Pressured by reports confirming that OPEC’s production rose in November, crude oil futures slid on Wednesday as the U.S. Federal Reserve announced a slight interest increase prior to the close of markets, according to Bloomberg MarketWatch. January West Texas Intermediate crude fell $1.94 cents, or 3.7%, to settle at $51.04 a barrel on the New York …
Category: Oil & Gas
Ruptured Pipeline Spills Oil Into North Dakota Creek Close to DAPL Site
While nearly 5,000 Standing Rock Sioux tribal members and Dakota Access pipeline protesters remain onsite at the encampment in Cannon Ball, an extensive pipeline spill nearly 150 miles away is seizing attention. The leaky pipeline has spilled more than 176,000 gallons of crude oil from the Belle Fourche pipeline into the Ash Coulee Creek located …
Continental Resources STACKS It Up With New Record Well in Blaine County
Continental Resources CEO Harold Hamm has the Midas touch, turning anything into pure gold…in his case, it’s black gold. The Oklahoma City-based energy company announced Wednesday that it set a new corporate record at a well in the Oklahoma STACK play. The Angus Trust well produced 4,642 boe/day in a 24-hour test, comprised of 2,088 …
OSHA Investigating Western Kansas Oilfield Explosion That Injured Five
Five people were hospitalized following a western Kansas oilfield explosion on Monday morning. The blast occurred around 7:30 a.m. in an area southwest of Sharon Springs in Wallace County, Kansas. Fire Chief Jay Sharp with Rural Fire District 2 said workers were performing a drill stem test when something caused the gas to leak out of …
WTI and Brent Crude Reach New Heights on Tuesday
Crude oil futures continued their ascent on Tuesday, settling at their highest level since July 2015 after an energy watchdog lifted its demand forecast for this year and predicted that production cuts by major oil-producing nations will rebalance the market, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, January West Texas Intermediate crude added …
Panhandle Names Paul Blanchard as New CEO, Announces Additional Executive Changes
Oklahoma City-based Panhandle Oil and Gas Inc. announced several changes in executive leadership, according to a company press release issued on Tuesday. The exploration and production company named Paul F. Blanchard, Jr. as its new Chief Executive Officer effective January 1, 2017. Blanchard replaces Michael Coffman at the top post. OK Energy Today reported on …
Seventy Seven Energy Merges With Patterson-UTI Energy in $1.76 Billion Deal
Oklahoma City-based Seventy Seven Energy Inc. will be acquired by Houston-based Patterson-UTI Energy, Inc. in a merger worth $1.76 billion, according to a joint press release issued by both companies on Monday. As part of the all-stock transaction, Patterson-UTI will acquire all of Seventy Seven’s outstanding stock in exchange for 49.6 million shares of Patterson-UTI …
IEA: The Data Doesn’t Lie, OPEC Cut Preceded by Record November Output
Despite the current surge in the crude oil market, one international organization hasn’t jumped on the OPEC congratulatory bandwagon for its efforts to curb production. Here’s why… In the crucial time leading up to the production cut, OPEC’s output rose to a record 34.2 million barrels a day in November, according to the International Energy …
Will Rex Tillerson Become the Next U.S. Secretary of State?
President-elect Donald Trump will nominate Exxon Mobil Corp. CEO Rex Tillerson as his secretary of state, according to a late report on Monday by The New York Times. An ardent conservative, Tillerson, 64, began his lengthy career in the oil industry as an Exxon production engineer in 1975, working his way up the corporate ladder …
T. Boone Pickens Statement on Rex Tillerson as U.S. Secretary of State
Official Statement from T. Boone Pickens on Rex Tillerson as U.S. Secretary of State President-elect Donald Trump’s anticipated selection of Rex Tillerson as America’s next Secretary of State is perfect. It would be tough to find someone more uniquely qualified to serve in that role. I’ve known Rex for decades. He is a thoughtful, strategic and …