Crude oil futures ended lower Friday, as investors booked a profit after a day after a surprise reading on U.S. stockpiles helped lift the domestic crude benchmark to its highest close in more than a year and a half. On the New York Mercantile Exchange, light, sweet crude futures for delivery in April fell 46 cents, …
February 25, 2017 archive
Seventy Seven Energy Moves Closer to Merger
Oklahoma City-based Seventy Seven Energy Inc., the spinoff company from Chesapeake Energy is moving closer to its announced merger with Patterson-UTI Energy Inc, of Houston. The company said it has established a record date for the special meeting of its stockholders to consider and vote upon the merger. The merger was announced in December 2016. …
New OCC Limits Put on Arbuckle Disposal Wells
The Oklahoma Corporation Commission came out with new limits on Arbuckle disposal wells on Friday in another move to limit the rate of earthquakes linked to the wells and lower future risks. “The data from the Oklahoma Geological Survey shows the earthquake rate has been dropping since we issued various directives reducing the then-current …
Chesapeake Continues to Unload Properties
The air of optimism expressed by the leadership at Oklahoma City-based Chesapeake Energy might have something to do with the property unloaded by the company in the past year. Chesapeake reported fourth quarter losses of $741 million compared to the $2.23 billion a year earlier. But CEO Doug Lawler says the company has gone from …
Former Gov. Keating Says Tax Credit Legislation was Wrong—-Calls it a Scam
Sixteen years later and former Oklahoma Governor Frank Keating admits he made a mistake. He says it was wrong to have given tax credits to the wind industry. Writing an op-ed piece for the Tulsa World, Gov. Keating said the legislation “warped into a scam costing taxpayers millions to the detriment of other publicly funded …
Oklahoma’s Rig Count Remains at 101 while National Count is up
While Oklahoma’s rig count in the past week remained steady at 101, the national count increased by three, according to figures released by Baker Hughes Company of Houston. The national count is up to 754 and includes an increase of 5 more oil rigs to bring the oil rig county to 602 and the gas …
