Texas Sitting on $140 Billion in Oil Wealth

A new report finds that Texas holds an estimated $140 billion in “petro-wealth” in proved reserves.

Mar 23, 2014 at 12:30PM

This article was written by Oilprice.com -- the leading provider of energy news in the world. Also check out this recent article:

new report finds that Texas holds an estimated $140 billion in "petro-wealth" in proved reserves. About $110 billion of that total is owned by corporations, $22 billion owned by individuals, $5 billion by trusts, and the remaining $3 billion owned by non-profits, government, and educational and religious institutions. The figure assumes a price of $94.89 per barrel. The biggest share of the oil wealth – around $47 billion – is located near Houston.

The report comes amid a resurgence in oil exploration and development in East Texas. Bloomberg News published an interesting profile of the oil boom going on in an area that was the location for the original oil rush. Back in the days of wildcatters finding and drilling huge gushers, East Texas was the place to be. Spindletop was a famed gusher that produced 100,000 barrels of oil per day in the early 20th century, the most productive oil field ever at that time. However, the region's oil production went into decline after drillers recklessly poked thousands of holes in the ground, depleting pressure and tapping wells dry.

Nowadays, instead of gushers, the oil industry is finding fertile oil fields trapped in shale. The "tight" oil boom has made headlines, but instead of East Texas, the most notable drilling sites are in the Bakken in North Dakota and the Eagle Ford in South Texas. But as these fields have showed signs of slowing down, the oil industry is returning to East Texas where it all began. "I never thought I'd go back to East Texas," Mark Plummer, a third-generation oil man, said in an interview with Bloomberg. Hydraulic fracturing and horizontal drilling may yet do for East Texas what it has done in other shale plays around the country.

America's energy boom is far from over
Record oil and natural gas production is revolutionizing the United States' energy position. Finding the right plays while historic amounts of capital expenditures are flooding the industry will pad your investment nest egg. For this reason, the Motley Fool is offering a comprehensive look at three energy companies set to soar during this transformation in the energy industry. To find out which three companies are spreading their wings, check out the special free report, "3 Stocks for the American Energy Bonanza." Don't miss out on this timely opportunity; click here to access your report -- it's absolutely free. 

 

Written by James Burgess at Oilprice.com.

Money to your ears - A great FREE investing resource for you

The best way to get your regular dose of market and money insights is our suite of free podcasts ... what we like to think of as “binge-worthy finance.”

Feb 1, 2016 at 5:03PM

Whether we're in the midst of earnings season or riding out the market's lulls, you want to know the best strategies for your money.

And you'll want to go beyond the hype of screaming TV personalities, fear-mongering ads, and "analysis" from people who might have your email address ... but no track record of success.

In short, you want a voice of reason you can count on.

A 2015 Business Insider article titled, "11 websites to bookmark if you want to get rich," rated The Motley Fool as the #1 place online to get smarter about investing.

And one of the easiest, most enjoyable, most valuable ways to get your regular dose of market and money insights is our suite of free podcasts ... what we like to think of as "binge-worthy finance."

Whether you make it part of your daily commute or you save up and listen to a handful of episodes for your 50-mile bike rides or long soaks in a bubble bath (or both!), the podcasts make sense of your money.

And unlike so many who want to make the subjects of personal finance and investing complicated and scary, our podcasts are clear, insightful, and (yes, it's true) fun.

Our free suite of podcasts

Motley Fool Money features a team of our analysts discussing the week's top business and investing stories, interviews, and an inside look at the stocks on our radar. The show is also heard weekly on dozens of radio stations across the country.

The hosts of Motley Fool Answers challenge the conventional wisdom on life's biggest financial issues to reveal what you really need to know to make smart money moves.

David Gardner, co-founder of The Motley Fool, is among the most respected and trusted sources on investing. And he's the host of Rule Breaker Investing, in which he shares his insights into today's most innovative and disruptive companies ... and how to profit from them.

Market Foolery is our daily look at stocks in the news, as well as the top business and investing stories.

And Industry Focus offers a deeper dive into a specific industry and the stories making headlines. Healthcare, technology, energy, consumer goods, and other industries take turns in the spotlight.

They're all informative, entertaining, and eminently listenable. Rule Breaker Investing and Answers are timeless, so it's worth going back to and listening from the very start; the other three are focused more on today's events, so listen to the most recent first.

All are available for free at www.fool.com/podcasts.

If you're looking for a friendly voice ... with great advice on how to make the most of your money ... from a business with a lengthy track record of success ... in clear, compelling language ... I encourage you to give a listen to our free podcasts.

Head to www.fool.com/podcasts, give them a spin, and you can subscribe there (at iTunes, Stitcher, or our other partners) if you want to receive them regularly.

It's money to your ears.

 


Compare Brokers