Oil futures settled higher on Election Eve Monday following worries about oil supplies after a 5.0 magnitude earthquake rocked the Cushing storage hub, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, December West Texas Intermediate crude tacked on 82 cents, or 1.9%, to settle at $44.89 a barrel. On London’s ICE Futures Exchange, …
Category: Oil & Gas
New Cushing Earthquake Plan Coming Soon from Corporation Commission
“We will be taking further action in the area,” said Matt Skinner with the Oklahoma Corporation Commission following the Sunday night earthquake at Cushing. The Commission’s Oil and Gas Division responded immediately after the 7:44 p.m. earthquake that measured 5.0 magnitude according to the U.S. Geological Survey or 4.6 magnitude according to the Oklahoma Geological …
Court Rules Against Sierra Club in LNG Export Project at Corpus Christi
The Sierra Club suffered a setback when the U.S. Court of Appeals for the D.C. Circuit ruled against its challenge of the government’s approval of an LNG export project in Corpus Christi, Texas. The Court upheld the orders of the Federal Energy Regulatory Commission which approved the Corpus Christi Liquefaction project of Cheniere Energy. The …
Instability of OPEC Production Deal Drives Oil Futures Down on Friday
Oil futures ended at a six-week low on Friday as OPEC plans to reduce production appear on the verge of collapse, according to Bloomberg MarketWatch. December West Texas Intermediate crude fell 59 cents, or 1.3%, to settle at $44.07 a barrel on the New York Mercantile Exchange, after tapping a low of $43.57. Futures lost …
SEC Report Shows Chesapeake Named in Two New Federal Lawsuits
Oklahoma City-based Chesapeake Energy Corporation is the target of two separate legal actions filed in October, according to a quarterly report filed with the U.S. Securities and Exchange Commission on Friday. In the company’s Form 10-Q filed on November 3, Chesapeake confirmed it received a voluntary document request from the SEC seeking information on its …
Supply Glut Forces Oil Futures Lower on Thursday
Crude oil futures dropped lower on Thursday after a record rise in stockpiles continued to wreak havoc on the market, according to Bloomberg MarketWatch. “We are getting EIA hangover,” said Phil Flynn, senior market analyst at Price Futures Group, referring to the supply data. On the New York Mercantile Exchange, December West Texas Intermediate crude lost …
State and Feds Take More Action on Injection Wells Following Pawnee Earthquake
Two days after a 4.5 magnitude earthquake struck near Pawnee, state and federal officials targeted more wastewater disposal wells, ordering some to be shutdown and others to see reduced volumes. The Oklahoma Corporation Commission and the Environmental Protection Agency took the action in northeastern Oklahoma and the affected wells are in Creek, Pawnee, Payne and …
OCC Announces New Plan Affecting Arbuckle Disposal Wells Near Pawnee
The Oklahoma Corporation Commission’s Oil and Gas Conservation Division announced plans on Thursday to shut down the operation of more disposal wells and reduce production volume at some disposal sites. The latest plan was a joint effort by state regulators, the Environmental Protection Agency and the Oklahoma Geological Survey. The new plan affects 38 Arbuckle …
Marathon Hits it Big Again in Oklahoma’s STACK
Marathon Oil’s brought in another big oil producer in Oklahoma’s STACK, reporting a more than 1,100 barrel-a-day well in Kingfisher county. The Firestone well is so close to the city of Kingfisher, it might be within the city limits on the city’s western side. The well, producing 1,105 barrels a day along with 4,488 Mcf …
Newfield’s STACK Success Shows in 3Q Report
After selling its Texas holdings to expand investments in Oklahoma’s STACK and SCOOP, Houston, Texas based Newfield Exploration Company reported a third quarter net income of $48 million or $0.24 per share. The adjusted net income was $89 million or $0.45 per share. “Our teams are delivering on our strategic objectives for 2016,” said Newfield …