Denver-based Whiting Petroleum Corporation confirmed it has dipped into its credit facility to the tune of $650 million to stay afloat amidst the drastic downturn in oil prices complicated by the coronavirus pandemic. The company announced over the weekend it took “proactive steps to ensure it has sufficient liquidity to fund ongoing operations.” The announcement …
While Oklahoma’s unemployment claims set a record high last week, Congress subsequently approved and the President signed into law a more than $2 trillion coronavirus relief bill. The House approved the bill on Friday, two days after the U.S. Senate voted for approval and President Trump quickly signed the measure Friday afternoon. Approval in the …
Residents of West Texas where there is still heavy oil exploration underway are talking about the 5.0 magnitude earthquake that struck the region on Thursday. It was considered to be in a remote area of the state between El Paso and Odessa according to the U.S. Geological Survey. The epicenter occurred about 26 miles …
With the downturn of oil, the importance of hedges by oil companies and the ability to store oil in Cushing, Oklahoma becomes more critical. Hedging locks in place the price of future oil but the oil exploration companies that employ the practice also need a place to store the oil. That’s where Cushing comes in …
The Environmental Protection Agency has abruptly waived enforcement on a range of legally mandated public health and environmental protections, saying industries could have trouble complying with them during the coronavirus pandemic. The oil and gas industry were among the industries that had sought an advance relaxation of environmental and public health enforcement during the outbreak, citing …
