A recent survey conducted by Evercore ISI showed that many laid off mechanics and roustabouts have found work in other industries and may not return to the oil and gas sector even if the industry recovers. That is potentially a large problem for energy companies desiring to ramp up production if oil prices continue to …
Category: Oil & Gas
Oklahoma Oil and Gas Operator Files Chapter 11
Add Fort Worth, Texas based Atlas Resource Partners, L.P. to the list of those filing for bankruptcy amidst the energy downturn. The company says it will file a prepackaged Chapter 11 plan of reorganization to reduce its debt by nary $900 million and hand control of the firm over to its lenders. Atlas is accomplishing …
Is a Shutdown of Oil Refineries Looming?
As oil prices continue to slip into the lower $40 range, now there is concern that the situation could result in the shutdown of some oil refineries. As Bloomberg News reports, it could lead to a shortage of oil. When summer-time driving and gasoline demand drops in August and September, refiners in the past used it …
WTI, Brent Crude Post Lower Settlements on Monday
Oil futures fell to their lowest level in three months on Monday as investors worried that crude oil supplies will continue to outpace demand, according to Bloomberg MarketWatch. “Supply continues to return from disruptions, refined products are severely oversupplied, crude demand is falling well short of product demand and key product demand is decelerating,” analysts …
Nearly $6 million Bid on School Land Oil/Gas Leases
A recent Oklahoma Land Commission sale of oil and gas leases netted nearly $5.8 million on 98 different parcels of land in 14 different counties ranging from Texas County in the Panhandle to Pittsburg in the southeast. The honors for the largest amount of money paid for one lease went to Houston, Texas-based Newfield Exploration, a …
Clayton Williams Energy Unloads $150 million in Shares
Midland, Texas based Clayton Williams Energy, Inc. has announced he sale of $150 million in shares to funds managed by Ares Management, L.P. The sale involves 5,051,100 shares of common stock in the firm whose operations stretch into Oklahoma. Proceeds will be used to provide more liquidity for potential debt reduction transactions related to …
Small Percentage of Explorer Pipeline Acquired by Phillips 66
Phillips 66 Partners LP has announced it’s acquired another 2.5 percent equity interest in Tulsa-based Explorer Pipeline company. The purchase results in Phillips owning 22 percent of Explorer which is owned by subsidiaries of American Capital Strategies Ltd, Phillips66, Marathon, Sunoco Logistics and Shell. Neither side disclosed any terms of the purchase. Explorer operates a …
Oil Slowdown Hits North Dakota Highway Traffic Figures
Any state that relies heavily on oil and gas gross production taxes for state revenue has felt the impact of the drop in oil prices over the past two years. Oklahoma has. So has Texas. And North Dakota finds fuel tax collections for the State’s Transportation Department are taking a hit with fewer vehicles on …
STACK Delivers Again While Hughes County is Home to More Gas Wells for Petroquest
The STACK keeps on delivering for Oklahoma City’s Devon Energy and Houston-based Newfield Exploration while Tulsa’s Petroquest reports five more gas wells in gas-rich southeastern Oklahoma. As indicated by the latest completion reports revealed on OK Energy Today, Devon Energy’s hit a well producing more than 1,600 barrels of oil daily in Blaine county. The MARMOT …
Logan County Earthquake Lawsuits Dismissed, To Be Refiled Soon
Two groups of individuals voluntarily dismissed their lawsuits against Oklahoma City-based oil and natural gas companies on Thursday, but pledged to refile their claims soon, according to a NewsOK report issued by Adam Wilmoth. In February, Lisa Griggs and April Marler as well as Brenda and Jon Darryn Lene filed lawsuits in Logan County, Oklahoma …