Crude oil futures settled higher on Tuesday, ending a six-session consecutive losing streak that pushed the U.S. benchmark to its lowest settlement of the month, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude climbed by 33 cents, or 0.7%, to settle at $49.56 a barrel. On London’s ICE …
Category: Oil & Gas
Noble Energy Moves to Expand Holdings in Delaware Basin
Houston-based Noble Energy’s trying to expand its holdings in the Delaware Basin in far west Texas, announcing the acquisition of 64,000 acres in Reeves County. No price was divulged but Noble made the purchase from Clayton Williams Energy, Inc. Noble has recently dedicated infield gas gathering on all of its legacy 47,000 net acres in …
Supreme Court Rejects Chesapeake Appeal of $439 Million Bond Judgment
The U.S. Supreme Court rejected Chesapeake Energy Corporation’s petition for certiorari on Monday, forcing the company to pay nearly $439 million to investors following a bonds dispute, according to a report by The Oklahoman. The Oklahoma City-based company filed an appeal with the high court on February 2. Chesapeake sought a review of a September …
Concerns About OPEC and Domestic Production Force Lower Settlements on Monday
West Texas Intermediate crude oil futures tumbled for a sixth consecutive session on Monday as lingering worries about rising domestic production outweighed optimism about prospects for an extended agreement on output cuts by OPEC, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, light, sweet crude futures for delivery in June fell 39 cents, …
WTI Falls Below $50 a Barrel as Active Rig Count Rises on Friday
Crude oil futures slid further on Friday as the U.S. benchmark ended below $50 a barrel while the domestic rig count revealed further growth, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude fell by $1.09, or 2.2%, to settle at $49.62 a barrel. The settlement was its lowest since …
Oklahoma’s Rig Count Slips While National Count Grows
For the first time in seven weeks, the oil and gas rig count in Oklahoma declined in the past week while the national count grew to reach 857 rigs. Baker Hughes Co. in Houston announced Oklahoma’s count dropped by one to reach 124. A year ago, the state’s rig count was 63. The increase is …
SCOOP Produces Massive Gas Well
It wasn’t just the nearly 900 barrels of oil equivalent a day that came out of a Grady county well that no doubt got the attention of the developers. It was the nearly 16,000 Mcf of natural gas being produced on a daily basis. The Lynda well in the SE Cana Field of the SCOOP …
Growing Claims Over Loss of Existing Wells Due to Horizontal Drilling
No letup in the growing dispute between the horizontal oil and gas drillers and those who contend the horizontal wells are taking from their existing vertical wells. Members of the new group called Oklahoma Energy Producers Association are making claims of wells lost to the horizontal drilling operations. One unconfirmed report claims hundreds of older …
BP May Unload Non-Core Canadian Joint Venture Stake with Devon Energy
London-based petroleum giant, BP, may sell its stake in a joint venture asset operated by Devon Energy Corporation as it seeks to divest three Canadian projects, according to a Reuters report issued on Thursday. The company is focused on eliminating non-core assets in order to direct capital back into targeted play areas generating greater returns …
Jeff Ritenour Promoted to Chief Financial Officer at Devon Energy
Oklahoma City-based Devon Energy Corp. has a new CFO. Jeff Ritenour, who most recently served as Devon’s senior vice president of corporate finance, investor relations and treasurer, was elected to the new post by the board on Wednesday. “I want to congratulate Jeff on his well-deserved promotion to executive vice president and CFO,” said Dave Hager, …