May amid COVID-19 back on auction block for August, Report: New Mexico oil and gas industry spends millions to influence state politics, Your California Privacy Rights / Privacy Policy. That lack of demand also meant less production for oil and gas as New Mexico’s rig count continued to dwindle to just 50 rigs on June 26, down from 58 at the start of the month and averaging 54 rigs for June, per the most recent data from Baker Hughes. Plains All American Pipeline LP said on Tuesday crude volumes on its Permian basin systems rose during the fourth quarter, thanks in part to higher flows on the Cactus II pipeline, which went into service in August. 1001 Louisiana St., Suite 1000 [3], {"type":"ROADMAP","minzoom":false,"maxzoom":false,"types":["ROADMAP","SATELLITE","HYBRID","TERRAIN"],"mappingservice":"googlemaps3","width":"400px","height":"300px","centre":{"text":"","title":"","link":"","lat":33.868151750000003,"lon":-99.963428800000003,"icon":""},"title":"","label":"","icon":"","lines":[{"text":"","title":"","link":"","strokeColor":"#FF0000","strokeOpacity":"1","strokeWeight":"2","pos":[{"lat":31.750692000000001,"lon":-103.15828999999999},{"lat":32.021222999999999,"lon":-102.03769},{"lat":34.084000000000003,"lon":-98.221147000000002},{"lat":35.972614,"lon":-96.764894999999996}]}],"polygons":[],"circles":[],"rectangles":[],"copycoords":false,"static":false,"visitedicon":"","wmsoverlay":false,"zoom":4,"layers":[],"controls":["pan","zoom","type","scale","streetview","rotate"],"zoomstyle":"DEFAULT","typestyle":"DEFAULT","autoinfowindows":false,"resizable":false,"kmlrezoom":false,"poi":true,"cluster":false,"clustergridsize":60,"clustermaxzoom":20,"clusterzoomonclick":true,"clusteraveragecenter":true,"clusterminsize":2,"imageoverlays":[],"kml":[],"gkml":[],"searchmarkers":"","fullscreen":false,"scrollwheelzoom":false,"locations":[]}. "[6], In 2015, Plains All American Pipeline placed into service a 24-inch pipeline loop of Basin Oil Pipeline from Wink to Midland, Texas. A New York-based credit fund made its first investment in a natural gas pipeline that would transport gas about 450 miles from the Permian Basin to the Gulf Coast to the markets of southern Texas and exportation in the Gulf of Mexico. The line would start in Waha, Texas, near the state’s western border with New Mexico, and head east to the Agua Dulce area near Corpus Christi. Plains All American Pipeline (NYSE: PAA) is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids and natural gas. The present capacity of © 2020 www.currentargus.com. [3], According to June 2020 data from the U.S. Energy Information Administration (EIA), the segment from Wink/Hendrick Texas to Midland, Texas, had its capacity increased from 144,000 barrels per day to 240,000 barrels per day.

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