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Texas oil drilling rises despite glut amid profit drops
Permian Basin Petroleum Association reports major oil firms, including Exxon Standard Oil Gulf Shell Texaco and Phillips, posted lower first quarter profits amid global oversupply and recession. Texaco boosts 1982 exploration by 500 million while Amoco leads U.S. gasoline sales. Texas drilling up 20 percent year over year with 6111 total completions and a 368 rig count in the Permian Basin last week.
MENTIONED IN THIS ARTICLE
Permian Basin Petroleum Association
Exxon
California
Gulf
Shell
Texaco
Phillips
U.S
Amoco
Texas
Permian