ConocoPhillips Completes Acquisition of Concho Resources

  The more than $13 billion acquisition of Concho Resources by ConocoPhillips was completed in recent days. The acquisition adds 550,000 net acres in the Permian along with 200,000 bbl/d oil output and 719 MMcf/d gas production to Conoco’s holdings. It also increases the firm’s Permian output by six-fold.    “This acquisition results in the …

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Crude oil prices finished down on Friday

  After making significant gains last week, oil futures on Friday dropped and analysts blamed fresh outbreaks of COVID-19 in China for taking the glow off the outlook for energy demand. West Texas Intermediate crude for February delivery plunged $1.21 before settling at $52.36 in trading on the New York Mercantile Exchange. That represents a …

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First electric-powered fracking carried out by Halliburton

  Halliburton announced it carried out the oil and gas industry’s first electric grid-powered fracturing job. The Houston-based company said the new kind of fracturing was done on several pads for Cimarex Energy Company in the Permian Basin and started in November. The Denver-based company not only has been active in Oklahoma but also in …

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Oklahoma’s rig numbers dropped while US increased in past week

  Baker Hughes Co. reported the nation’s oil and gas rig count increased by 13 to reach 373 in the past week while Oklahoma’s count slipped by one to 17 rigs. A year ago, Oklahoma had 53 active rigs. Baker Hughes said the U.S. total included an increase of 12 oil drilling rigs to 287 …

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Eight new Republicans named to House Energy and Commerce

  Oklahoma congressman Markwayne Mullin got a better idea this week of the Republicans who he will work with on the House Energy and Commerce Committee. Chairwoman Cathy McMorris, a representative from Washington state announced eight new members to the committee—picks that have yet to be formally ratified by the full Republican conference. The 8 …

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Feds put a halt to banks’ denial of loans to fossil fuel firms

  Big banks are up in arms over a move by the Office of the Comptroller of the Currency to adopt new standards to prevent those banks from banning investments in oil and gas. Banks had threatened to not make investments or loans to fossil fuel companies because they contended oil and gas is harming …

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Energy news in brief

** Paris-based Total , Europe’s second largest publicly-traded oil-and-gas company by market value, said Friday that it was only “partially aligned” with the API’s positions on climate-change policy and wouldn’t renew its membership for 2021, citing disagreements with the API’s stances against electric-vehicle subsidies, carbon pricing and methane emission regulations. ** The U.S. Energy Information Administration reported …

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Slight gain in oil and gas exploration seen in Oklahoma

  Drilling records made available by the Oklahoma Corporation Commission show renewed interest in the state’s oil and gas fields as oil prices surpassed $53 a barrel. Several new permits to drill were approved in the past few days, including one to Latigo Oil and Gas Inc. for a well it plans to drill in …

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Shale producers scramble to lock in oil prices

  Oil prices over the $53 a barrel mark are spurring more shale producers in the U.S.. to hedge their bets by locking in prices for future sales. Increased oil prices might have sparked some interest in renewed drilling but more explorers are looking to the futures market. , Analysts don’t believe the U.S. oil …

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US crude oil prices settle above $53

  US crude oil prices easily topped the $53 a barrel mark in Thursday’s trading and started heading to $54 a barrel. Overseas oil prices closed up as well. West Texas Intermediate crude for February deliver rose 66 cents to finish the day at $53.57 a barrel on the New York Mercantile Exchange. Global benchmark …

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