Oil prices settled higher Tuesday as evidence that OPEC oil producers fulfilled their pledge to hold back production in January helped prices to recoup some of their recent losses. However, lingering concerns that rising output in the U.S. could threaten efforts to balance the crude market weighed on investors’ psyches, capping gains ahead of weekly …
Category: Oil & Gas
Deadly Pipeline Fire Extinguished West of New Orleans
The pipeline fire that killed one worker and injured two others in south Louisiana last Thursday night was finally extinguished on Monday morning. It happened at a Phillips 66 pipeline station at Paradis west of New Orleans. The cause has yet to be determined. But the explosion and fire forced the evacuation of nearly 60 …
Chesapeake and McClendon Estate Settle Differences Over Proprietary Data
Oklahoma City-based Chesapeake Energy Corporation and the estate of Aubrey McClendon have agreed to settle a multimillion-dollar dispute, according to a report by The Oklahoman. Chesapeake filed a civil lawsuit in Oklahoma County District Court on February 17, 2015 against American Energy Partners L.P. alleging McClendon committed acts of corporate theft by misappropriating highly sensitive …
EIA Prediction of U.S. Production Growth Results in Losses for WTI and Brent on Monday
Crude oil prices settled lower Monday as worries grew concerning the growth of domestic oil production, according to Bloomberg MarketWatch. March West Texas Intermediate crude fell 93 cents, or 1.7%, to settle at $52.93 a barrel on the New York Mercantile Exchange. April Brent crude, the global benchmark, lost $1.11, or 2%, to end trading at …
Company Fined $1 million for Oil Pipeline Spill
A Casper, Wyoming-based pipeline company will have to cough up $1 million because of an oil pipeline spill that happened in 2015 in the state of Montana. Bridger Pipeline LLC will be forced to give $800,000 to environmental projects and another $200,000 to the state’s general fund according to an announcement by the Montana …
Tulsa Federal Judge Rules Against Landowner in Fight with BIA in Osage County
A Tulsa Federal Judge has dismissed a lawsuit in a battle over hydraulic fracturing leases involving the Bureau of Indian Affairs and a company with oil and gas leases and permits on the Osage Nation’s reservation. Judge Claire V. Eagan ruled late last week against Lyman Gilbert Lenker, the trustee for the Virginia Lenker Irrevocable Trust. …
Summary of Permits and Completion Reports for the Week of February 6-10, 2017
The week of February 6-10, 2017 proved busier with permitting than completions in Oklahoma. A total of 62 permits were filed with the Oklahoma Corporation Commission between February 6, 2017 through February 10, 2017. Kingfisher and Canadian Counties led the way with six new permits for each county. Blaine and Garvin Counties followed with five …
Crude Oil Futures Advance, Natural Gas Retreats on Friday
Crude oil prices forged ahead on Friday, scoring their highest finish since the start of the month after the International Energy Agency lifted its forecast for global oil demand and estimated strong compliance with OPEC’s pledge to cut output, according to Bloomberg MarketWatch. March West Texas Intermediate crude rose 86 cents, or 1.6%, to settle at …
Crude Oil Futures and Natural Gas Post Gains on Thursday
Crude oil futures continued to rise on Thursday as demand proved strong, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, March West Texas Intermediate crude rose 66 cents, or 1.3%, to settle at $53 a barrel. On London’s ICE Futures Exchange, April Brent crude, the global benchmark, tacked on 51 cents, or 0.9%, …
Petro River Uses 3-D Seismic Technology to Plan 2017 Drilling Projects
New York-based Petro River Oil Corp. announced Wednesday that the company’s recently acquired and reprocessed 3-D seismic data has shown positive results in three project areas located in Oklahoma and California. Petro River intends to move forward with drilling four wells on these three core assets during the second quarter of 2017, according to a …