Category: Oil & Gas

Oil Drops to $76.45 a Barrel

From the Associated Press

NEW YORK
Stocks edged mostly lower on Tuesday, led by a drop in energy stocks as oil continued to fall. Investors were also disappointed by the earnings outlooks from companies including Priceline and Michael Kors.
Keeping score: The Standard & Poor?s 500 index fell 12 points, or 0.6 percent, to 2,005 as of 12:11 p.m. Eastern time. The Dow Jones industrial average fell 15 points, or 0.1 percent, to 17,350 points. The Nasdaq composite dropped 36 points, or 0.8 percent, to 4,602.
Oil losers: Energy stocks in the S&P 500 index dropped 2.4 percent, extending their losses for the year to 5.6 percent as oil prices fell. U.S. benchmark crude slumped $2.33, or almost 3 percent, to $76.45 a barrel, the lowest price since October 2011. Brent crude, the international benchmark, fell $2.34, or 2.8 percent, to $82.43 a barrel.
Oil has fallen sharply in recent weeks as global supplies rise while demand for fuel trails earlier expectations.
Oil winners: The slumping price of oil is giving a boost to airlines, because the cost of fuel is their single largest operating costs. Delta Airlines surged $1.56, or 3.8 percent, to $42.15. United Continental, Jet Blue and Southwest Airlines also logged big gains.
Consumer boost: While slumping oil prices are hitting stocks hard, they should benefit the economy in the longer run as lower gas prices filter through to consumers, said Ernie Cecilia, Chief Investment Officer of Bryn Mawr Trust. The consumer should also benefit as interest rates continue to remain low, even after the Federal Reserve has stopped buying bonds as part of its economic stimulus measures.
?When oil spikes, all you hear about is that it?s a tax on the consumer, so conversely, it?s a windfall of sorts for the consumer, so it?s a plus,? said Cecelia.

   

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Holly Energy Reports Increased Earnings

Holly Energy Partners, L.P., based in Dallas and operators of a Tulsa refinery reported third quarter 2014 financial results showing distributable cash flow of $45.6 million, a 4 percent increase over the third quarter of a year ago.
The quarterly dis…

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Another Pipeline to be Built Moving Oil Out of Eagle Ford Play

Another pipeline project’s going to be built moving oil out of the Eagle Ford play in west Texas. The announcement’s been made by Plains All American Pipeline, L.P. and Enterprise Products Partners L.P. It will be a new condensate gathering system f…

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Devon Spends Nearly $200,000 Fighting Denton’s Proposed Fracking Ban

Oklahoma City-based Devon Energy is one of those energy firms that has helped fund opposition to a frack ban to be decided Tuesday in Denton, Texas. The company has contributed $195,000 toward the fight against a move by some city residents and enviro…

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Nation’s Average Gas Prices Fall Below $3

The nation hasn’t seen the average gasoline price below three dollars a gallon since December of 2010, according to AAA Oklahoma. It reached $2.98 over the weekend, leading AAA spokesman Chuck Mai to say, “Motorists across the nation are experiencing …

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Key Energy Reports Increased Quarterly Revenues

Houston-based Key Energy Services has reported third quarter 2014 revenues of $365.8 million, according to an announcement by the company that operates in Oklahoma.
The results for the quarter include a pre-tax charge of $60.8 million, or $0.25 a shar…

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Williams Resuming Production at Louisiana Plant

It’s November and that’s when Williams Partners LP says it will resume manufacture of ethylene at its Louisiana petrochemical plant where 16 months ago, an explosion left two workers dead, 80 others injured and the plant badly damaged. The Tulsa-based…

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Oklahoma’s Oil and Gas Rig Count is on the Increase

The oil and gas rig count in Oklahoma grew by four in the past week to a total of 208, according to the most figures released by Houston-based Baker Hughes. A year ago, Oklahoma’s count was 176 rigs.
Nationally, the rig count was up two to a total of…

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