Crude oil futures gained some ground and settled higher on Monday as producers remained confident that OPEC will extend its current agreement to curb production, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June WTI crude, the U.S. benchmark, tacked on 21 cents, or 0.5%, to settle at $46.43 a barrel. On the London …
Category: Oil & Gas
Enable Announces New Pipeline to Transport Natural Gas from STACK and SCOOP
Oklahoma City-based Enable Midstream Partners is planning to build a natural gas pipeline to transport resources from the STACK and SCOOP, according to a report in The Oklahoman. The pipeline, dubbed Project Wildcat, will move 400 million cubic feet of natural gas daily through Canadian, Grady, McClain and Garvin counties and continue through southern Oklahoma …
Baker Hughes Rig Count: Texas Adds 6, Oklahoma Loses 7 Rigs
Baker Hughes company reported 7 new rigs were added in the U.S. last week, raising the total rig count to 877, according to data released by Houston’s Baker Hughes Company. Compared with last year’s figures, the U.S. rig count has increased by 462. Only two states have triple digit active rig counts, with one showing …
WTI and Brent Crude Rebound From Thursday’s Losses
Crude oil futures rebounded on Friday after Thursday’s big drop, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude rose 70 cents, or 1.5%, to settle at $46.22 a barrel. For the week, prices were nearly 6.3% lower after losing 4.8% on Thursday. On the London ICE Futures Exchange, July …
Permian Resources Announces Restructuring Deal, New Company Name
A company with ties to the late Aubrey McClendon has reached an equity restructuring deal worth more than $1 billion, according to a report by The Oklahoman. Permian Resources LLC announced that OnyxPoint Global Management LP will forgive $325 million in debt in exchange for a stake in the company, which will be renamed Sable …
Crude Oil Futures Sink on Thursday as U.S. Output Rises, Libyan Recovery Looms
Oil prices plunged by nearly 5% on Thursday, with rising domestic output sending prices back to levels unseen since the initiation of OPEC’s output deal in November and a potential recovery in Libyan crude production, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude fell $2.30, or 4.8%, to settle …
Continental Reports Flat First Quarter Earnings
Oklahoma City-based Continental Resources, Inc. announced Wednesday that it had a net income of $0.47 million, or $0.00 per diluted share, during the first quarter of 2017. “Relative to 2017 guidance, we are ahead on production, under on CAPEX and expect to be at the top-end or better than our production guidance for the year,” said Harold Hamm, Continental’s Chairman …
Williams Reports $373 Million in Net Income for First Quarter of 2017
Tulsa-based Williams is reporting net income of $373 million in the first quarter of 2017, which is sharply contrasted to last year’s net loss of $65 million reported just one year ago. The company said that’s an increase of $438 million. “Our consolidation of operating areas from five to three became effective in first-quarter 2017 – …
Crude Oil Settlements Rise on Wednesday as Government Data Reveals Decline in Supply
Domestic oil prices settled with a slight gain on Wednesday after government data confirmed that domestic crude supplies dropped, according to Bloomberg MarketWatch. The decrease was much less than the market anticipated. June West Texas Intermediate crude rose 16 cents, or 0.3%, to settle at $47.82 a barrel on the New York Mercantile Exchange. On the …
Historic Oil and Gas Pieces Lost in Weekend Storm at State History Center
Those 75-mile-an hour winds that hit Oklahoma City over the weekend devastated some oil and gas historical items located at the Oklahoma History Center. Among the losses…a restored wooden derrick and a derrick installed at the Capitol in 1934 and relocated just 12 years ago when the new history center opened. “What we’re doing right …