Category: Oil & Gas

Widow Alleges Patterson-UTI Acted Negligently in Amended Pleadings

A widow has amended her legal petition in Pittsburg County to blame another party in the January 22 drilling rig explosion in Quinton, according to an article published by The Journal Record. Dianna Waldridge is suing Red Mountain Operating and other contractors, including Patterson-UTI Drilling Co., alleging they acted negligently and contributed to the death …

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Williams Completes Sale of Gulf Coast Pipeline Components to Easton Energy LLC

Tulsa-based Williams announced the sale of pipeline systems located in the Gulf Coast area to Easton Energy LLC for $177 million in cash. The sale closed on November 30, 2018, according to a company press release issued on Thursday. The 31-mile Texas Belle Pipeline, which transports natural gas liquids from Mont Belvieu to customers along …

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Texas-based Vecta Acquires Polaris Services LLC

Weatherford, Texas-based Vecta Environmental Services, LLC has acquired Polaris Services, LLC, a privately-owned local hydro-excavation company, according to an announcement issued Wednesday by Cotton Creek Capital. Terms of the disclosure remain undisclosed. The merger of Vecta and Polaris provides Vecta with increased scale and capabilities complimenting its full suite of industrial service offerings to chemical, …

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Crude Oil Inventories Drop First Time in 11 Weeks

Crude oil inventories have declined for the first time in 11 weeks as record shipments of crude oil to foreign markets made the United States a next exporter of petroleum products for the first time in nearly 70 years, according to a report in Fuel Fix. U.S. commercial crude oil inventories declined by 7.3 million …

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Houston Appellate Court Strips $2.6 Million Judgment from Oil Platform Worker

In Houston, a state appellate court reversed a $2.8 million jury verdict rendered by the Texas Court of Appeals, according to a news report in Business Insurance on Tuesday. Luke Meyers was working on an oil and gas platform off the Louisiana coast in May of 2011 when a crane cable snapped and caused a …

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Midstates Announces No Drilling for First Half of 2019, Approves $50 Million Common Stock Repurchase Program

Midstates Petroleum Company, Inc. provided an operational update and announced that its Board of Directors approved a share repurchase program authorizing the purchase of up to $50 million of the company’s common stock. The Tulsa-based company does not intend to operate a drilling rig during the first half of 2019. Instead, Midstates will continue to …

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Weatherford Completes Sale of Saudi Arabia Onshore Drilling Operations

Weatherford International PLC completed the sale of its Precision Drilling Services Saudi Arabia land drilling operations, including 11 onshore drilling rigs, 923 employees and associated customer contracts to Dubai-based ADES International Holding Ltd. for $92.5 million in cash, according to a company press release. In July 2018, a Weatherford subsidiary signed definitive agreements with ADES …

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Schlumberger Exec: 4Q Profits Will be Impacted by Weak Demand for U.S. Hydraulic Fracturing Services

At Tuesday’s Cowen & Company Energy and Natural Resources Conference, a Schlumberger oilfield services executive warned fourth quarter expectations could weaken the company’s profitability due to weaker than expected demand for hydraulic fracturing services in North America. Patrick Schorn, Executive Vice President of Wells, said Houston-based Schlumberger saw a larger than expected drop in activity …

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Supply and Demand Affecting Marathon’s Pipeline Mergers in the Permian Basin

Business operations can be costly, especially in the volatile energy sector where costs continue to mount and the price of crude oil rapidly drops. This development creates opportunities to maximize capital efficiency by merging operations with competitors. In the Texas Permian Basin, Marathon Petroleum has entered preliminary discussions with Exxon Mobil and Plains All American …

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Flywheel Energy Completes Southwestern Energy Company’s Fayetteville Shale Business Acquisition

Oklahoma City-based Flywheel Energy, LLC has completed its acquisition of Southwestern Energy Company’s Fayetteville shale business for $1.865 billion, according to a company press release issued on Tuesday. Backed by the Kayne Private Energy Income Funds platform, the independent oil and natural gas company acquired assets including 716 mmcf/d of net production from 4,033 producing …

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