The number of active U.S., Canadian and international rigs surged dramatically this week, according to the Baker Hughes rig count released on Friday. The U.S. rig count rose by 17 to reach 481 active rigs after hitting a record low of 404 in May. Overall, the U.S. is down 403 rigs from last year’s figures. …
Category: Oil & Gas
WTI and Brent Crude Post Best Weekly Gains Since April on Friday
Bolstered by Saudi Arabia’s eagerness to rebalance the market, oil futures snapped back from a recent slump on Friday by posting their best gains since April, according to Bloomberg MarketWatch. September West Texas Intermediate crude rose $1, or 2.3%, to end trading at $44.49 a barrel on the New York Mercantile Exchange, representing its highest …
Kansas Regulators Issue Order Restricting Wastewater Injections
The Kansas Corporation Commission approved an order on Tuesday that restricts the amount of oilfield saltwater injections which are introduced into the Arbuckle formation in parts of five counties located in south central Kansas. The state regulatory panel hopes that the new rules will place more restrictions on the volume of wastewater that can be dumped …
Tuttle Grasps With Benefits and Burdens of LINN Energy’s New Plant Construction
In Grady County, construction of a new natural gas compression plant is the center of controversy. Houston-based LINN Energy is currently building the facility in the community of Tuttle. The compressor plant, located off Highway 37 on Cemetery Road, is expected to process around 60 million cubic feet of natural gas per day while serving …
Fire Rocks Southeastern Louisiana Refinery Early Thursday
A large fire erupted at Shell’s Motiva oil refinery in Convent, Louisiana shortly before 11 a.m. on Thursday. Located nearly 68 miles west of New Orleans in St. James Parish along the Mississippi River, the giant complex was evacuated as firefighters raced to control the blaze in Motiva’s H-Oil unit before extinguishing the flames around 3:30 …
Oil Futures Rally as OPEC Plans Informal Meeting to Stabilize Market
Oil futures rebounded on Thursday as investors reacted positively to news reports that Saudi Arabia’s energy minister will take action to stabilize the market at an informal meeting next month, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude added $1.78, or 4.3%, to settle at $43.49 a barrel, …
Cypress Energy Partners Reports 2Q Net Loss of $11.6 Million
Tulsa-based Cypress Energy Partners, L.P. announced a net loss of $11.6 million for second quarter of 2016, according to a company press release. The energy company previously lost $1.4 million during the first quarter of 2016. The second quarter results are down when compared to a net income of $1.9 million generated during the same …
Canceled Lease Sales Are Subject of Recent Federal Lawsuit in New Mexico
A southwestern trade group representing over 300 energy companies engaged in oil and natural gas exploration and production activities is accusing federal officials of illegally canceling or postponing the sale of more than two dozen leases over the past two years, according to an Associated Press report. The Western Energy Alliance filed a lawsuit in …
IEA: U.S. Drillers Need $60 a Barrel to Spark Resurgence
Despite crude oil prices consistently hovering in the $40 to $45 a barrel range in recent weeks, the International Energy Agency says U.S. drillers need $60 a barrel in order to rebound, according to a Bloomberg report. While shale drilling shows signs of increasing, crude oil prices need to climb closer to $60 a barrel …
ConocoPhillips Will Eliminate 1,000 Jobs in Latest Round of Job Cuts
The world’s largest independent exploration and production company will lay off an additional 6 percent of its workforce by the end of the year. Houston-based ConocoPhillips announced that it will lay off another 1,000 employees in the latest round of job cuts. “We have been transparent with employees that we will have targeted workforce reductions …