Author's posts
Texas Attorney General Fights Back Against Attacks on Exxon Mobil
While Oklahoma Attorney General Scott Pruitt’s attacking Democratic Attorneys General for targeting energy firms, the Attorney General in Texas has gone to court asking a judge to block U.S. Virgin Islands officials from subpoenaing 40 years of internal climate change documents from Exxon Mobil Corp. Ken Paxton calls it “a fishing expedition of the …
More Energy Firms Prepare for Bankruptcy
This week’s Chapter 11 bankruptcy filing by Oklahoma City-based SandRidge energy brought the number of energy producers in bankruptcy to 77 since the beginning of 2015, according to Haynes and Boone, the bankruptcy law firm based in Texas. It also raised the total of secured and unsecured liabilities and debt in the cases to nearly …
Pruitt Says Democratic AGs and Left are Trying to Criminalize Free Speech
The 16 Democratic Attorneys General who plan to use their subpoena power to target oil companies and utilities in a fight over global warming have run into a buzz saw with Oklahoma Attorney General Scott Pruitt, a man who calls a spade a spade. “This is all about trying to take the courts and the …
Gasoline Hits $2 average in Oklahoma
Oklahoma’s gasoline prices are now up to $2 a gallon, according to the latest report from AAA Oklahoma. The $2 threshold was broken on Saturday for the first time since mid-November 2015 but the average dipped slightly on Sunday, finally settling at $2.003. A week ago, the statewide average was $1.95 a gallon. “There’s quite …
Nation’s Smallest Nuclear Power Plant Could be Shuttered by Year’s End
The nation’s smallest nuclear power plant could be closed by the end of the year. Located in Nebraska, the Fort Calhoun Nuclear Station is no longer financially sustainable, according to Tim Burke, President and CEO of the Omaha Public Power District. He said recently it makes no economic sense to keep it open. “It’s just …
Bankrupt Firm Might Move to Houston
A recent Chapter 11 bankruptcy filing by a Pennsylvania energy company could be a gain for Houston. Penn Virginia Corp, a firm that focuses on the Eagle Ford Shale in south Texas filed bankruptcy last week and listed $1.43 billion in debts and total assets of $517.7 million. It reached a restructuring support agreement with …
Impact of Linn Energy’s Bankruptcy
Management at Linn Energy LLC say they believe by filing for Chapter 11 reorganization last week like they did will enable the company to continue to operate normally without lining up new bankruptcy financing. With debt of $8.3 billion, the company leaders reached agreement with lenders to obtain 2.2 billion in financing. the debt restructuring …
$4.4 billion deal by Range Resources Corporation of Fort Worth
A $4.4 billion deal has been announced by Fort Worth-based Range Resources Corp. in its acquisition of Houston-based Memorial Resource Development Corporation. The all-stock deal is expected to close in the second half of 2016 as Range assumes Memorial’s net debt of $1.1 billion. When the deal closes, Memorial shareholders will own about 31 percent …
SandRidge Leaders Said Future was in Doubt Without Chapter 11
In filing Chapter 11 bankruptcy Monday, Oklahoma City-based SandRidge Energy listed $4.3 billion in liabilities. And it made it clear, the company’s future was in great doubt had it not filed for financial restructuring. It also filed a Form 10-Q with the Securities and Exchange Commission, stating, “The Company believes that a filing under …
SandRidge Energy Files Chapter 11 Bankruptcy Listing Billions in Debt
Oklahoma City-based SandRidge Energy ended the speculation on Monday by filing for Chapter 11 bankruptcy in the Southern District of Texas, listing billions in debt. At least 24 affiliates joined SandRidge in the bankruptcy filing in Houston. The company said it had up to 49 creditors and liabilities ranging from $1 billion to $10 billion …
