Crude oil futures ended lower on Friday following a volatile week of trading in a bear market, according to a report by Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude lost 13 cents, or 0.3%, to settle at $41.80 a barrel. On the London ICE Futures Exchange, October Brent crude, …
Category: Oil & Gas
Greenspan: Oil Has Bottomed Out at $40 a Barrel
Former Federal Reserve Chairman Alan Greenspan shared his belief that oil prices have bottomed out near $40 a barrel since oil futures have entered a bear market while settlements tumbled more than 20 percent in the past two months. “It’s hard for me to imagine it going very much lower, but it could,” said Greenspan …
Continental’s Harold Hamm Pegged as Trump Key Advisor
Republican presidential nominee Donald Trump identified Oklahoma City’s Continental Resources Inc. CEO Harold Hamm as a core member of his economic policy advisors on Friday. Trump’s hand-picked team of economic advisors are well-known industry executives in the financial, banking, real estate, manufacturing and energy sectors. In addition to Hamm, Trump’s 13-member advisory team includes: Dan …
Baker Hughes Report Shows Slight Regional Increases in Rig Count
Baker Hughes’ rig count report showed oil and gas rigs operating in the U.S. hit 464 this week, an increase of one rig over last week. U.S. oil rigs were up by 7 to 381 while U.S. natural gas rigs were down by 5 to 81 and miscellaneous rigs were down by 1 to 2. …
Energy Transfer and Sunoco Await $2 billion Windfall
Dallas-based Energy Transfer Partners, the company that left Tulsa’s Williams Companies standing at the merger-altar last month joined with Sunoco Logistics Partners in the sale of a minority ownership of a major Bakken pipeline project. And it means a nearly-automatic $2 billion increase in cash for ETP and Sunoco. Enbridge Energy Partners of Canada and Marathon …
Enbridge Oil Pipeline Project on Hold in Minnesota
With the announcement by Enbridge Energy it will invest in a different pipeline to move North Dakota crude oil but not across Minnesota, questions remain about the proposed oil pipeline through the northern reaches of the state. Enbridge, based in Canada had proposed the $2.6 billion Sandpiper pipeline to cross Minnesota and carry Bakken oil …
Senator Says State Needs to be Ready for Loss of Oil and Gas Revenue
“We need to start thinking and talking about the day when we don’t have oil and gas resources at all.” Sen. David Holt One of the 36 interim studies approved by the State Senate leadership in Oklahoma in the past several days focuses on a long-term strategy for replacing revenue provided by oil and …
OGE Energy Posts $71 Million Gain in 2Q for 2016
OGE Energy Corp. reported earnings of $71.5 million, or 35 cents per share for the second quarter of 2016, according to a company press release issued on Thursday. This compares with earnings of $87.5 million, or 44 cents per share for the same quarter a year ago. Operating revenue was $551.4 million for the second quarter ending …
WTI and Brent Crude Post Gains Correcting Prior Losses on Thursday
Crude oil futures showed signs of recovery on Thursday, reversing some of the losses from earlier in the week as traders positively reacted to the latest reports of a significant drawdown in gasoline supplies, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude rose $1.10 a barrel, or 2.7%, …
Continental Resources to Expand into STACK
In announcing its second quarter loss of more than $119 million this week, Oklahoma City-based Continental Resources Inc. also revealed it is selling more than 29,000 net acres in the SCOOP play to pay down some of its debt. Continental has been a major player in the southern part of the state and despite the …