My logo

Oil patch woes are bleak news for NM

The massive bleeding in New Mexico’s oil and gas industry has subsided, thanks to

modest recovery in prices, but producers don’t expect a major comeback anytime soon.

 

“Overall, the view is still pessimistic, at best,” said Gregg Fulfer, Lea County Commission chair and owner of Fulfer Oil and Cattle Co. in Jal. “People have cut back, and there are no plans that I can see to gear back up yet.”

Read the full story:

By Kevin Robinson-Avila, Journal Staff Writer

Monday, July 4th, 2016 

Lessons learned through boom and bust

FARMINGTON, N.M. — As the price of crude oil hovers around $30 a barrel with only two rigs currently running in the San Juan Basin, many local oil and gas companies have responded by laying off employees and struggling to pay down debt.

But not all of them.

Some of the longer-running oil and gas business owners in town say that while no downturn is pretty, they have all posed similar challenges and familiar demands on anyone running any kind of company.

Three Farmington oil and gas company owners who have survived boom and bust cycles — once or several times — share what they’ve learned.

Read the full story:

By James Fenton / The Daily Times

Wednesday, March 9th, 2016 at 9:05am