Oil futures settled lower on Tuesday, as traders awaited weekly data that is expected to reflect an increase in domestic crude supplies, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November West Texas Intermediate crude lost 12 cents, or 0.2%, to settle at $48.69 a barrel. On the London ICE Futures Exchange, December Brent …
Category: Oil & Gas
Marathon Oil Unloads $235 million in Holdings
A year after Marathon Oil spent $888 million acquiring holdings in Oklahoma’s Anadarko shale reserve, the company has signed a deal to sell some of its non-core assets in western Texas and New Mexico for $235 million. The company did not reveal the identity of the buy but explained the properties produced nearly 4,000 barrels …
Natural Gas Drilling Resumes in Arkansas’ Fayetteville Shale Play
In Arkansas, there is some excitement since the first natural gas drilling rig in the state since the end of 2015 has gone up in the Fayetteville Shale play. KUAR radio, a National Public Radio affiliate in Little Rock reports the rig is believed to be operated by Houston-based Southwestern Energy. The company reported last …
Tulsa’s NGL Acquires Port Comfort, Texas Terminal and Assets from Pelorus
Tulsa-based NGL Energy Partners LP announced on Tuesday that it acquired a crude oil and condensate marine terminal project and related assets from Pelorus Terminal: Point Comfort, LLC. The Terminal is located at the port in Point Comfort, Texas. The acquisition includes 350,000 shell barrels of storage capacity, multiple truck unloading bays and capabilities of loading both inland and ocean …
WTI, Brent Climb Higher on Monday Following Volatile Session
Crude oil futures climbed higher on Monday following a volatile session in which traders weighed the potential outcome of OPEC’s production agreement on current surplus levels, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November West Texas Intermediate crude rose 57 cents, or 1.2%, to settle at $48.81 a barrel, after touching lows under …
October 13 Designated as Oilfield Prayer Day in Oklahoma
Governor Mary Fallin has issued an Executive Proclamation designating October 13 as Oilfield Prayer Day to raise awareness about the state’s distressed energy industry, according to a report by The Oklahoman. An annual breakfast is slated at the Tower Hotel (formerly the Marriott Hotel), 3233 Northwest Expressway in Oklahoma City. The event will conclude with …
Labor Unions Tell President his Involvement to Stop Dakota Access Pipeline is Chilling
Dallas-based Energy Transfer just got the support of five labor unions this week in the company’s fight to finish construction of its $4 billion Dakota Access Pipeline opposed by the Obama administration. The unions include LiUNA and the International Brotherhood of Teamsters who sent a letter to President Obama expressing deep concerns about his administration’s …
Mammoth Energy Services Initiates IPO to Raise $128 Million
Mammoth Energy Services Inc. became Oklahoma’s newest publicly traded company on Monday when it launched an initial public offering worth $116 million to $140 million, according to a report by The Oklahoman. Mammoth Energy Services is a wholly owned subsidiary of Oklahoma City-based Mammoth Energy Partners LP. The company has previously attempted to transition from …
Oil Futures End Week and Month on Higher Note Despite Quarterly Loss
Oil futures finished higher on Friday, with prices achieving a second-straight monthly gain but suffering from the first quarterly loss of the year, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November West Texas Intermediate crude added 41 cents, or 0.9%, to settle at $48.24 a barrel. Tracking the front-month contracts, prices fell nearly …
Devon Energy Dumps Membership in OIPA Claiming ‘Inequity’ in the Group’s Membership Structure
A shocker for the Oklahoma Independent Petroleum Association where Oklahoma City-based Devon Energy has dropped its membership claiming the group does not apparently do enough for those who make large capital investments in the state. “This decision arose from our serious concerns with OIPA’s ability to be an effective advocate for the significant capital investments …