Shale production in West Texas continues to boom–so much so that shale oil and gas producers in the Permian Basin have more than they know what to do with. As production continues to outpace the expansion of sorely needed pipeline infrastructure, local operators in the Permian are letting approximately 104 billion cubic feet of natural gas go to waste each year by flaring, what is essentially just burning the gas away, instead of putting it on market. For many producers in the Permian, this has led to diminishing profits. One such company is Houston-based oilfield service company Baker Hughes. The company’s first quarter profit also took a nosedive, clocking in at $32 million–less than half of its profits for the same period a year earlier, when Baker Hughes reported a profit of $70 million. On top of this major decline in profits, last month the company “ reported negative […]