August 3, 2016 archive

WTI and Brent Crude Rebound on Wednesday

Crude oil futures surged¬†higher on Wednesday based on favorable news suggesting a larger-than-expected drawdown in gasoline and crude inventories, according to Bloomberg MarketWatch. September West Texas Intermediate crude¬†jumped $1.32, or 3.3%, to settle at $40.83 a barrel on the New York Mercantile Exchange. The U.S. benchmark plunged after the U.S. Energy Information Administration weekly data …

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Permits to Drill August 4, 2016

Coal County PISTOL #1-9/16H, August 02 2016 04 1N 11E NWSWNESE API: 02921337 Lat: 34.58377955584918, Long: -96.14833644623974 BRAVO ARKOMA LLC HH, DR, 21082 ft, CANEY(9929), WOODFORD(10247) Coal County PISTOL #2-9/16H, August 02 2016 04 1N 11E NWSWNESE API: 02921338 Lat: 34.583793295215465, Long: -96.14828993671021 BRAVO ARKOMA LLC HH, DR, 21030 ft, CANEY(9929), WOODFORD(10247) Coal County PISTOL …

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Completion Reports August 4, 2016

CARTER COUNTY Citation Oil & Gas Corporation 7 2S 2W Wildcat Jim Unit 252, August 26, 2015 SH, INJ, TD: 3450 ft Lat: 34.39093, Long: -97.44081 API: 35019261240002 DEWEY COUNTY Continental Resources Inc 14 17N 15W Jane (Luann 1) 1-14 Swd, August 01, 2016 SH, DISP, TD: 9847 ft Lat: 35.94767, Long: -98.76522 API: 35043224970004 …

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Blueknight Reports Losses and Details Pipeline Shutdown

After nearly $8 million in revenues in the second quarter of last year, Oklahoma City-based Blueknight Energy Partners, L.P. reports a net loss of nearly $19 million this year. Total revenues were $43.4 million for the quarter ending June 30, also down from the nearly $47 million covering the same period of 2015. Net losses …

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Chesapeake Faces Another Royalty Lawsuit in Fort Worth

Weeks after Chesapeake Energy settled hundreds of millions of dollars in royalty lawsuits in Fort Worth, Texas, the company’s been sued by the Mansfield school district. The district, located southeast of Fort Worth accused Chesapeake of sham transactions to cheat it out of more than $1 million from its natural gas leases, according to a …

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Earnings Down 49 Percent for Enable Midstream

Oklahoma City-based Enable Midstream Partners reports its 2nd quarter earnings dropped 49 percent compared to a year ago. The net income attributable to limited partners was $39 million, a drop of $38 million from the $77 million for the second quarter of 2015. The company blamed the loss on “changes in the fair value of …

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New York AG Sued by Conservative Environmental Groups Over Emails

More than two weeks after a U.S. House committee subpoenaed New York Attorney General Eric Schneiderman in a dispute over his politically-driven probe of Exxon Mobil, Schneiderman has been sued by two conservative environmental law groups. The Free Market Environmental Law Clinic and the Energy and Environment Legal Institute sued him for investigating Exxon and …

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Ethanol Production Reaches 4-week Record

  U.S. ethanol production bounced back up 6,000 barrels a day this week hitting an average of 1,0004 million barrels a day according to the U.S. Energy Information Administration. The four-week average for ethanol turned out to be a record at an average of 1.009 million barrels a day. Stocks grew by one percent from …

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Another STACK Well for Devon Energy

As Oklahoma City-based Devon Energy announced this week intentions to expand drilling operations in Oklahoma’s STACK, the company reported success on at least one well in the play, according to the Completion Reports published by OK Energy Today. The SIMBA well, located 3 miles southwest of Okarche had production of 534 barrels a day along …

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War on Coal Hits Manufacturer in Pennsylvania

The combination of the government’s war on coal and slumping prices has resulted in Pittsburgh-based Kennametal Inc. announcing it is laying off 1,000 workers over the next 15 months. The company cites weak demand for the coal-mining and gas-drilling cutting tools that it makes. Kennametal has a workforce of 12,000, down about 2,000 from what …

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