Oil prices switched gears on Thursday, marching upward as tensions mount in the Middle East, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, December West Texas Intermediate rose 36 cents, or 0.6%, to settle at $57.17 a barrel. January Brent crude, the global benchmark, rose 44 cents, or 0.7%, to end trading at …
November 9, 2017 archive
Noble Energy Unloading 30,000 Acres in Colorado
Houston’s Noble Energy is making a deal to sell $608 million in thousands of acres in Colorado’s DJ Basin. More than 30,000 acres in Weld County are being unloaded as the company said it had not planned development there for several years. It’s also an area where Noble pumps only about 4,100 barrels of oil …
ConocoPhillips Ready for Increased Volatility in Middle East
Speaking this week on CNBC’s “Power Lunch”, ConocoPhillips CEO Ryan Lance said his company is getting ready should there be a Saudi shake-up resulting in a volatile oil market. “We can sustain our production, pay our dividend, below $40 a barrel. That’s part of the transformation that we’ve been through,” he told the program. He …
NGL Sells Its Share of Glass Mountain Pipeline in Northern Oklahoma
A $300 million sale of its 50% share in the Glass Mountain Pipeline in Oklahoma has been announced by Tulsa-based NGL Energy Partners LP. The sale was to an affiliate of BlackRock Inc.’s Global Energy and Power Infrastructure Fund in partnership with Navigator Energy Services. The sale should be completed before Dec. 31, 2017. Glass …
Dividend Reported by Tulsa’s WPX Energy
WPX Energy in Tulsa is reporting a quarterly dividend of 78 cents a share. The board of directors approved the dividend for holders of the company’s 6.25 percent Series A Mandatory Convertible Preferred Stick. It’ll be payable Jan. 31, 2018 to holders of record on Jan. 12, 2018. The company posted double-digit oil volume growth …
Revenues of $111 Million Reported by Key Energy
Key Energy Services, the Houston firm that over the past few decades expanded through acquisitions of other companies in Oklahoma reported third quarter 2017 consolidated revenues of nearly $111 million. The report comes after the company emerged last December from Chapter 11 bankruptcy. Revenues were $110.7 million but the company also reported a pre-tax loss …
Court Lifts Stay—-Work Resumes on Williams’ $3 billion Pipeline in Pennsylvania
Tulsa-based Williams Cos Inc. will be allowed to move ahead with a $2.65 billion Atlantic Sunrise Pipeline in Pennsylvania after the D.C. Circuit on Wednesday lifted its temporary stay of construction. In making the move, the court denied a request by environmental groups and an Order of Catholic nuns near Lancaster, Pennsylvania to stop the …
Stillwater City Manager Complains Amazon Sales Tax Agreement is not Working
Stillwater City Manager Norman McNickle is writing publicly about what he perceives is a failure of the state’s agreement with Amazon to start collecting sales tax in the state. In a statement issued this week, McNickle said his city is still waiting “for that bump” promised by the Governor after reaching a “gentleman’s agreement” with …
Tax Hike on Oil and Gas Fails in State House
The latest budget-fix bill that would have raised the gross production tax on oil and gas failed in the House Wednesday night on a 71-27 vote. The measure needed 76 votes for approval. Some Republicans, like Rep. Kevin Calvey joined Democrats in opposing the $140 million dollar plan as he argued it would cost jobs …