In Houston, a state appellate court reversed a $2.8 million jury verdict rendered by the Texas Court of Appeals, according to a news report in Business Insurance on Tuesday. Luke Meyers was working on an oil and gas platform off the Louisiana coast in May of 2011 when a crane cable snapped and caused a …
December 6, 2018 archive
U.S. DOT Issues $26.5 Million in Federal Infrastructure Grants to Oklahoma
Oklahoma will receive $26.5 million in federal grants from the Department of Transportation, according to comments made by U.S. Senator Jim Inhofe on Thursday. Oklahoma City was awarded $14.3 million in BUILD grants to construct the city’s first Bus Rapid Transit (BRT) line between downtown and the northwest side of the city. The grants also …
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 …
Fallin Issues State of Emergency for 12 Counties Due to Severe Weather
Following severe storms, tornadoes and straight-line winds that caused damage in Oklahoma on Friday, Governor Mary Fallin declared a state of emergency for 12 counties, according to a press release issued on Wednesday. The counties included in the governor’s declaration are: Adair Cherokee Delaware Haskell Johnston Latimer Le Flore Muskogee Pittsburg Pushmataha Sequoyah Tulsa The …
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 …
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 …
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 …
America’s Coal Consumption Reaches Lowest Levels Since 1970s
A new federal government report reveals U.S. coal consumption has dropped to its lowest level since the Jimmy Carter Administration. The report from the U.S. Energy Information Administration showed the United States is estimated to burn through 691 million short tons of coal this year, falling to its lowest level since 1979, a 39 percent …