Texas
Texas petroleum industry had unusual year
The petroleum industry in Texas had an unusual year in 2023: it produced more crude oil and natural gas in the state’s history, but declining exploration and production indicators could be sending a different message about the future.
The Texas Petro Index, a monthly measure of growth rates and cycles in the Texas upstream economy, fell for 11 consecutive months in 2023 from 178.3 in December 2022 to 154.4 in December 2023, which is a decline of 13.4%.
“Rising crude oil and natural gas production and still-growing industry employment were unable to offset lower prices, fewer rigs at work, and lower values of statewide production, pushing the TPI downward in 2023 after the January peak,” said Karr Ingham, Petroleum Economist for the Texas Alliance of Energy Producers, and the creator of the TPI analysis. “But Texas oil and gas producers, with extraordinary efficiency and productivity gains on full display, still managed to grow production significantly, setting new records for statewide output along the way.”
Statewide crude oil production in Texas surpassed two billion barrels for the first time ever in 2023, and reached a record 5.62 million barrels per day in December 2023, Ingham said. Daily production, which peaked pre-COVID at 5.45 million barrels in March 2020, finally reached and exceeded that level fully three years later in March 2023. Texas annual crude oil production in 2023 outpaced the 2022 annual total by a stout 8.5%, and comprised 42.6% of U.S. annual production.
Texas natural gas production exceeded 12 trillion cubic feet (TCF) for the first time at an estimated 12.5 TCF in 2023, an increase of 7.4% over the 2022 annual total, Ingham said.
“Surprisingly, however, these milestones were accomplished with a significant and sustained decline in the statewide rig count and fewer drilling permits issued over the course of the year,” Ingham said. “The Texas rig count climbed to its post-COVID high of 379 in January 2023, and then fell by 76 rigs to 303 in November, before adding four rigs in December. At year-end 2023 the rig count was down by nearly 18% compared to the December 2022 monthly average.”
At the same time the number of drilling permits declined by 16.5% in 2023.
It is unusual that production would increase by such a substantial margin (8% for oil and 7% for natural gas) while the drilling permits and the rig count decline by 18% and 16%, respectively.
Additionally, all of this occurred with a workforce that is a third smaller than it was 10 years ago.
“Texas is increasingly leading the way in terms of supply growth domestically and globally, helping to meet the ever-growing demand for abundant, affordable, and reliable energy at home and around the world,” said Ingham. “For this, oil and gas operators in Texas of all shapes and sizes are worthy of thanks, not scorn, and their accomplishments in powering our economy, improving our everyday lives, and enhancing America’s energy security should be widely celebrated.”
Alex Mills is the former President of the Texas Alliance of Energy Producers
Texas
Texas A&M Basketball Suffers Overtime Heartbreaker to SMU
Texas A&M took on SMU in the Hoop Hype XL on a neutral-site court Sunday night, where it was a Quad 1 opportunity to add to their resumes.
But Jaron Pierre Jr. kept the Mustangs alive with 35 points as the Aggies’ defense struggled, giving up 36 paint points and 26 free throws made in 93-80 overtime loss in Arlington.
With the loss, A&M moved to 7-3 and has to rest up for the second half of the non-conference schedule before meeting league opponents.
Texas A&M’s Halftime Rally Not Enough
The Aggies trailed 41-27 at halftime but the rally wasn’t enough in the overtime loss.
It was an excellent start for A&M, and then SMU gave a great answer to start the first period. A&M jumped out to a quick 8-2 lead courtesy of guard Marcus Hill, forward Rashaun Agee, and guard Jacari Lane, who forced SMU’s coach, Andy Enfield, to call its first timeout of the first period.
After discussion with his team, Mustangs forward Corey Washington scored seven of the first 16 points, helping spark their own 7-0 run to put the game up and take the lead. Then the Aggies never saw the lead again for the rest of the first period, as the defense completely dominated, setting the pace for the entire game.
For SMU, their big playmakers heated up in a hurry when the Aggies’ best players were constantly being substituted in and out, trying to break the cold spell. Pierre found his groove, igniting the time that no one on coach Bucky McMillan’s team could buy a shot where it didn’t make a field goal in the last 8:17 when it went to the locker room, and evaluated what was going wrong after the zone defense wasn’t appearing to be effective.
One of the big fellas for the Mustangs who kindled the team’s success was Samet Yigitoglu, who jogged to the locker room at intermission, leading the team with 11 points. As for the Aggies, Hill was the leader for his team when no one could make a shot from three-point land. Going to the break, A&M shot for one of its worst first periods with a field goal percentage of 27.3.
After one of the most sloppy performances to start, the Maroon and White woke up after making 1 of its last 16 field goals. Indiana transfer forward Mackenzie Mgbako and Hill got their team to score five straight points before the Mustangs came riding back with an answer from Pierre, knocking down six of the following eight points.
Trimming at the deficit worked perfectly for the Ags after forward Federiko Federiko had a massive slam to wake up the crowd in attendance, which caused an eruption before Rylan Griffen and Pop Isaacs got the score within six. The 15-point lead faded to three after an Agee free throw and a Federiko dunk. Buckets got exchanged between both rosters before SMU extended the lead back to nine after A&M didn’t make a field goal in over three minutes.
After a 69-60 lead for the Mustangs, the Aggies got within five before a Pierre layup when two back-to-back threes by Griffen and Mgbako got the game within one. A 5-0 run got it to 77-73, but SMU forced a turnover with 36 seconds left before tying it to go to overtime.
Pierre carried his teammates to the finish line after doing it himself, where he scored seven straight points as the A&M defense wore down. Making free throws at the charity stripe was what made SMU the better team. Even with Hill’s 25-point day, A&M loses out on another resume-building chance.
Texas
Tom Hicks, the Texas businessman who owned Stars, Rangers and Liverpool teams, dies at 79
Tom Hicks, the Texas businessman and philanthropist who owned two Dallas-area professional sports franchises and an English Premier League soccer team, died Saturday. He was 79.
Spokesperson Lisa LeMaster said in statement that Hicks died peacefully in Dallas surrounded by family.
Hicks owned the NHL’s Dallas Stars from 1995–2011, winning the Stanley Cup in 1999. He also owned baseball’s Texas Rangers from 1998–2010, leading them to three American West Division titles and a World Series appearance. In 2007, he acquired a 50% stake in Liverpool.
“Being shoulder to shoulder with him was always about more than ballparks and stadiums, though,” Dallas Cowboys owner Jerry Jones said in a statement. “It was about personal respect, trust and friendship. We shared a lot of miles together, and I’ll miss him greatly. My heart goes out to his family.”
Hicks co-founded Hicks & Haas in 1984 and Hicks, Muse, Tate & Furst in 1989, helping reshape private equity and investing strategy.
“Tom Hicks was an innovative businessman and a pioneer in private equity,” fellow Texas businessman Ross Perot Jr. said in a statement. “He combined his commitment to business and sports through his ownership of the Stars and the Rangers.”
Hicks served as paratrooper in the Army Reserves and was Commissioner of the American Battle Monuments Commission. He served on the University of Texas’s Board of Regents from 1994 to 1999.
Hicks is survived by his wife of 35 years, Cinda Cree Hicks, and his six children — Thomas Ollis Hicks Jr., Mack Hardin Hicks, John Alexander Hicks, Robert Bradley Hicks, William Cree Hicks and Catherine Forgrave Hicks.
His children released a joint statement, saying:
“Of everything he accomplished in his remarkable life, Tom Hicks’s most cherished title was, ‘Dad.’ No matter the trials and tribulations he faced in life, he was constant in his generosity and love for his family. He remains a guiding force for our family, and we are deeply honored to continue expanding his legacy. Although we are devastated by this loss, we are profoundly grateful to have been his children.”
Liverpool superstar Mo Salah continues to be a prominent goal scorer in the Premier League. Here are five things to know about the star forward.
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AP sports: https://apnews.com/sports
Texas
Why Conference Championship Weekend Went Exactly the Way Texas Needed It To
Saturday’s conference championship slate has left the very slim possibility open for the Texas Longhorns to slide into the College Football Playoff.
The Big 12 and Southeastern Conference championship games are now complete, with the Texas Tech Red Raiders and the Georgia Bulldogs expected to clinch byes and rest ahead of their playoff games.
At 9-3, Texas is on the outside looking in, and seems more than likely to stay there. But, here is what those two results may mean for a Longhorn team that still has a chance to earn the favorability of the CFP committee:
BYU falls to Texas Tech
Entering Saturday, the BYU Cougars’ sole loss of the season had come to Texas Tech in Lubbock. The Cougars suffered a beatdown at the hands of the Red Raiders on Nov. 8, failing to score until over halfway through the fourth quarter.
In the Big 12 Championship game, it was a very similar story. BYU entered AT&T Stadium controlling their own destiny, with “win and in” expectations on the line. The Cougars got on the board first behind a 14-play, 90-yard drive in the first quarter. But after that, they were held silent.
Texas Tech scored 34 unanswered points and forced four turnovers off the BYU offense to emerge with an emphatic victory. For BYU, this likely means that its postseason chances have run their course. Against the only playoff-caliber opponent it has faced this season, BYU fell in lopsided fashion not once, but twice.
The question remains, “How much does the conference championship slate impact the playoff seeding?” Still, for a Cougars team that was on the bubble before Saturday, its second loss to the Red Raiders means other teams awaiting their playoff fate seem to have the upper hand.
Alabama falls to Georgia
With the Alabama Crimson Tide’s 28-7 loss to the Bulldogs, there is a conversation to be had about who should be the fifth SEC team in the playoff. Georgia, Texas A&M, Ole Miss and Oklahoma are locked into spots.
Alabama now sits with the same amount of losses as Texas. Does that change anything for the committee? Again, can Alabama be penalized — meaning lose its place in the playoff — due to a conference championship loss?
The Crimson Tide’s top win on its resume entering Saturday was over Georgia. After the SEC Championship defeat, Alabama has fallen to the Bulldogs and Oklahoma. The season-opening loss to Florida State continues to stand out even more.
If Alabama is to be removed, the committee may see Texas as a worthy replacement, considering its victories over three top 10 teams. Miami and Notre Dame currently sit above Texas in the CFP rankings. The committee will likely look at all three of the Longhorns, Hurricanes and Fighting Irish in comparison to the Crimson Tide after the Bulldogs reversed the course of the previous matchup.
The games that remain
The Big Ten and Atlantic Coast Conference Championships are about to get underway.
Texas still holds the closest margin of defeat to the undefeated Ohio State Buckeyes from the season-opening meeting in Columbus. If the Buckeyes run away with the Big Ten Championship, does that do anything for the Longhorns’ chances? If Duke beats Virginia, meaning that the ACC champion may not get into the field, does that cause the committee to view Miami differently?
Following Saturday night’s results, the committee has a lot to take into account and make what seem like impossible decisions between various qualified teams. Yet, one truth holds: the Longhorns may, somehow, still have a slim chance.
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