A large fire erupted at Shell’s Motiva oil refinery in Convent, Louisiana shortly before 11 a.m. on Thursday. Located nearly 68 miles west of New Orleans in St. James Parish along the Mississippi River, the giant complex was evacuated as firefighters raced to control the blaze in Motiva’s H-Oil unit before extinguishing the flames around 3:30 …
Oil futures rebounded on Thursday as investors reacted positively to news reports that Saudi Arabia’s energy minister will take action to stabilize the market at an informal meeting next month, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude added $1.78, or 4.3%, to settle at $43.49 a barrel, …
Tulsa-based Cypress Energy Partners, L.P. announced a net loss of $11.6 million for second quarter of 2016, according to a company press release. The energy company previously lost $1.4 million during the first quarter of 2016. The second quarter results are down when compared to a net income of $1.9 million generated during the same …
A southwestern trade group representing over 300 energy companies engaged in oil and natural gas exploration and production activities is accusing federal officials of illegally canceling or postponing the sale of more than two dozen leases over the past two years, according to an Associated Press report. The Western Energy Alliance filed a lawsuit in …
Despite crude oil prices consistently hovering in the $40 to $45 a barrel range in recent weeks, the International Energy Agency says U.S. drillers need $60 a barrel in order to rebound, according to a Bloomberg report. While shale drilling shows signs of increasing, crude oil prices need to climb closer to $60 a barrel …
The world’s largest independent exploration and production company will lay off an additional 6 percent of its workforce by the end of the year. Houston-based ConocoPhillips announced that it will lay off another 1,000 employees in the latest round of job cuts. “We have been transparent with employees that we will have targeted workforce reductions …
Oklahoma City-based Chesapeake Energy Corporation will exit the Barnett Shale through a divestiture involving Williams Partners LP and Saddle Barnett Resources LLC, according to a company press release issued on Wednesday. In a blockbuster deal designed to shore up expenses, Chesapeake will pay $334 million in cash to Williams in order to terminate its Barnett …
Oil futures sank to their lowest levels in a week on Wednesday as investors continued to focus on unfavorable inventory and production data, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude plunged $1.06, or 2.5%, to settle at $41.71 a barrel. On London’s ICE Futures Exchange, October Brent …
A Florida utility must refund nearly $24.5 million to customers since the state’s highest court ruled that state regulators exceeded their authority by allowing recoupment of speculative investment charges involving a Louisiana-based hydraulic fracking company with Oklahoma holdings. Against staff recommendations, the Florida Public Service Commission unanimously approved guidelines last June allowing Florida Power & …
The Texas law firm known for its handling of bankruptcies is out with its latest report on the cases. Haynes and Boone released its Oil Patch Bankruptcy Monitor this month showing 90 E&P companies filed for Chapter 11 protection since the beginning of 2015. Forty-four of them were Texas companies and the total defaulted debt …
