Investing in oil wells texas
In fact, it worked out better than Campbell could have imagined. Through his firm Double Eagle Energy, the company he jointly owns with Sellers, he has amassed a fortune over the past decade selling oil-producing operations to bigger players. The deals have only grown since. They have ploughed on even as these worries combined with growing political pressure have pushed many financial investors to reduce their commitment to the industry — and even pull out altogether.
At times, in the years Campbell was making his fortune, it seemed that sharp drops in oil prices would help climate campaigners by driving down fossil fuel production — notably at the outbreak of the Covid pandemic in Hundreds of oil companies in Texas and across the US went out of business, and it was a close-run thing for many more.
But, in the volatile markets that rule the industry, prices have since bounced back dramatically. They were already on the rise throughout as global demand, driven by economic recovery, was growing faster than producers could bring back supply. In Texas, this surge has delivered a bonanza to those, such as Campbell, that have invested in the shale revolution. Big publicly listed US shale oil producers such as Pioneer, Devon Energy and ConocoPhillips, proxies for the rest of the shale industry, are making more cash than ever before.
Political pressure on the production and use of fossil fuel looms as large as ever, as highlighted by the Inflation Reduction Act. But the industry is not short of support in the US, especially in the Republican party, which dominates Texas. In the summer of , Campbell had an unexpected call from the White House. Companies face difficulties raising funds to develop new oil and gas projects as banks and other investors shy away from the industry over climate concerns, argues Campbell.
Billionaire oilman Tim Dunn also remains committed to fossil fuels. A Texan, born and bred, he has been in the industry since the s and founded CrownQuest Operating, based in Midland, Texas, in the mids. A well-known Republican, he has used his oil wealth to back rightwing Republican candidates in Texas and advance conservative and evangelical Christian causes.
The huge Permian basin has turned from a dying oilfield into a juggernaut on global energy markets. It is one of the most active oil and gas drillers in Texas and operates more than 1, wells, turning out more than , barrels of oil equivalent per day of oil and gas. Oil and gas drilling began on the ranch in the s, and there are dozens of orphaned wells that need to be plugged for safety and environmental protection.
The bipartisan program offers grant dollars to qualifying states to pay for finding abandoned wells, tracking their methane releases, plugging them to stem polluting gases and restoring the land at the surface.
Advertisement Historic oil and gas activity in regions like Appalachia and the West goes back more than a century, with many old wells lost. Additionally, oil and gas price busts have left more wells abandoned, their original drillers out of business or difficult to trace. When left unchecked, those wells can release greenhouse gases like methane and pose combustion risks. All told, states have flagged more than 10, high priority wells for cleanup, the first in line of a nearly , backlog of unreclaimed known well sites, Interior reported today.
That number is expected to rise as federal funds bolster state efforts to identify hidden or lost orphans.
According to the U.
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