** West Virginia U.S. Sen. Joe Manchin, energy committee chairman and key swing vote in the narrowly divided Senate, urges President Joe Biden to reconsider his cancellation of the Keystone XL pipeline. ** Bahamas Petroleum Company will stop drilling a controversial oil well it started in December about 150 miles from the South Florida coast, after saying it did …
Category: Oil & Gas
Helmerich and Payne reports $70 million 1Q loss but increased rig activity
Helmerich & Payne reported a $70 million net loss or 66 cents a diluted share in the quarter that ended Dec. 31, 2020. The loss, from operating revenues of $246 million compared to a $59 million or 55-cent-a-share loss from the previous quarter that ended Sept. 30, 2020. The company said the net cash …
Cushing’s crude storage declines as US amount drops
(updated) A government report on Wednesday showed crude oil storage declined slightly in the U.S. Commercial crude inventories dropped by 6.6 million barrels from the previous week according to the announcement by the Energy Information Administration. The decline included the amount of crude held in the Cushing oil hub in northern Oklahoma. The EIA said …
Chesapeake Energy to refocus on natural gas after bankruptcy
Once considered the second-largest U.S. natural gas producer, Chesapeake Energy attempted to gain on the shale-oil boom in recent years. But now that the Oklahoma City company has come out of Chapter 11 bankruptcy, the firm is reverting to its natural gas efforts. The company plans to focus 85% of this year’s spending on …
New Mexico educators concerned over Biden’s ban of new federal drilling
President Biden’s move to ban new drilling and leasing on federal lands now has educators in New Mexico expressing concerns because of what it will do to the availability of money for education. The leader of a state association of school administrators in New Mexico put it this way—“–we’re very concerned.” After all, as …
Third quarter loss of $380 million reported by NGL Energy Partners
Tulsa’s NGL Energy Partners reported a third quarter loss of $380.4 million and a drop in operating income it blamed on the rejection of contracts with Extraction Oil and Gas. The company compared the loss to the $49.1 million in income in the third quarter of Fiscal 2020. NGL also said income fell …
More Ovintiv drilling in Oklahoma’s STACK
There seems to be no letup in the 2020 drilling activity Ovintiv Mid-Continent Inc. has revealed in new completion reports filed with the Oklahoma Corporation Commission. The latest were two Kingfisher County wells in the STACK with combined production of nearly 2,300 barrels of oil a day. The two South Stangl 1509 wells, drilled …
Crude oil moves to $58 a barrel in the US and $61 in Europe
While more states and some members of congress take steps to fight President Biden’s anti-fossil fuel moves, oil prices in the U.S. and in Europe rose again. West Texas Intermediate crude for March delivery rose 39 cents to $58.36 a barrel in Tuesday’s trading on the New York Mercantile Exchange. Global benchmark Brent crude …
Chesapeake emerges with slashed debt and a new board of directors
Chesapeake Energy Corporation announced Tuesday it has successfully emerged from the $9 billion Chapter 11 bankruptcy it filed last year, coming out with $1.2 billion left in debt and a new board of directors. “Today marks a new day for Chesapeake,” said Doug Lawler, Chesapeake’s President and Chief Executive Officer. The new Chesapeake Energy, …
Texas prepares to challenge Biden’s anti-fossil fuel steps
While Oklahoma Gov. Kevin Stitt signed his own executive order defying President Biden’s executive orders against the fossil fuel industry, Texas Gov. Greg Abbott did the same. And in Texas, the State General Land Office Commissioner George P. Bush announced formation of the Texas Defense Task Force to identify federal overreach and “fend …