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Midway Sunset Oil Field Geologic Cross Section The Lakeview #2 gusher (not the more famous Lakeview #1 gusher), 20 May 1914. While the Midway-Sunset field is a large contiguous area covering more than 30 square miles (80 km 2), it comprises 22 identifiable and separately-named reservoirs in six geologic formations, ranging in age from the Pleistocene Tulare Formation (the most recent ...
Oil prices have been on a downward trajectory since peaking in April. WTI, the primary U.S. oil price benchmark, has fallen from more than $85 a barrel to its recent level of around $70.
1894: Old Sunset (Maricopa) part of Midway-Sunset has 16 wells producing 30 barrels of oil per day. 1896: Shamrock Gusher blows in at McKittrick and hastens end of tar mining operations. 1899: Hand-dug oil well discovers Kern River field and starts an oil boom in Kern County. 1900: 4.6% of national oil supply is pumped by California
A high price of oil also makes recovery of previously marginal pools attractive. Total estimated reserves of the Kern River field at the end of 2006 totaled more than 475 million barrels (75,500,000 m 3 ), which represented approximately 15% of California's 3.2-billion-barrels (510,000,000 m 3 ) reserve.
The core business model is what you need to think about if you are comparing oil industry players Devon Energy (NYSE: DVN) and Chevron (NYSE: CVX). Here's why most investors will probably want to ...
The most recent data shows U.S. oil production has reached 13.5 million barrels a day, up 55% from 2014. At the same time, the number of U.S. drilling rigs has plunged to 586 from more than 1,900 ...
It is within the zone of active operations of the Midway-Sunset Oil Field, about midway between Fellows and Taft, along Midoil Road, which winds through the pumpjacks, pipelines, and tank batteries, roughly paralleling California State Route 33 about a mile to the northeast. Chevron Corporation is the primary operator in the area.
Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. Crude ...