August 11, 2016 archive

Oil Futures Rally as OPEC Plans Informal Meeting to Stabilize Market

Oil futures rebounded on Thursday as investors reacted positively to news reports that Saudi Arabia’s energy minister will take action to stabilize the market at an informal meeting next month, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude added $1.78, or 4.3%, to settle at $43.49 a barrel, …

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Cypress Energy Partners Reports 2Q Net Loss of $11.6 Million

Tulsa-based Cypress Energy Partners, L.P. announced a net loss of $11.6 million for second quarter of 2016, according to a company press release. The energy company previously lost $1.4 million during the first quarter of 2016. The second quarter results are down when compared to a net income of $1.9 million generated during the same …

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Completion Reports August 12, 2016

BLAINE COUNTY Continental Resources Inc Mississippian(10408): Oil 1484 Gas 6855 Water 611 Flow 25 16N 13W Frankie Jo 1-25-24xh, July 02, 2016 HH, OIL, TD: 21429 ft Lat: 35.82726, Long: -98.53810 API: 35011235730000 Continental Resources Inc Mississippian(13245): Oil 17 Gas 14028 Water 2423 Flow 35 14N 12W Yocum 1-35-26xh, April 20, 2016 HH, GAS, TD: …

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Permits to Drill August 12, 2016

Canadian County QUERENCIA 27-14-7 #1WH, July 12 2016 27 14N 7W SWSWSWSW API: 01724920 Lat: 35.65370627681012, Long: -97.94049627581855 CASILLAS OPERATING LLC HH, AM, 14286 ft, MISSISSIPIAN(8716), WOODFORD(9196), HUNTON(9296) Coal County QUEEN #2-24H, August 11 2016 25 2N 11E NWSENWNW API: 02921339 Lat: 34.62025896258606, Long: -96.10759808510673 : BP AMERICA PRODUCTION COMPANY HH, DR, 16750 ft, MISSISSIPPIAN(10191), …

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Canceled Lease Sales Are Subject of Recent Federal Lawsuit in New Mexico

A southwestern trade group representing over 300 energy companies engaged in oil and natural gas exploration and production activities is accusing federal officials of illegally canceling or postponing the sale of more than two dozen leases over the past two years, according to an Associated Press report. The Western Energy Alliance filed a lawsuit in …

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IEA: U.S. Drillers Need $60 a Barrel to Spark Resurgence

Despite crude oil prices consistently hovering in the $40 to $45 a barrel range in recent weeks, the International Energy Agency says U.S. drillers need $60 a barrel in order to rebound, according to a Bloomberg report. While shale drilling shows signs of increasing, crude oil prices need to climb closer to $60 a barrel …

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ConocoPhillips Will Eliminate 1,000 Jobs in Latest Round of Job Cuts

The world’s largest independent exploration and production company will lay off an additional 6 percent of its workforce by the end of the year. Houston-based ConocoPhillips announced that it will lay off another 1,000 employees in the latest round of job cuts. “We have been transparent with employees that we will have targeted workforce reductions …

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Chesapeake Exits Barnett Shale With Multi-Million Dollar Deal

Oklahoma City-based Chesapeake Energy Corporation will exit the Barnett Shale through a divestiture involving Williams Partners LP and Saddle Barnett Resources LLC, according to a company press release issued on Wednesday. In a blockbuster deal designed to shore up expenses, Chesapeake will pay $334 million in cash to Williams in order to terminate its Barnett …

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Inventory and Production Uptick Pushes Crude Oil Futures Lower on Wednesday

Oil futures sank to their lowest levels in a week on Wednesday as investors continued to focus on unfavorable inventory and production data, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude plunged $1.06, or 2.5%, to settle at $41.71 a barrel. On London’s ICE Futures Exchange, October Brent …

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