Oil futures jumped on Monday as OPEC announced it will meet at the 15th International Energy Forum in Algeria next month in order to discuss how to bring stability to the volatile crude oil market, according to Bloomberg MarketWatch. September West Texas Intermediate crude rose $1.22, or 2.9%, to settle at $43.02 a barrel on …
Category: Oil & Gas
Woodward’s Tri-State Oil and Gas Convention to Kick Off Thursday
The 5th annual Tri-State Oil and Gas Convention is close at hand in Woodward and even chairman Junior Long is surprised it is a sell-out, considering what’s happened to the oil and gas industry over the past year. “It does a little bit,” he admitted in an interview with OK Energy Today. “But the activity …
EOG Reports 2nd Quarter Losses while Debt Reaches $7 billion
After second quarter earnings of $5.3 million in 2015, Houston-based EOG Resources Inc. reported a second quarter 2016 net loss of $292.8 million or $0.53 per share. It also said its total debt outstanding at the end of June was $7 billion. The company attributed the losses to lower commodity prices but said that in …
Oklahoma Energy Firms in Forbes’ Top 10 List
At least three Oklahoma energy companies are considered to be in the top ten oil and gas firms in the U.S. following the most recent second quarter earnings reports, according to Forbes magazine. While ConocoPhillips, now based in Houston is ranked number one with a market capitalization of $54 billion, Oklahoma City-based EOG Resources Inc. …
Chesapeake Energy Said to be Considering Sale of Barnett Shale Holdings
Reports are apparently growing that Oklahoma City-based Chesapeake Energy might be close to selling its holdings in the Barnett Shale, a sale that could amount to thousands of producing wells in Texas. Wood MacKenzie suggests such a sale could transact to $1.4 billion and the buyer might be a privately held company, Saddle Operating. As …
Marathon’s $888 million Purchase Proved Right in STACK
More than a year after Marathon Oil’s Regional Vice President of Midcontinent Assets, Wade Hutchings said Oklahoma’s Woodford Shale play had yet to reach its potential, the company’s efforts are supporting his belief. Hutchings’ comments came at Hart Energy’s 2015 DUG Midcontinent conference. This month, Marathon wrapped up its $888 million acquisition of what it called …
WTI and Brent Crude Post Lower Settlements on Friday
Crude oil futures ended lower on Friday following a volatile week of trading in a bear market, according to a report by Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude lost 13 cents, or 0.3%, to settle at $41.80 a barrel. On the London ICE Futures Exchange, October Brent crude, …
Greenspan: Oil Has Bottomed Out at $40 a Barrel
Former Federal Reserve Chairman Alan Greenspan shared his belief that oil prices have bottomed out near $40 a barrel since oil futures have entered a bear market while settlements tumbled more than 20 percent in the past two months. “It’s hard for me to imagine it going very much lower, but it could,” said Greenspan …
Continental’s Harold Hamm Pegged as Trump Key Advisor
Republican presidential nominee Donald Trump identified Oklahoma City’s Continental Resources Inc. CEO Harold Hamm as a core member of his economic policy advisors on Friday. Trump’s hand-picked team of economic advisors are well-known industry executives in the financial, banking, real estate, manufacturing and energy sectors. In addition to Hamm, Trump’s 13-member advisory team includes: Dan …
Baker Hughes Report Shows Slight Regional Increases in Rig Count
Baker Hughes’ rig count report showed oil and gas rigs operating in the U.S. hit 464 this week, an increase of one rig over last week. U.S. oil rigs were up by 7 to 381 while U.S. natural gas rigs were down by 5 to 81 and miscellaneous rigs were down by 1 to 2. …