SandRidge Energy, Inc. has filed an objection to an August 19 emergency motion filed by a stockholder ad hoc committee to extend deadlines for its expert report and objection to the energy company’s bankruptcy confirmation. Oklahoma City-based SandRidge filed for Chapter 11 bankruptcy on May 16 in the Southern District of Texas. The company listed …
Category: Oil & Gas
WTI, Brent Fall Due to Overproduction, Fears of Market Expansion
Oil futures settled with a drop of 3% on Monday as investors cashed in on a seven-session streak of gains, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude fell $1.47, or 3%, to settle at $47.05 a barrel. That was the largest one-day dollar and percentage decline since …
Former Williams Director Launches Proxy Battle to Replace Entire Board
A former Williams Companies board member said Monday he will nominate a slate of 10 hedge fund employees as directors of the Williams board to stand for election at the company’s 2016 Annual Meeting, according to a CNBC report. Corvex Management LP founder and activist investor Keith Meister remains one of Williams’ largest shareholders. He …
West Texas Intermediate Has Best Performance in Five Months
With a return to the bull market, oil futures closed out Friday on a positive note, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude rose 30 cents, or 0.6%, to settle at $48.52 a barrel. For the week, prices finished over 9% higher than last Friday’s settlement—the best …
Williams Announces Quarterly Dividend
The Williams Companies Board of Directors approved a regular dividend of $0.20 on the company’s common stock, payable September 26, 2016 to holders of record at the close of business September 9, 2016. Tulsa-based Williams has paid a common stock dividend every quarter since 1974, according to a company press release.
Baker Hughes: U.S. Active Rig Count Ascends by Ten
The number of active U.S. rigs rose for the eighth week in a row, according to the Baker Hughes rig count released on Friday. The U.S. rig count rose by 10 to reach 491 active rigs after hitting a record low of 404 in May. Overall, the U.S. is down 394 rigs from last year’s …
SandRidge Bankruptcy Hit With SEC $1.2 Million Whistleblower Claim
The U.S. Securities and Exchange Commission has filed a $1.2 million claim in SandRidge Energy Inc.’s bankruptcy case over the termination of a whistleblower alleging inaccuracies with the company’s reporting of oil and natural gas reserves, according to the Tulsa World. On June 16, the SEC filed a $1.2 million claim in SandRidge’s pending bankruptcy …
Brent Crude Settles Above $50, Ushers In Bull Market on Thursday
The bulls are back! Brent crude closed above $50 a barrel with West Texas Intermediate trailing close behind at $48 a barrel as undaunted traders stayed the course to reach a two-month high on Thursday, according to Bloomberg MarketWatch. A larger-than-expected weekly decline in U.S. crude stockpiles lifted prices by more than 20% from …
Diamond Pipeline Finalizes Water Protection Agreement With Arkansas Utility
Diamond Pipeline LLC and Clarksville Light and Water Co. announced Wednesday that a $6.6 million deal has been finalized to protect drinking water sources from potential spills, according to an Arkansas Online report. Diamond Pipeline will place $6.6 million in escrow to extend a pipe that feeds a Johnson County, Arkansas water intake facility so …
Continental Unloads Non-Strategic Bakken Properties for $222 Million
Oklahoma City-based Continental Resources, Inc. will sell a portion of its non-strategic properties in North Dakota and Montana to an undisclosed buyer for $222 million, according to an announcement issued by the company on Thursday. The sale includes 68,000 acres of leasehold primarily in western Williams County, North Dakota, with 12,000 acres in Roosevelt County, …