Washington officials say the U.S. deficit is being driven to an all-time high by a sagging economy and the stimulus payments made to 130 million households in an effort to keep the country from falling into a recession. The deficit, now approaching $490 billion, would surpass the record deficit of $413 billion set in 2004. The deficit may be an underestimation because it does not include about $80 billion in war costs, according to reports. The deficit represent about 3% of the economy, and may discourage the next president from adding to it with expensive spending programs or new tax cuts, despite campaign rhetoric. Also, some tax cuts enacted in 2001 and 2003 will expire at the end of 2010. The deficit for 2007 totaled $161.5 billion.
2023-11-17 - E&Ps large and small are scouring the Permian Basin to buy up top-quality drilling locations. But they’ll have to pay a hefty premium to get longer in America’s hottest oil play, according to WoodMac research.
2023-10-05 - With the acquisition, Permian output will account for half of Civitas Resources’ total production after the E&P scooped up Midland Basin E&P Vencer Energy, analysts say.
2023-10-27 - Third-quarter profits for both Exxon Mobil and Chevron were down significantly from the same quarter last year, when the U.S. majors raked in record earnings after Russia’s invasion of Ukraine.
2023-10-11 - With a $60 billion acquisition of Pioneer Natural Resources, Exxon plans to deploy its fine-tuned Delaware Basin drilling strategy into the heart of the Midland Basin, executives say.
2023-10-23 - U.S. supermajor Chevron Corp. is acquiring Hess Corp. in a $53 billion megadeal—less than two weeks after Exxon Mobil unveiled a nearly $60 billion Permian Basin acquisition. And experts think the historic run of oil patch consolidation is far from over.