Chesapeake Energy Corporation announced Tuesday that it will sell another portion of its Haynesville Shale operating area in northern Louisiana for approximately $465 million to an affiliate of Covey Park Energy LLC, according to a company press release. The sale covers nearly 41,500 acres and 326 operated and non-operated wells currently producing approximately 50 million …
Category: Oil & Gas
WTI, Brent Post Higher Settlements on Tuesday
Crude oil prices soared higher on Tuesday, buoyed by an expected drop in crude oil inventories and a tightening commodity market, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, February West Texas Intermediate crude oil rose 24 cents, or 0.5%, to settle at $53.30 a barrel. The January contract which expired Tuesday, finished up …
Fracking Prompts State to Issue New Earthquake Prevention Rules for SCOOP and STACK
As Oklahoma’s two popular and fast-growing oil plays, the STACK and the SCOOP generate high interest in the oil and gas industry, the Oklahoma Corporation Commission announced Tuesday new seismicity rules that will apply to the region…..rules aimed at preventing a sudden growth in earthquakes. And this time, state regulators are linking possible earthquake activity …
WTI Settles Higher, Brent Lower on Monday
Oil prices ended slightly higher on Monday following a volatile day of choppy trading as the January WTI contract was set to expire, according to Bloomberg MarketWatch. February West Texas Intermediate crude oil closed up 11 cents, or 0.2%, to end trading at $53.06 a barrel on the New York Mercantile Exchange. The January contract, …
Glass Mountain Pipeline Extension From the STACK to Cushing in the Works
Tulsa-based SemGroup Corporation and NGL Energy Partners LP announced Monday that it will construct a 44-mile pipeline extension via its joint venture, Glass Mountain Pipeline, LLC. The Glass Mountain Pipeline extension will deliver crude oil from the STACK to Cushing, Oklahoma, according to the press release. “We’re excited about this opportunity to enter the STACK,” said David Minielly, vice …
Unit Corporation Names J. Michael Adcock as New Board Chairman, Announces Retirement of John Nikkel
Tulsa-based Unit Corporation announced Monday that Chairman John Nikkel is retiring as chairman of the board effective December 31, 2016, according to a company press release. J. Michael Adcock, a current board member, has been elected to serve as the energy company’s new chairman. Adcock has served on Unit Corporation’s board of directors since 1997. …
OIPA Names Executive Vice President
Tim Wigley has been named executive vice president of the Oklahoma Independent Petroleum Association. In the position, Wigley will direct the association’s legislative outreach efforts at the state and federal level on behalf of Oklahoma’s independent oil and natural gas industry. Following the 2017 retirement of current OIPA President Mike Terry, Wigley will assume the …
BP Lower 48 Moves HQs to Denver from Houston, Keeps OKC Mid-Continent Office
BP’s U.S. Lower 48 onshore business announced Wednesday that it will move its Lower 48 headquarters staff from Houston to Denver due to the Rocky Mountain region’s importance as an energy hub, according to a company press release. BP America headquarters will remain in Houston and the Mid-Continent operations office in Oklahoma City will also …
Crude Oil Futures End the Week on a Higher Note
Crude oil prices moved higher on Friday as traders remained positive about the overall outcome of OPEC’s production cuts, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, January West Texas Intermediate crude added $1, or 2%, to settle at $51.90 a barrel. For the week, prices rose nearly 0.8%. On the London ICE Futures …
Rig Count Slips in Oklahoma but Grows Nationally
While the oil and gas rig count slipped in Oklahoma in the past week, the count grew by 13 nationwide, according to Houston-based Baker Hughes Company. Oklahoma’s count fell to 78, compared to 86 a year ago. Nationwide, the count added 13 to reach 637 including a dozen more oil rigs and one more …