Oil futures traded higher on Wednesday afternoon as worries eased following analysts’ predictions supported by a record travel holiday weekend, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude oil added 83 cents, or 1.8%, to settle at $47.43 a barrel. Earlier, prices reached a low of $45.92 a …
July 6, 2016 archive
SandRidge Bankruptcy Hits a Bump in the Road
Ever since filing for Chapter 11 bankruptcy in May, leaders of Oklahoma City-based SandRidge Energy have been busy with one filing after another in the southern District of Bankruptcy court in Texas. It’s clear the bankruptcy is not going as smoothly as some on either side would prefer. Recently, the company’s official committee of unsecured …
Norman Residents Threaten Lawsuit Over Oil Pipeline Project
A city committee in Norman has voted in favor of approving construction of a the Red River Pipeline by Plains All American, despite objections of city residents. The pipeline company is the same one that was indicted by the state of California in May for last year’s oil spill near Santa Barbara, California. The Floodplain Permit …
States Push Ahead with Legal Fight Against EPA’s Clean Power Plan
Updating the legal fight that 24 states have with the Environmental Protection Agency over the agency’s carbon emissions reduction plan on new power plants, the states are asking the D.C. Circuit to review EPA’s rejection of their plea. It was last fall when the states filed lawsuits challenging the President’s environmental agenda and his signature climate …
Company Sues to be Repaid $100 million for pipeline construction
A lawsuit’s been filed in Georgia by a company that claims it was mislead by Mississippi Power Company into building a $100 million pipeline. The Associated Press says Treetop Midstream Services, an affiliate of an oil company that planned to pump carbon dioxide underground to force out oil sued Atlanta-based Southern Co. and its Mississippi …
Chesapeake Energy Directors Increase Ownership
Members of the Board of Directors at Chesapeake Energy have increased their holdings in the Oklahoma City energy company. Filings made with the Securities and Exchange Commission reflected acquisitions of company shares for the directors as well as a newly-named executive. The filings reflected that $0 was paid for most of the shares. Board chairman …
Oil and Gas Industry Workforce Continues Decline in Oklahoma
Those recent county breakdowns of state jobless figures in Oklahoma also reflected a continuing loss of workers in the oil patch. The number of people employed in Oklahoma’s oil and gas industry in May totaled 15,300, a drop of 200 from April 2016. It was also 3,700 less than May of 2015, according to figures …
Quarterly Distributions Announced for Tallgrass Energy Shareholders
Tallgrass Energy Partners, a Kansas City area based company that ships oil to the Cushing terminal in Oklahoma announced quarterly distributions this week for the second quarter of 2016. The distributions will be paid on Friday, Aug. 12 to unitholders and shareholders of record on the close of business on Friday, July 29, 2016. The …
Gasoline Prices Continue Their Drop in Oklahoma
Make it 24 straight days that national gasoline prices have dropped. AAA Oklahoma reported this week the national average is down to $2.27 a gallon for regular unleaded gasoline, three cents cheaper than a week ago and 9 cents less than a month ago. Oklahoma’s average is $2.05, a drop of about four cents in …