Category: Oil & Gas

WPX Energy Posts Loss of $148 Million for 3Q 2020

Tulsa-based WPX Energy reported a loss of $148 million, or $0.26 per diluted share, according to a press release issued by the company on Monday. The loss primarily was driven by a $110 million net loss on derivatives resulting from non-cash forward mark-to-market changes in the company’s hedge book, and a loss on the extinguishment …

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Williams Posts $308 Million in Net Income for 3Q 2020 Performance Results

Tulsa-based Williams announced strong 3Q20 results for the third quarter of 2020, according to a company press release issued on Monday. The energy company reported net income of $308 million, or $0.25 per diluted share, up $88 million when compared to net income of $220 million, or $0.18 per diluted share for 3Q19. Highlights include: …

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ONE Gas Reports Slight Increase in 3Q20 Results

Tulsa’s ONE Gas, Inc. announced its third quarter 2020 financial results on Monday showing a slight increase in net income and year to year income and declaring a quarterly dividend. Third quarter 2020 net income was $21.1 million, or $0.39 per diluted share, compared with $17.5 million, or $0.33 per diluted share, in the third …

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NGL Provides Update on Grand Mesa Pipeline Customer Bankruptcy Case

A federal bankruptcy court in Delaware recently granted a summary judgment motion in favor of a Grand Mesa Pipeline, LLC customer, ruling Extraction Oil & Gas, Inc.’s Transportation Sales Agreements do not reflect a valid covenant that runs with the land under Colorado law. In a press release issued on Monday by Tulsa-based NGL Energy …

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Wynnewood Citations Affirmed by 10th Circuit Court of Appeals

The 10th U.S. Circuit Court of Appeals recently affirmed workplace safety citations against Wynnewood Refining Co. LLC following an oil refinery explosion in 2012 resulting in the deaths of two workers, according to an article published by Business Insurance. The incident arises from alleged safety violations at the Wynnewood, Oklahoma oil refinery where workers were …

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WTI, Brent Crude Settle Near $40 a Barrel on Wednesday

Crude oil futures finished lower on Wednesday as investors weary over an uptick in global coronavirus infections which may lead to further disruption within a fragile economic environment. West Texas Intermediate crude spiked before settling at $39.00 a barrel on the New York Mercantile Exchange. Brent crude futures rose to $41.00 per barrel earlier in the …

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FERC Complaint Lodged Against CenterPoint Over Secret Hedge Fund Involvement

Houston-based CenterPoint Energy is the target of a recent Federal Power Act complaint filed by two consumer adversary groups with the Federal Energy Regulatory Commission. Public Citizen and Citizens Action Coalition of Indiana allege CenterPoint Energy failed to disclose its financial affiliation with New York-based hedge fund, Elliott Management Corp., led by billionaire Paul Elliott …

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NRG Energy Appoints Lisa Donohue to Expanded Board

Houston-based NRG Energy announced the appointment of Elisabeth (Lisa) Donohue as a new Independent Director to its Board of Directors effective October 5, 2020, according to a company press release issued Monday. “The Board is pleased to welcome Ms. Donohue as our newest Independent Director; Lisa’s distinguished consumer- and digital-focused career will bring valuable diversity of thought and expertise …

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Judge Acquits Arkema, CEO and Former Plant Manager From 2017 Chemical Fire Charges

A Texas judge acquitted the U.S. arm of French chemical maker Arkema SA and a top executive of criminal recklessness stemming from a 2017 blaze that injured 21 people, according to Reuters. The verdict, rendered Thursday, ends all charges against Arkema and its managers. The company’s Crosby, Texas, plant became waterlogged and lost power needed …

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Senior Management Changes at Basic Energy Services

Texas-based Basic Energy Services, Inc. announced the resignation of CFO David Schorlemer in order to pursue other interests. He will remain as the company’s Executive Vice President, Chief Financial Officer, Treasurer and Secretary until October 9, 2020.   “On behalf of the Board of Directors and the entire Company, I’d like to express our thanks to David …

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