May 15, 2016 archive

Linn Energy Seeks Chapter 11 Bankruptcy Protection in Texas

Linn Energy, LLC announced Wednesday that it filed for Chapter 11 bankruptcy after entering into a Restructuring Support Agreement with its lenders to obtain new financing and restructure debt. In its petition filed in the U.S. Bankruptcy Court in Victoria, Texas, the Houston-based oil and gas producer said its assets are worth approximately $11.6 billion, …

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Crude Oil Prices Fall on Friday, Rise for the Week

Despite a recent upswing in oil futures, crude prices fell on Friday as investors feared that producers may increase output, according to Bloomberg MarketWatch. June West Texas Intermediate crude lost 49 cents, or 1.1%, to end trade on the New York Mercantile Exchange at $46.21 a barrel. WTI crude bounced back from last week, posting …

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Rig Counts in Oklahoma and U.S. Decline in Past Week

Oklahoma and the U.S. dropped again in oil and gas rig counts in the past week, Oklahoma dropping by one to reach 56 and the nation losing 9 more rigs, falling to a total of 406, according to figures released by Baker Hughes. Nationally, the drop included ten more oil rigs over the past week.  Compared …

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