Crude oil futures were down on Tuesday as traders worried over Britain’s EU membership uncertainty and the July WTI contract expired, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, July West Texas Intermediate crude fell 52 cents, or 1.1%, to settle at $48.85 a barrel. While the July contract expired, August WTI crude became …
Category: Oil & Gas
Energen’s Plan—-Drill Wells and Sit on Them
Alabama based Energen Corporation says it has closed and signed purchase and sale agreements on more than half a billion dollars in holdings in West Texas and northwestern New Mexico and now is a pure Permian Basin developer. The company sold some holdings in the Delaware Basin of west Texas and the San Juan Basin in …
Crude Oil Futures Post Gains on Monday as EU Fears Diminish
Oil futures jumped on Monday with the news that the United Kingdom would likely remain a member of the European Union, according to Bloomberg MarketWatch. July West Texas Intermediate climbed $1.39, or 2.9%, on the New York Mercantile Exchange to end trading at $49.37 a barrel. The July contract expires on Tuesday while as August …
CSI Compressco Taps Derek Coffie as New CFO
Derek Coffie was recently named as the Chief Financial Officer for CSI Compressco LP, according to a company press release issued on Monday. Coffie has over 35 years of financial experience working in agribusiness, manufacturing and land-based diesel engine services. Prior to joining CSI Compressco, Coffie served as Vice President of Finance and Controller for United Holdings, …
$888 Million Sale of OKC’s PayRock Energy
Houston, Texas based Marathon Oil Corporation announced Monday its $888 million purchase of PayRock Energy Holdings, an Oklahoma City portfolio company of Encap Investments. Marathon’s purchase raises its holdings in Oklahoma from 265,000 acres before the acquisition to 326,000 acres afterward. Earlier in the year, the company confirmed it had distributed $204 million or 14% of …
$888 million Sale of OKC’s PayRock Energy
Houston, Texas based Marathon Oil Corporation announced Monday its $888 million purchase of PayRock Energy Holdings, an Oklahoma City portfolio company of Encap Investments. Marathon’s purchase raises its holdings in Oklahoma from 265,000 acres before the acquisition to 326,000 acres afterward. Earlier in the year, the company confirmed it had distributed $204 million …
SandRidge Bankruptcy Stalls Fraud Lawsuit in Stephens County
A Stephens County District Court judge has put on hold a local lawsuit accusing Chesapeake Energy and former SandRidge CEO Tom Ward of intentionally depressing bids and oil leases in the oil and gas industry. The lawsuit is similar to a federal lawsuit filed against Chesapeake and others in Oklahoma City U.S. District Court. …
Texas Avoids Billions in Energy Rebates with Supreme Court Decision
The State of Texas is likely to save billions of dollars in rebates after the Texas Supreme Court turned aside a request for a sales tax refund sought by Midland-based Southwest Royalties. The nine Republican justices ruled unanimously that the energy company should not be exempted from paying sales tax on equipment used in its …
Oil Futures Rally on Friday, End Lower for the Week
Oil futures rose on Friday but showed an overall decline for the week, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, July West Texas Intermediate crude tacked on $1.77 or 3.8%, to settle at $47.98 a barrel, ending almost 2.2% lower for the week. On London’s ICE Futures Exchange, August Brent crude climbed …
Opposition Surfaces to Pipeline in Cleveland County
Opponents of a proposed pipeline from Cushing to Longview, Texas plan to voice their concerns at a Monday afternoon meeting of the Norman Floodplain Permit Committee. The developer is the same company responsible for the Santa Barbara, California pipeline spill that led to grand jury indictments on 46 criminal counts. It is opposition to the …