The U.S. Supreme Court will begin its 2019 term next Monday with four energy-related cases potentially gaining exposure. Pipeline cases involving the Appalachian Trail, the quick take of property by developers, state land takings and the use of eminent domain for export markets could become hot topics of discussion before the nine justices. Atlantic Coast …
Category: Oil & Gas
Devon Reduces Oklahoma City Staff by 40
Another day…another round of layoffs at Devon Energy. The company announced on Monday that it laid off forty employees in Oklahoma City as part of its continued plan to streamline operations and realign costs, according to a story aired by KWTV-9. “Throughout 2019, Devon has made a number of bold strategic moves that will position …
Laredo Petroleum Succession Plan In Action as Jason Pigott Assumes CEO Role
The changing of the guard is under way at Tulsa-based Laredo Petroleum Inc. with Jason Pigott leading the way on October 1. Pigott continues in his role as President while succeeding Randy Foutch as the company’s new Chief Executive Officer. OK Energy Today announced Laredo’s succession plan back on April 26, 2019. Pigott joined Laredo …
Chaparral Reaffirms $325 Million Borrowing Base
Chaparral Energy, Inc. announced the company’s bank group has completed its regularly scheduled fall borrowing base redetermination and reaffirmed the borrowing base at $325 million. As of June 30, 2019, the Oklahoma City-based independent oil and natural gas exploration and production company had approximately $33 million in cash and cash equivalents and $85 million drawn …
NGL Completes Divestiture of TransMontaigne for Nearly $300 Million
Tulsa-based NGL Energy Partners LP announced it has completed its transaction to sell TransMontaigne Product Services, LLC and its associated assets to an undisclosed buyer for $275.5 million in proceeds at closing, according to a company press release issued on Monday. NGL monetized approximately $15.6 million in derivative assets associated with the business and slashed …
Energy Transfer to Acquire Tulsa’s SemGroup Corporation for $5 Billion
Dallas-based Energy Transfer LP has set its sight on acquiring Tulsa-based SemGroup Corporation with a stock and cash merger transaction deal valued at $17 per share, which includes assumption of nearly $5 billion in debt, according to a recent company press release. The SemGroup acquisition will increase Energy Transfer’s scale across multiple regions and provide …
Energy Information Administration Details Short-Term Energy Outlook
The US Energy Information Administration released its short-term energy outlook this week, outlining the country’s energy production in 2019 and future production in 2020. According to an article published by Power Technology, Brent crude oil prices averaged at $64 a barrel in July 2019, falling from $74 a barrel in July 2018. The EIA estimates …
Panhandle Oil and Gas Posts $15.4 Million Income for 3Q 2019
Oklahoma City-based Panhandle Oil and Gas reported net income grew to $15.4 million or $0.92 per share for its third quarter ending June 30, 2019. This compares to $14.1 million or $0.83 per share for the same period in 2018, according to a company press release issued on Thursday. Panhandle also reported royalty interest oil, …
CSI Compressco LP Optimistic About 2Q 2019 Results
Despite posting a $2.9 million net loss for the second quarter of 2019, Houston’s CSI Compressco LP remains optimistic that the company is headed in the right direction as revenue increased sequentially by 31 percent, according to a company press release. The company posted a net loss of $12.5 million in the first quarter of …
Halcon Resources Corporation Files Second Bankruptcy Petition
With support from major stakeholders, Houston-based Halcon Resources Corporation voluntarily filed for Chapter 11 bankruptcy protection on Wednesday, according to a company press release. The beleaguered energy company previously filed for bankruptcy in 2016 but continued to struggle following its initial restructuring efforts. The new plan will allow Halcon to emerge from bankruptcy within 60 …