Irving, Texas-based ExxonMobil has acquired a crude oil terminal in Wink, Texas from Genesis Energy LP, according to a company press release issued on Wednesday. The terminal is located in the rapidly growing Delaware Basin, part of the Permian Basin – one of the most prolific plays in the United States. “The terminal provides crude producers …
October 2017 archive
WTI, Brent Crude Post Slight Gains on Friday
Crude oil futures settled higher on Friday as traders mulled OPEC efforts to reach a more balanced market and worried about the potential for more domestic shale production, according to Bloomberg MarketWatch. November West Texas Intermediate crude tacked on 18 cents, or 0.4%, to settle at $51.47 a barrel on the New York Mercantile Exchange. December …
OKC Firm Wins $200 Million Contract to Restore Electrical Power to Puerto Rico
Oklahoma City-based Mammoth Energy Services announced its wholly owned subsidiary, Cobra Acquisitions LLC has won a nearly $200 million contract to restore power to Puerto Rico following the hurricane. Cobra is a utility infrastructure business that focuses on the repair and construction of transmission and distribution networks. “After witnessing the destruction from Hurricane Maria first …
Oklahoma Gets $1.6 million in GM Lawsuit Settlement
Oklahoma is receiving $1.6 million as the result of a multistate settlement with General Motors Co. It is a settlement stemming from lawsuits filed by Oklahoma and other states over faulty ignition switches in vehicles. The receipt of the settlement was announced Friday by Oklahoma Attorney General Mike Hunter who explained the overall judgment totaled …
Letter from Oil and Gas Groups Results in Scolding from Governor’s Chief of Staff
Two major oil and gas groups obviously don’t like talk at the capitol of increasing the gross production tax and their letter to Governor Mary Fallin in recent days prompted a scolding from her chief of staff. As the Oklahoman and Non-DOC, a political news website reported, the Oklahoma Oil and Gas Association and the …
Rig Count Steady in Oklahoma But Nation’s Count Drops 15
Oklahoma’s rig count remained the same in the past week while the nationwide count slipped by 15 as oil prices slipped in the past few days. The Baker Hughes Co. reported the U.S. rig count fell to 913. The number of oil rigs fell by 7to reach 736 while the gas rig count dropped by …
Legislators Criticized by Enid Economic Development Director for Targeting Wind Industry
An Enid economic development director says the contributions of the wind industry have been forgotten as legislators and special interests prioritize their own interests in dealing with a budget hole in the state government. Writing in the Sunday Oklahoman, Brent Kisling, executive director of the Enid Regional Development Alliance charged that anti-wind forces want to …
Oil Settles Lower on Thursday as Analysts Predict A Year-End Peak for Oil, Shale
After four consecutive sessions of gains that lifted prices to their highest levels since late September, crude oil futures dipped on Thursday, according to Bloomberg MarketWatch. November West Texas Intermediate crude lost 75 cents, or 1.4%, to settle at $51.29 a barrel on the New York Mercantile Exchange. December Brent crude, the global benchmark, fell 92 …
McClendon Firm Could Be For Sale
The Wall Street Journal is reporting that an oil and gas company founded by the late Aubrey McClendon in Oklahoma could see a major development—-either a sale or an initial public offering. The speculation centers on Ascent Resources LLC and the paper indicated the company anticipates aIn stock-market valuation of more than $3.5 billion. Sources …
Corn Staters Lobby to Protect Ethanol
While a two-day ethanol summit is underway in Houston featuring industry and government officials from more than 15 countries, the issue was at the focus of political posturing in Washington DC this week too. Right in the middle of it was former Oklahoma Attorney General Scott Pruitt who now heads the Environmental Protection Agency. Here’s …
