Houston-based oilfield service company Key Energy Services Inc. plans to file for chapter 11 bankruptcy protection in Delaware by November 8. Under the company’s restructuring plan, Platinum Equity LLC would become its largest shareholder, according to a report filed with the U.S. Securities and Exchange Commission on Thursday. Holders of senior notes would own about 95 …
Category: Oil & Gas
Natural Gas Up Nearly 23% for Year, WTI and Brent Close Below $50 on Thursday
Natural gas futures climbed higher on Thursday while crude oil futures reclaimed some of the day’s prior losses, according to Bloomberg MarketWatch. September natural gas rose 5 cents, or 1.8%, to settle at $2.846 per million British thermal units on the New York Mercantile Exchange. Settlements are up nearly 11% for the week and 23% …
Enable Midstream Taps Craig Harris for Executive VP Role
Oklahoma City-based Enable Midstream Partners, LP has named Craig Harris as its executive vice president and chief commercial officer, according to a corporate press release issued on Thursday. Harris will join the company effective September 6. “I am pleased to welcome Craig to the Enable team,” said Rod Sailor, Enable’s president and CEO. “He brings …
Oil Futures Settle Lower on Wednesday as EIA Reports Rise in Inventories
Oil futures plunged on Wednesday following news from a weekly government report confirming a larger-than-expected increase in crude oil inventories, according to Bloomberg MarketWatch. October West Texas Intermediate crude dropped $1.33, or 2.8%, to settle at $46.77 a barrel on the New York Mercantile Exchange. Prices traded around $47.50 a barrel before supply data. On …
Flaherty Resigns From Tulsa’s Helmerich & Payne
Tulsa-based Helmerich & Payne, Inc. revealed that Jeffrey L. Flaherty, Senior Vice President of Operations, resigned for personal reasons, according to a report filed with the U.S. Securities and Exchange Commission on August 19. A 20 year service veteran, Flaherty joined H&P in January 1996 as a drilling engineer. He became a Vice President in 2006. …
Alberta Energy Regulator Approves SemCAMS’ Wapiti Sour Gas Plant
SemCAMS U.L.C., a Canadian subsidiary of Tulsa-based SemGroup Corporation, recently announced that it received Alberta Energy Regulator approval for its sour gas plant, providing options to Wapiti region producers in the Western Canadian Sedimentary Basin. According to a company press release, the new Wapiti Gas Plant will have the capacity to process 200 million cubic …
Hamm: Trump Is Not Going to Shut Down Fracking
Republican presidential nominee, Donald Trump, understands the issue of municipal governments and their attempts to prohibit hydraulic fracturing. So says Trump’s energy advisor, Harold Hamm. “Trump is not going to shut down fracking or drilling or anything else,” said Hamm. The Continental Resources Inc. CEO is part of a 13-member advisory team providing input to …
Corvex Issues Open Letter to Williams Stockholders on Board Actions
In an open letter to The Williams Companies, Inc. stockholders, Corvex Management LP’s Keith Meister announced his intention to replace the entire board of directors for the Tulsa-based company. Characterizing the current board’s actions over the last two months as “extremely disappointing,” the letter from the former Williams board director details growing discord with the …
Feds Live-Streaming Gulf Oil and Gas Lease Sale
Five months after protesters disrupted an oil and gas lease sale for tracts in the Gulf of Mexico, the government is live-streaming a lease sale but closing the New Orleans site where bids are read. Wednesday’s sale, offering all 23.8 million acres available for drilling and exploration off of the Texas coast, will be the …
September Auction Set for McClendon’s Wine Collection
The family of late oil tycoon, Aubrey McClendon, is selling the remainder of his wine collection valued at nearly $8 million, according to a report in Fort Worth’s Star-Telegram. The massive collection includes more than 4,600 fine bottles of Le Pin, Pétrus, Cult Napa Cabernet and Mouton Rothschild wine, including large format bottles. “I think …