Oklahoma City-based Panhandle Oil and Gas Inc. reported a third quarter net loss of $787,000, or a loss of 5 cents per share, on Monday, according to a company press release. The oil and gas company reported a net loss of $729,000, or a loss of 4 cents per share, for the same quarter a …
Category: Oil & Gas
WTI, Brent Fall on News of Government Data Reports
After reaching a two-week high, crude oil futures retreated on Tuesday as traders pondered government data reports suggesting an increase in inventories, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, West Texas Intermediate crude futures for September delivery fell 25 cents, or 0.6%, to settle at $42.77 a barrel. October Brent crude, the …
STACK Draws Attention From More Texas Energy Producers
Two more Texas energy firms think Oklahoma’s STACK is such a hot prospect, they’ve formed a joint venture to begin exploration there. Houston-based midstream companies Plains All American Pipeline LP and Phillips 66 Partners LP have joined forces, with Phillips 66 Partners kicking in $50 million in cash for its 50 percent interest in the …
Denver Energy Firm Makes $980 Million Purchase in Midland Basin
More property in west Texas is exchanging hands among energy companies as Denver-based SM Energy announced this week its purchase of 46,750 net acres in the Midland Basin. The company said the $980 million purchase includes nearly 4,900 BOEPD of production, two new wells coming online this month and 6 MMBOE of PDP reserves from …
Tulsa Firm One of Buyers of Newfield Energy’s Texas Holdings
More details are coming out about Newfield Exploration Company’s decision to unload all of its Texas assets so it can focus strongly on Oklahoma’s rich STACK play. Turns out one of the buyers of Newfield’s unconventional assets in the Eagle Ford Shale is Tulsa-based Protégé Energy, a firm founded just 12 years ago by former …
Counting Underway on Two Anti-Fracking Petitions in Colorado
Opponents of fracking in Colorado have submitted two anti-fracking amendments to state officials, promising they raised at least 100,000 signatures to get them on the November ballot. Each must have 98,492 valid signatures and Lauren Petrie, Rocky Mountain director of the green group Food and Water Watch says they have them. “This is a significant …
Seventy Seven Energy Emerges From Bankruptcy and Reports 2nd Q Loss
A week after emerging from Chapter 11 bankruptcy, Oklahoma City-based Seventy Seven Energy Inc. reported a second quarter net loss of $84.5 million and total revenues of $138.1 million. The total revenue represented an eleven percent drop compared to the $155.4 million in revenues in the first quarter of 2016. It is also a 53 …
Jericho Announces $4 Million Acquisition in Northern Oklahoma
Vancouver-based Jericho Oil Corporation announced its joint venture affiliate, Eagle Road Oil, LLC, has signed an agreement to acquire operated and non-operated producing wells and drillable leaseholds in central Oklahoma for a cash consideration of $3.951 million, according to a company press release. Jericho will receive a cash consideration of $1.975 million. The agreement is …
Inter Pipeline to Acquire Canadian Assets of Williams for More Than $1 Billion
The Williams Companies and Williams Partners announced an agreement on Monday to sell their Canadian businesses to Calgary-based Inter Pipeline for over $1 billion. The sale includes extraction and processing facilities in the Alberta oil sands as well as nearly 260 miles of pipelines. Inter Pipeline’s purchase will allow the company to expand its natural …
New Pipeline Will Carry Sweet Crude Oil from Cushing to Memphis
International pipe manufacturer Welspun Tubular and Diamond Pipeline LLC announced on Monday that Welspun received a $47 million order to assist with construction of a 440-mile 20-inch pipeline that will carry domestic sweet crude from the Cushing, Oklahoma storage facility to Valero’s refinery located in Memphis, Tennessee. The $900 million Diamond Pipeline will be capable …