Oklahoma City-based Chesapeake Energy Corporation will exit the Barnett Shale through a divestiture involving Williams Partners LP and Saddle Barnett Resources LLC, according to a company press release issued on Wednesday. In a blockbuster deal designed to shore up expenses, Chesapeake will pay $334 million in cash to Williams in order to terminate its Barnett …
Category: Oil & Gas
Inventory and Production Uptick Pushes Crude Oil Futures Lower on Wednesday
Oil futures sank to their lowest levels in a week on Wednesday as investors continued to focus on unfavorable inventory and production data, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude plunged $1.06, or 2.5%, to settle at $41.71 a barrel. On London’s ICE Futures Exchange, October Brent …
FL Utility Must Refund $24.5 Million Involved in PetroQuest Fracking Investment
A Florida utility must refund nearly $24.5 million to customers since the state’s highest court ruled that state regulators exceeded their authority by allowing recoupment of speculative investment charges involving a Louisiana-based hydraulic fracking company with Oklahoma holdings. Against staff recommendations, the Florida Public Service Commission unanimously approved guidelines last June allowing Florida Power & …
New Bankruptcy Update Out from Texas Law Firm
The Texas law firm known for its handling of bankruptcies is out with its latest report on the cases. Haynes and Boone released its Oil Patch Bankruptcy Monitor this month showing 90 E&P companies filed for Chapter 11 protection since the beginning of 2015. Forty-four of them were Texas companies and the total defaulted debt …
STACK, SCOOP and Leasing Weigh Heavily in Panhandle’s Future Despite 3Q Loss
Oklahoma City-based Panhandle Oil and Gas Inc. reported a third quarter net loss of $787,000, or a loss of 5 cents per share, on Monday, according to a company press release. The oil and gas company reported a net loss of $729,000, or a loss of 4 cents per share, for the same quarter a …
WTI, Brent Fall on News of Government Data Reports
After reaching a two-week high, crude oil futures retreated on Tuesday as traders pondered government data reports suggesting an increase in inventories, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, West Texas Intermediate crude futures for September delivery fell 25 cents, or 0.6%, to settle at $42.77 a barrel. October Brent crude, the …
STACK Draws Attention From More Texas Energy Producers
Two more Texas energy firms think Oklahoma’s STACK is such a hot prospect, they’ve formed a joint venture to begin exploration there. Houston-based midstream companies Plains All American Pipeline LP and Phillips 66 Partners LP have joined forces, with Phillips 66 Partners kicking in $50 million in cash for its 50 percent interest in the …
Denver Energy Firm Makes $980 Million Purchase in Midland Basin
More property in west Texas is exchanging hands among energy companies as Denver-based SM Energy announced this week its purchase of 46,750 net acres in the Midland Basin. The company said the $980 million purchase includes nearly 4,900 BOEPD of production, two new wells coming online this month and 6 MMBOE of PDP reserves from …
Tulsa Firm One of Buyers of Newfield Energy’s Texas Holdings
More details are coming out about Newfield Exploration Company’s decision to unload all of its Texas assets so it can focus strongly on Oklahoma’s rich STACK play. Turns out one of the buyers of Newfield’s unconventional assets in the Eagle Ford Shale is Tulsa-based Protégé Energy, a firm founded just 12 years ago by former …
Counting Underway on Two Anti-Fracking Petitions in Colorado
Opponents of fracking in Colorado have submitted two anti-fracking amendments to state officials, promising they raised at least 100,000 signatures to get them on the November ballot. Each must have 98,492 valid signatures and Lauren Petrie, Rocky Mountain director of the green group Food and Water Watch says they have them. “This is a significant …