Category: Oil & Gas

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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Anadarko Petroleum Will Conduct Seismic Testing in Loveland, Colorado

Houston-based Anadarko Petroleum Corporation plans to place seismic sensors to search for oil and gas deposits underneath the east side of Loveland, Colorado, according to a report by The Loveland Herald. Anadarko trucks will vibrate the ground. The vibrations recorded by the seismic sensors will help to create maps of the underlying geology. The work …

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NGL Energy Partners Completes Sale of Bakken Saltwater Disposal Business to Tallgrass Energy

Tulsa-based NGL Energy Partners LP has completed the sale of NGL Water Solutions Bakken, LLC to an affiliate of Tallgrass Energy, LP for $91 million in cash proceeds, according to a company press release issued on Monday. In mid November, the company revealed it would exit the Bakken saltwater disposal business to focus on other …

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Vectren Merger with CenterPoint Energy to be Completed in 1Q 2019

A Houston energy company with Oklahoma ties is finalizing its merger with an Indiana company. Back in April, CenterPoint Energy announced that it would acquire Vectren Corp. The newly expanded company will continue as CenterPoint Energy with its headquarters office in Houston. The $6 billion deal is expected to close in the first quarter of …

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SemGroup and DCP Midstream Seeking Commitments for Gladiator Pipeline from Cushing to Houston

    Tulsa-based SemGroup Corporation and Denver-based DCP Midstream, LP are teaming up to commence an open season process to solicit binding commitments in developing a new pipeline system to transport segregated, light batches of crude oil originating in Cushing, Oklahoma and terminating in Houston, Texas, according to a joint press release issued on Monday. All …

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Rig Count: Oklahoma Up One, Nation Down by Three

The latest weekly oil and gas rig count revealed a drop for the nation and Kansas while Oklahoma was the only state to see a rise, according to Houston-based Baker Hughes Company. Oklahoma added a rig for a new count of 145 compared to the 122 active rigs from a year ago. The U.S. rig …

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