The state of Oklahoma’s not alone in confronting a budget challenge caused in part by the oil slump. Oklahoma’s budget hole could be close to $900 million dollars but in Texas, it could be nearly $6 billion. One Republican legislator, Rep. Drew Darby said the state of Texas will need another $5 billion to $6 …
Williams and Williams Partners L.P. announced Monday an agreement to permanently waive payment obligations under the incentive distribution rights held by Williams and convert Williams’ economic general partner interest into a non-economic interest for 289 million newly issued Williams Partners common units. The estimated transaction value is approximately $11.4 billion, according to a company press …
The latest energy index from the Oklahoma Independent Petroleum Association indicates signs of hope remain for the state’s oil and gas industry despite its overall decrease. Released on Wednesday by the OIPA, the index showed oil and natural gas industry employment held steady for the month and drilling activity in Oklahoma increased from 72 to …
A former North Dakota energy executive is charged in federal court of falsely inflating company revenues by millions of dollars. Dickinson resident, Joseph Kostelecky, is charged in the U.S. District of North Dakota with five counts of wire fraud and one count of securities fraud. He faces a maximum penalty of 20 years in prison …
Crude oil prices plunged on Tuesday to finish the session at their lowest level in nearly five weeks as traders worried about OPEC’s production cut, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, February West Texas Intermediate crude fell by $1.14, or 2.2%, to settle at $50.82 a barrel. On London’s ICE Futures Exchange, …
Oklahoma City-based Mammoth Energy Services announced Monday that Paul Heerwagen has been designated as a director effective immediately. Heerwagen will replace Aaron Gaydosik, who resigned from the Board effective January 4, 2017 to pursue other business opportunities. Heerwagen served as Vice President, Corporate Development for Gulfport Energy Corporation where he oversees corporate strategy. Since joining …
Tulsa-based NGL Energy Partners LP announced Monday that it has completed the acquisition of certain assets of Murphy Energy Corporation. OK Energy Today reported on December 21 that NGL Energy submitted a bid of $51 million to purchase Murphy assets including the Port Hudson, Louisiana Terminal and the Kingfisher, Oklahoma facility. The Port Hudson Terminal is located near Baton …
Crude oil futures settled at their lowest level since mid-December as OPEC’s production output program weighs on the minds of investors, according to Bloomberg MarketWatch. February West Texas Intermediate crude lost $2.03, or 3.8%, to settle at $51.96 a barrel on the New York Mercantile Exchange. March Brent crude, the global benchmark, fell $2.16, or 3.8%, …
Legendary oilman T. Boone Pickens experienced a mini-stroke while in Dallas with friends a few days before Christmas. According to Jay Rosser, Pickens’ chief of staff, the billionaire founder and chairman of BP Capital Management was hospitalized at Baylor University Medical Center for a few days but is now back to work. Rosser said Pickens’ speech …
As Oklahoma faces a shortfall of nearly $900 million in revenue for FY 2018, oil and gas gross revenue continues to climb as sales and income taxes decline While last year’s drop of $1.3 billion was blamed primarily on the impact of a prolonged downturn in the energy industry, this year’s shortfall appears to be …
