A more than 12-million barrel jump in U.S. crude inventories sent crude oil prices plunging on Wednesday and crude stocks at the Cushing Hub in Oklahoma added to the surprising surge. U.S. inventories rose to 439.5 million barrels last week according to the U.S. Energy Information Administration. Analysts had expected only a 2.6 million …
Growing U.S. oil inventories sent crude oil prices sliding by a dollar a barrel in Wednesday’s trading. Investors fear the growing crude inventory could result in less demand for oil in the nation. West Texas Intermediate, the US benchmark, dropped $1.23 or 1.6% to settle at $76.64 a barrel on the New York Mercantile …
What a quarter for Williams Cos. Sixty-percent increase in net income, 5% gain in adjusted net income, 24% increase in cash flow and an increased dividend. Results for the quarter that ended Dec. 31, 2023 were released early Wednesday showing net income of $3.273 billion or $2.68 per share, an increase of 22% compared …
Could President Biden’s freeze on permits for US LNG export terminals harm the environment rather than help it as he and his environmental supporters claim? Williams Companies CEO Alan Armstrong thinks so and here’s how—it could bring about more coal use overseas. That’s what he told Reuters this week, saying Biden’s moratorium could backfire …
** Exxon and Canada-based crude pipeline operator Enbridge were sued in Illinois federal court on Tuesday over claims they barred a competitor from building a terminal to ship oil by barge from the Chicago area to refineries in the Midwest and Gulf of Mexico. ** House Small Business Committee Chair Roger Williams, R-Texas, is demanding answers …
Battle lines are drawn in New Mexico where Democratic legislators want to be more like California in clamping down on fossil fuels and seeking climate change goals. The latest conflict? A bill aimed at reducing climate-warming pollution from cars and trucks. The New Mexico Senate passed it on a 26-15 vote this week with …
Four months after Michelin North America announced it planned to close its tire plant in Ardmore, Oklahoma, another tire company has announced similar plans and for the same reason—changes in tire demand as a result of the electric vehicle industry and the cost of meeting those demands. Michelin issued a statement in November …
After making progress in the third quarter, Gulfport Energy Corporation prepares to release its fourth quarter and full-year 2023 financial reports later in the month. The release will be made on Tuesday, Feb. 27 after the close of markets. The next day, Feb. 28, Gulfport management will hold a conference call at 8 a.m. …
Helmerich & Payne in Tulsa reached a deal this week to provide 7 new rigs to Saudi Aramco. Terms of the contract were finalized as the seven super-spec rigs were awarded 5-year contracts with 1-year options. The rigs are expected to be put into immediate use once they are delivered and that should be …
Houston’s Apache Corporation agreed recently to pay a $4 million fine for clean air violations of its more than 400 oil and gas wells in the Permian Basin. It led New Mexico officials to call for even more scrutiny of oil and gas operations. The agreement settles legal action taken against the company …
