Oil futures finish higher on Wednesday after U.S. government data revealed an unanticipated drop in crude oil inventories, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November WTI crude rose $1.14, or 2.3%, to settle at $49.83 a barrel. On the London ICE Futures Exchange, November Brent crude, the global benchmark, added 99 cents, …
Category: Oil & Gas
GE Formally Opens $125 Million Oil and Gas Research Center in OKC
General Electric’s new $125 million oil and natural gas technology center is formally being opened this week in downtown Oklahoma City. The opening comes three years after GE announced it would build the center and broke ground. GE executives joined Oklahoma officials in commemorating the huge center, the first GE research center to focus on …
Tulsa Energy Company Reports Big Wells near Tuttle
Tulsa-based Citizen Energy has had some success in Grady and Canadian counties, hitting at least two wells that produced more than 1,100 barrels of oil equivalent a day. They were not eye-popping producers like some of the 2,000-barrel-a-day-plus wells reported in some parts of the STACK but are still sizeable producers. One well, the Rosemary …
SandRidge Emerges From Bankruptcy With $525 Million Liquidity as $3.7 Billion Debt Eliminated
Oklahoma City-based SandRidge Energy, Inc. announced Tuesday it has emerged from Chapter 11 bankruptcy proceedings after satisfying all of the necessary requirements under its court-approved reorganization plan. The oil and natural gas producer exited bankruptcy with approximately $525 million in total liquidity by combining its unrestricted cash balance with the availability under its first lien credit …
Crude Oil Futures Fall on Tuesday, Ahead of Weekly Supply Data
Oil futures settled lower on Tuesday, as traders awaited weekly data that is expected to reflect an increase in domestic crude supplies, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November West Texas Intermediate crude lost 12 cents, or 0.2%, to settle at $48.69 a barrel. On the London ICE Futures Exchange, December Brent …
Marathon Oil Unloads $235 million in Holdings
A year after Marathon Oil spent $888 million acquiring holdings in Oklahoma’s Anadarko shale reserve, the company has signed a deal to sell some of its non-core assets in western Texas and New Mexico for $235 million. The company did not reveal the identity of the buy but explained the properties produced nearly 4,000 barrels …
Natural Gas Drilling Resumes in Arkansas’ Fayetteville Shale Play
In Arkansas, there is some excitement since the first natural gas drilling rig in the state since the end of 2015 has gone up in the Fayetteville Shale play. KUAR radio, a National Public Radio affiliate in Little Rock reports the rig is believed to be operated by Houston-based Southwestern Energy. The company reported last …
Tulsa’s NGL Acquires Port Comfort, Texas Terminal and Assets from Pelorus
Tulsa-based NGL Energy Partners LP announced on Tuesday that it acquired a crude oil and condensate marine terminal project and related assets from Pelorus Terminal: Point Comfort, LLC. The Terminal is located at the port in Point Comfort, Texas. The acquisition includes 350,000 shell barrels of storage capacity, multiple truck unloading bays and capabilities of loading both inland and ocean …
WTI, Brent Climb Higher on Monday Following Volatile Session
Crude oil futures climbed higher on Monday following a volatile session in which traders weighed the potential outcome of OPEC’s production agreement on current surplus levels, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November West Texas Intermediate crude rose 57 cents, or 1.2%, to settle at $48.81 a barrel, after touching lows under …
October 13 Designated as Oilfield Prayer Day in Oklahoma
Governor Mary Fallin has issued an Executive Proclamation designating October 13 as Oilfield Prayer Day to raise awareness about the state’s distressed energy industry, according to a report by The Oklahoman. An annual breakfast is slated at the Tower Hotel (formerly the Marriott Hotel), 3233 Northwest Expressway in Oklahoma City. The event will conclude with …