Crude oil prices ended flat on Friday but recorded the first weekly gain in a month on expectations that OPEC will extend an agreement to curb production when the cartel meets later this month, according to Bloomberg MarketWatch. West Texas Intermediate June crude settled at $47.84 a barrel, up a penny for the session on the …
Category: Oil & Gas
Nation Gains—-Oklahoma Drops in Rig Counts
The latest figures from Baker Hughes Inc. of Houston and the Red Top Rig Report of Wichita, Kansas show the national rig count gained by 8 in the past week while the count in Oklahoma fell by two. Baker Hughes reports the national count is up to 885 including 9 more oil rigs reaching 712 …
386 Producing Wells Bought by Wildhorse Resources in South Texas
Houston,Texas-based WildHorse Resource Development Corporation has just announced a $625 million purchase of 111,000 net acres and associated production from Anadarko Petroleum Corporation. The land is located in south Texas and the counties of Burleson, Brazos, Lee, Milam, Robertson and Washington counties next to the existing acreage held by WildHorse. The purchase includes 68 Eagle Ford …
WTI, Brent Crude Surge on Thursday Due to Inventory Reports
Oil prices jumped on Thursday as traders were encouraged by a larger-than-expected decline in weekly U.S. crude inventories, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude climbed 50 cents, or 1.1%, to settle at $47.83 a barrel. July Brent crude, the global benchmark, tacked on 55 cents, or 1.1%, …
SandRidge Posts $51 Million Net Income for First Quarter of 2017
Oklahoma City-based SandRidge Energy Inc. reported a first quarter net income of $51 million, or $1.90 a share, according to a report by The Oklahoman. This compares with a reported loss of $313 million, or 47 cents a share, during the first quarter of 2016. James Bennett, SandRidge President and CEO reported the company had …
Brent Crude Settles Above $50 as Oil Futures Rally on Wednesday
Crude oil futures rebounded on Wednesday after government data revealed the biggest weekly decline in domestic crude supplies so far this year, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude rose $1.45, or 3.2%, to settle at $47.33 a barrel. July Brent crude, the global benchmark, added $1.49, or 3.1% …
STACK Produces More Wells While Interest Grows in NW Oklahoma
Oklahoma’s STACK continues to give up its oil with Oklahoma City-based Chesapeake Operating LLC reporting three new completions in Kingfisher County. (see OK Energy Today.) But there’s growing interest in oil exploration in northwestern Oklahoma. The wells ranged in production from 535 barrels of oil daily down to 384. The two Foster wells, located at …
SB 867 Compromise Bill Garners Wide Industry Support, Passes Through Joint Committee
Three energy groups announced their support of a compromise bill that would expand horizontal drilling by allowing long-lateral drilling operations in all geologic formations. The Oklahoma Oil & Gas Association, Oklahoma Independent Petroleum Association and the Coalition of Oklahoma Surface and Mineral Owners joined together in supporting Oklahoma Senate Bill 867, according to a joint …
Production Growth Forecast Heightens Trader Fear, Forces Lower Settlements on Tuesday
After rebounding on Monday, crude oil prices dipped on Tuesday as traders weighed a monthly governmental production forecast and awaited weekly supply reports, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude fell by 55 cents, or 1.2%, to settle at $45.88 a barrel. July Brent crude, the global benchmark, lost …
State Capitol Demonstrators Push for Gross Production Tax Increase
A small group of protesters visited the State Capitol on Monday challenging legislators to hike the gross production tax on oil and natural gas operations, according to a report by Aaron Brilbeck of News 9. The tax has become one of the most hotly contested items in this year’s budget negotiations, which are at a …