Oil prices continued to rise on Monday as the global crude benchmark extended its surge above $60 a barrel to reach heights not seen in more than two years while the U.S. benchmark ended at an eight-month high, according to Bloomberg MarketWatch. December Brent crude, the global benchmark, rose 46 cents, or 0.8%, to settle at …
October 30, 2017 archive
$1.7 billion Power Company Purchase in Texas
A monster acquisition was announced Monday in Texas where Vistra Energy based in Dallas acquired Dynegy in an all-stock deal worth $1.74 billion. The deal will result in a combined company with a market value of more than $10 billion. The two firms stated the purchase will also generate $350 million in earnings before …
ConocoPhillips Cuts Capital Budget by $300 million……No Word on Impact in Bartlesville
In a move to lower breakeven prices and generate free cash flow, Houston-based ConocoPhillips is trimming its 2017 capital budget by another $300 million. The move to cut the cap budget to $4.5 billion comes after a second quarter cut of $200 million from the original budget of $5 million for the year. There’s no …
Largest Offshore Oil Lease Auction Announced by U.S. Government
How’s this for a lease auction? An area the size of the state of New Mexico! The U.S. Interior Department will be taking bids on a 77-million acre lot in the Gulf of Mexico, a lot that could bring in nearly $120 million for the U.S. Treasury and states like Texas, Louisiana, Mississippi, Alabama and …
Oklahoma Firms in Top Ten Oil Producers in Kansas
Three Oklahoma energy companies are in the list of the top ten oil producers in Kansas for 2016 according to a report form the Independent Oil and Gas Service, Inc. SandRidge Exploration and Production LLC of Oklahoma City is ranked number four with production listed as 1,269,627 barrels of oil which represents 2.6% of the state’s …
Nationwide Rig Count Drops While Oklahoma’s Grows
While the national oil and gas rig count dropped in the past week, the count in Oklahoma grew by one to reach 125. Reports from Baker Hughes Co. and the Independent Oil and Gas Association showed the U.S. count fell by 4 to reach 909. In the past week, the oil rig count added one …
Blueknight Energy to Announce 3Q Results Tuesday
Oklahoma City-based Blueknight Energy Partners will announce its third quarter 2017 financial results on Tuesday. The Partnership will release the results after the market closes Oct. 31 then hold a conference call Nov.1 at 1:30 p.m. CDT. Blueknight Energy owners and operates energy assets consisting of nearly 9.6 million barrels of oil and asphalt product …
Puerto Rico Calls Off Electrical Contract With Montana Firm
As Puerto Rick attempts to immediately cancel a $300 million electrical power contract with a tiny Montana company in Interior Secretary Ryan Zinke’s hometown, a $200 million contract with an Oklahoma company remains intact. Puerto Rico Gov. Ricardo Rossello is pushing to have the Puerto Rico Electric Power Authority to immediately end the contract with …
Governor Criticizes Legislators for Failing to Reach Budget Fix
The Oklahoma State House went back to work Monday after a weekend session where little if any progress was reported on a budget fix. The “fix” includes a possible hike in the gross production tax on oil and gas, raising it to 4 percent on new wells. But the House Joint Committee on Appropriations and …
Judge Rules Earthquake Lawsuit Stays in Pawnee Nation Court
Earthquake attorney Scott Poynter reports a lawsuit filed in the Pawnee Nation courts blaming two energy companies for the 2016 Labor Day weekend quake near Pawnee is moving ahead. On his law firm’s website, the Little Rock, Arkansas attorney indicating Pawnee Nation Judge Dianne Barker Harold heard arguments on Friday in the case. The case …
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