March 17, 2020 archive

Chesapeake Energy reported to be considering debt restructuring

Oklahoma City’s struggling Chesapeake Energy Corp is said to be in discussions to consider debt restructuring as its stock tumbles to only 15-20 cents per share. Reuters reported the oil and gas exploration and production company that helped spearhead the U.S. shale revolution, has tapped debt restructuring advisers amid a rout in energy prices, people …

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Layoffs hit Abraxas Petroleum in Texas

  San Antonio-based Abraxas Petroleum Corp. is laying off an unknown number of employees in an effort to reduce spending. The San Antonio Business Journal reported Abraxas reduced its general and administration expenses by 40% through layoffs, salary reductions and a reduction in board size, it informed investors on Monday. It is not known how …

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Chinese drop plans for $1.8 billion plant in SW Arkansas

  A Chinese company has abandoned its plan to build a massive paper mill in southwestern Arkansas that had already been delayed by trade tensions. Sun Paper told Gov. Asa Hutchinson and economic development officials in a letter dated Sunday that it would not move forward with its plan to build a mill in Arkadelphia, …

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Canadian, Custer and McClain counties with producers

Completion reports filed this week show Chaparral Energy LLC had amended reports on two adjacent wells in Canadian County with combined production of more than 2,600 barrels of oil a day. The two Foraker 1207 wells were drilled in the fall of 2018 and completed in March 2019. The Foraker 1207 2umh-11 well is located …

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Interest surges in Cushing’s long-term oil storage

  Business is said to be picking up at Cushing, the hub for trading of billions of dollars of crude oil a day and the town that bills itself as “the pipeline crossroads of the world.” There is renewed interest in storing oil in the massive tank farm and companies are scrambling to secure space …

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Ovintiv to slash drilling operations but keep some rigs in Oklahoma

  Denver-based Ovintiv, an active driller in Oklahoma’s STACK joined the list of firms slashing spending and drilling operations. But it plans to continue Oklahoma operations with at least two rigs for now. Ovintiv, formerly known as Encana, had been based in Calgary with a major operations center in Denver, but it shifted to being a …

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