In an effort to reduce its mounting debt, Oklahoma City-based Chesapeake Energy Corporation has obtained a 5-year, $1 billion secured loan and will use the proceeds to refinance debt with higher interest rates, according to a NewsOK report. “Chesapeake expects this financing and the tender offers to improve its financial flexibility as it will allow …
2016 archive
LSB Industries Posts 2Q Loss of Nearly $8 Million
Oklahoma City-based LSB Industries, Inc. recently announced a net loss of $17.7 million, or 70 cents per diluted share for the second quarter of 2016, according to the company’s press release. The company reported sales of $110 million in the second quarter, down from $125.5 million from the same quarter a year ago. Capital spending …
Oklahoma Energy Index Posts Positive Increase, First Since 2014
The Oklahoma Energy Index posted positive growth for the first time nearly two years, according to a report by the Tulsa World. A comprehensive measure of the state’s oil and natural gas industry activity, the Energy Index rose to 157.6, a 3.2 percent increase from the previous month’s reading. The Energy Index is a joint …
Magellan Completes New Pipeline From Fort Smith to Little Rock, Arkansas
Tulsa-based Magellan Midstream Partners, L.P. has successfully completed a $200 million, 210-mile Arkansas pipeline extension project connected to refineries in Oklahoma, Kansas and the Gulf Coast, according to a Journal Record report. “There are periods of time during the year when (those) refineries produce the lowest-cost gasoline in the region, and so now they’ll have …
New Mexico Underground Waste Dump May Reopen in December
The U.S. Department of Energy is highly confident that the nation’s sole underground nuclear waste dump will reopen in December, according to a story posted on the website of News9.com. The Waste Isolation Pilot Plant is located 26 miles east of Carlsbad, New Mexico. The site, known as WIPP, is the world’s third deep geological repository …
Baker Hughes: Rig Counts Jump in the Texas Permian Basin
The number of active U.S., Canadian and international rigs surged dramatically this week, according to the Baker Hughes rig count released on Friday. The U.S. rig count rose by 17 to reach 481 active rigs after hitting a record low of 404 in May. Overall, the U.S. is down 403 rigs from last year’s figures. …
WTI and Brent Crude Post Best Weekly Gains Since April on Friday
Bolstered by Saudi Arabia’s eagerness to rebalance the market, oil futures snapped back from a recent slump on Friday by posting their best gains since April, according to Bloomberg MarketWatch. September West Texas Intermediate crude rose $1, or 2.3%, to end trading at $44.49 a barrel on the New York Mercantile Exchange, representing its highest …
Permits to Drill August 15, 2016
Blaine County HEROD FIU #1-8-5XH, August 12 2016 08 16N 12W S2SESWSE API: 01123636 Lat: 35.8709324218809, Long: -98.49605710625625 CONTINENTAL RESOURCES INC HH, DR, 20813 ft, MISSISSIPPIAN(11036) Blaine County GLENWOOD PEARL FIU #1-19H, August 12 2016 19 16N 12W NWSESWSE API: 01123635 Lat: 35.84229817693606, Long: -98.514114533319 CONTINENTAL RESOURCES INC HH, DR, 15857 ft, OSWEGO(8590), MISSISSIPPIAN(11442), HUNTON(11700) …
Kansas Regulators Issue Order Restricting Wastewater Injections
The Kansas Corporation Commission approved an order on Tuesday that restricts the amount of oilfield saltwater injections which are introduced into the Arbuckle formation in parts of five counties located in south central Kansas. The state regulatory panel hopes that the new rules will place more restrictions on the volume of wastewater that can be dumped …
Tuttle Grasps With Benefits and Burdens of LINN Energy’s New Plant Construction
In Grady County, construction of a new natural gas compression plant is the center of controversy. Houston-based LINN Energy is currently building the facility in the community of Tuttle. The compressor plant, located off Highway 37 on Cemetery Road, is expected to process around 60 million cubic feet of natural gas per day while serving …