A week after emerging from Chapter 11 bankruptcy, Oklahoma City-based Seventy Seven Energy Inc. reported a second quarter net loss of $84.5 million and total revenues of $138.1 million. The total revenue represented an eleven percent drop compared to the $155.4 million in revenues in the first quarter of 2016. It is also a 53 …
Vancouver-based Jericho Oil Corporation announced its joint venture affiliate, Eagle Road Oil, LLC, has signed an agreement to acquire operated and non-operated producing wells and drillable leaseholds in central Oklahoma for a cash consideration of $3.951 million, according to a company press release. Jericho will receive a cash consideration of $1.975 million. The agreement is …
The Williams Companies and Williams Partners announced an agreement on Monday to sell their Canadian businesses to Calgary-based Inter Pipeline for over $1 billion. The sale includes extraction and processing facilities in the Alberta oil sands as well as nearly 260 miles of pipelines. Inter Pipeline’s purchase will allow the company to expand its natural …
International pipe manufacturer Welspun Tubular and Diamond Pipeline LLC announced on Monday that Welspun received a $47 million order to assist with construction of a 440-mile 20-inch pipeline that will carry domestic sweet crude from the Cushing, Oklahoma storage facility to Valero’s refinery located in Memphis, Tennessee. The $900 million Diamond Pipeline will be capable …
Oil futures jumped on Monday as OPEC announced it will meet at the 15th International Energy Forum in Algeria next month in order to discuss how to bring stability to the volatile crude oil market, according to Bloomberg MarketWatch. September West Texas Intermediate crude rose $1.22, or 2.9%, to settle at $43.02 a barrel on …
The 5th annual Tri-State Oil and Gas Convention is close at hand in Woodward and even chairman Junior Long is surprised it is a sell-out, considering what’s happened to the oil and gas industry over the past year. “It does a little bit,” he admitted in an interview with OK Energy Today. “But the activity …
After second quarter earnings of $5.3 million in 2015, Houston-based EOG Resources Inc. reported a second quarter 2016 net loss of $292.8 million or $0.53 per share. It also said its total debt outstanding at the end of June was $7 billion. The company attributed the losses to lower commodity prices but said that in …
At least three Oklahoma energy companies are considered to be in the top ten oil and gas firms in the U.S. following the most recent second quarter earnings reports, according to Forbes magazine. While ConocoPhillips, now based in Houston is ranked number one with a market capitalization of $54 billion, Oklahoma City-based EOG Resources Inc. …
Reports are apparently growing that Oklahoma City-based Chesapeake Energy might be close to selling its holdings in the Barnett Shale, a sale that could amount to thousands of producing wells in Texas. Wood MacKenzie suggests such a sale could transact to $1.4 billion and the buyer might be a privately held company, Saddle Operating. As …
More than a year after Marathon Oil’s Regional Vice President of Midcontinent Assets, Wade Hutchings said Oklahoma’s Woodford Shale play had yet to reach its potential, the company’s efforts are supporting his belief. Hutchings’ comments came at Hart Energy’s 2015 DUG Midcontinent conference. This month, Marathon wrapped up its $888 million acquisition of what it called …
