Tulsa Mayor Dewey Bartlett and three former Williams Companies chief executive officers joined forces in an effort to block the company’s merger with Energy Transfer Equity LP, according to a Bloomberg report. “My city will bear a very substantial cost for a transaction that destroys value for the shareholders it is supposed to benefit,” said …
Category: Oil & Gas
Seventy Seven Energy Files Pre-Packaged Chapter 11 Plan
Oklahoma City-based Seventy Seven Energy Inc. announced it has filed a pre-packaged plan for Chapter 11 bankruptcy in the Bankruptcy Court for the District of Delaware. In doing so, the company said the plan provides for a substantial deleveraging transaction pursuant to which nearly $1.1 billion of the company’s outstanding debt will be converted to …
Tax Rebate Program for At-Risk Oil Wells Cut with Governor’s Signature
The measure cutting Oklahoma’s tax credit for at-risk oil wells to $12,500,000 a year was signed into law Monday by Gov. Mary Fallin. Senate Bill 1577 was sent to her last week after the legislature debated its merits. The cost-cutting move came after experts decided that falling energy prices might increase the credit to …
Mewbourne Oil Starts $6 million Office Expansion
Amidst the energy downturn, a Tyler,Texas company is investing more than $6 million in new headquarters in the Permian Basin. Mewbourne Oil has started construction on a 32,000-square-foot office in Hobbs, New Mexico. The Hobbs News-Sun quotes Mewbourne Oil President Ken Waits as saying the existing offices in the eastern New Mexico city are old …
Williams Sets Stockholder Election Deadline in ETE Merger Acquisition
The Williams Companies, Inc. inched closer to sealing the deal with merger partner, Energy Transfer Equity, L.P on Monday. In a company press release, Williams announced that the election deadline for its stockholders regarding the ETE merger acquisition is June 24, 2016 at 5 p.m. Eastern Daylight Time. If registered Williams stockholders desire to make …
Crude Oil Futures Rebound on Monday
Oil futures rebounded on Monday with significant jumps in both West Texas Intermediate and Brent crude, according to Bloomberg MarketWatch. July WTI crude jumped $1.07, or 2.2%, to end trade on the New York Mercantile Exchange at $49.69 a barrel. The settlement marked the greatest level reached since July 21, 2015. August Brent crude, the …
Oil and Gas Tax Collections Rebound Slightly While State’s Overall Collections Hit 6-year Low
Oklahoma State Treasurer Ken Miller announced Monday that the monthly gross receipts reached a six-year low for the month of May while oil and natural gas gross production collections finally rose slightly over the month. But Miller also said all major revenue streams, income, sales, gross production, and motor vehicle taxes are lower than May …
WPX Offers $485 million in Common Stock
Tulsa’s WPX Energy has priced a public offering of 49,500,000 shares of its common stock of nearly $485 million. In making the announcement, the company said it will use the net proceeds from the offering for general corporate purposes which might include an acceleration of drilling and completion activities as well as acreage acquisitions and …
Holly Energy Partners Expands Pipeline Holdings
Dallas-based Holly Energy Partners, L.P. has bought a 50% interest in Cheyenne Pipeline LLC in a $42.5 million cash deal. The remaining 50% interest remains in the hands of Plains All American Pipeline. The 87-mile crude oil pipeline runs from Fort Laramie, Wyoming to Cheyenne, Wyoming and carries 80,000 barrels a day. Holly Energy already …
Devon Energy Announces $1 billion Sale in Assets and Holdings including Some in Oklahoma
Oklahoma City-based Devon Energy announced it’s made a $1 billion sale of some of its in Oklahoma and Texas and a royalty interest in the northern Midland Basin. It did not identify the buyers but said the largest transaction was for reserves in East Texas that sold for $525 million. It also sold its holdings …