A subsidiary of Tulsa-based Magellan Midstream Partners will pay a fine of $2 million and complete $16 million in upgrades to pipelines as a result of a federal settlement following pipeline ruptures in three states, according to PennEnergy. In a statement issued Thursday, federal officials acknowledged the first incident occurred in February 2011, when a petroleum pipeline …
Category: Oil & Gas
WTI and Brent Finish Higher on Friday Amid News That OPEC’s Agreement is Working
Crude oil futures rose on Friday and climbed slightly for the week, boosted by signs of tighter supply after the OPEC production curb appears to be successful, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, February West Texas Intermediate crude rose by $1.05, or 2%, to settle at $52.42 a barrel. The contract, …
Oil and Gas Rig Counts Jump in Oklahoma and Soar Nationally
The oil and gas rig count soared by 7 in Oklahoma in the past week while it jumped 35 nationally, according to the weekly count released by Baker Hughes Company based in Houston, Texas. Oklahoma’s count climbed to 91, four more than reported one year ago at this time. The U.S. count leaped to 694, …
More STACK Wells Completed
They are not record-producing wells, but they are still producers—-the latest to be completed and producing oil in Oklahoma’s STACK. Reports published by OK Energy Today show another four wells are producing in Canadian County, one of the handful of counties that make up the STACK. Citizen Energy Ii LLC, based in Tulsa had the largest …
Crude Oil Futures Rise on Thursday as IEA Data Confirms OPEC Output Decline
On the eve of the U.S. presidential inauguration, crude oil futures rose Thursday after a report from the International Energy Agency confirmed a decline in output by OPEC members, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, February West Texas Intermediate crude rose by 29 cents, or 0.6%, to settle at $51.37 a …
WTI and Brent Crude Finish Lower on Wednesday
Crude oil futures fell on Wednesday as concerns about climbing U.S. shale production pushed prices to their lowest in about a week, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, February West Texas Intermediate crude fell $1.40, or 2.7%, to settle at $51.08 a barrel. March Brent crude, the global benchmark, fell $1.55, or …
Gulfport Energy Performance Boosts Production by 22%
Oklahoma City-based Gulfport Energy Corporation reported a 22 percent increase in production during the fourth quarter of 2016, according to a company press release issued Tuesday. The independent oil and natural gas exploration and production company produced 787 million cubic feet of natural gas equivalent per day in the fourth quarter. The production was near …
WTI Up, Brent Down on Tuesday as Report Predicts Domestic Production Rise in February
After showing early gains on Tuesday, crude oil futures settled lower after a U.S. government report showed that domestic shale oil production is expected to climb in February, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, February West Texas Intermediate crude rose 11 cents, or 0.2%, to settle at $52.48 a barrel. On the …
Environmentalists Protest Cushing to Memphis Oil Pipeline
Protesters upset over a proposed oil pipeline from Cushing, Oklahoma through Arkansas and to a Valero Refinery in Memphis, Tennessee blocks roads Monday and police ended up arresting 12 of them. The reported members of the group Arkansas Rising were charged with disorderly conduct and obstruction of a highway passage. Seven of the protesters were …
WPX Energy Boosts Delaware Basin Assets With $775 Million Purchase
Tulsa-based WPX Energy announced Thursday that it is acquiring assets in the Delaware basin for $775 million, increasing its Permian operations to more than 120,000 net acres, according to a recent report in The Tulsa World. The assets include approximately 6,500 barrels of oil equivalent per day of existing production from 23 producing wells; two …