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 …
Category: Oil & Gas
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 …
Williams Honored for Preservation of Eastern Hellbender Salamander
Tulsa-based Williams Partners was recently recognized for its commitment to help stabilize the Eastern Hellbender Salamander population. Williams received the Environmental Partnership Award from The Interstate Oil & Gas Compact Commission (IOGCC), a multi-state government agency that advocates for environmentally-sound ways to increase the supply of American energy while balancing a multitude of interests through …
Citizens Upset with State’s Slow Response to Earthquake Damage
At Wednesday morning’s press conference and open forum held by State Rep. Richard Morrissette at the Oklahoma State Capitol, Jackie Dill voiced her distress about the recent succession of earthquakes and the lack of leadership and resources required to address her concerns. Dill says she has experienced significant damage including broken water pipes, roof damage …
Third Quarter Net Loss Nearly $110 Million for Continental Resources
Oklahoma City-based Continental Resources, Inc. announced Wednesday that it had a net loss of $109.6 million, or $0.30 per diluted share, during the third quarter of this year. That compares to a net loss of $82.4 million or $0.22 cents a diluted share during the third quarter of 2015. The company’s net loss included certain items typically excluded by …
Record Weekly Stockpile Jump Leads to Sinking Crude Oil Settlements on Wednesday
Oil futures dropped to five-week lows on Wednesday after government data confirmed that crude oil stockpiles surged by more than 14 million barrels, according to Bloomberg MarketWatch. December West Texas Intermediate crude plunged $1.33, or 2.9%, to settle at $45.34 a barrel on the New York Mercantile Exchange, marking the lowest settlement since September 27. January …
Magellan Midstream Reports 3Q Earnings for 2016
Tulsa-based Magellan Midstream Partners, L.P. reported a net income of $194.6 million for third quarter 2016 compared to $251.0 million for third quarter 2015, according to earnings reports released Wednesday. The decrease in current year net income was attributed to reduced profits from the partnership’s commodity-related activities due to pricing adjustments for hedging positions which …
Oil Futures Drop on Tuesday as Traders Anticipate Increase in Crude Supply
Crude oil prices continued to free fall on Tuesday, as traders were discouraged with OPEC’s attempts to favorably broker a production output agreement, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, December West Texas Intermediate crude settled at $46.67 a barrel, down 19 cents, or 0.4%, after trading between a low of $46.20 and …
Converting Abandoned Wells into Geothermal Systems
One energy publication in Canada is suggesting the oil and gas industry should take advantage of thousands of its abandoned wells, converting them to geothermal systems. Writing in Alberta Oil, Elizabeth Lappen says it would put drilling and service firms back to work and provide heat and power to those who see the wells as …