Dallas-based Energy Transfer Partners, the company that left Tulsa’s Williams Companies standing at the merger-altar last month joined with Sunoco Logistics Partners in the sale of a minority ownership of a major Bakken pipeline project. And it means a nearly-automatic $2 billion increase in cash for ETP and Sunoco. Enbridge Energy Partners of Canada and Marathon …
With the announcement by Enbridge Energy it will invest in a different pipeline to move North Dakota crude oil but not across Minnesota, questions remain about the proposed oil pipeline through the northern reaches of the state. Enbridge, based in Canada had proposed the $2.6 billion Sandpiper pipeline to cross Minnesota and carry Bakken oil …
“We need to start thinking and talking about the day when we don’t have oil and gas resources at all.” Sen. David Holt One of the 36 interim studies approved by the State Senate leadership in Oklahoma in the past several days focuses on a long-term strategy for replacing revenue provided by oil and …
OGE Energy Corp. reported earnings of $71.5 million, or 35 cents per share for the second quarter of 2016, according to a company press release issued on Thursday. This compares with earnings of $87.5 million, or 44 cents per share for the same quarter a year ago. Operating revenue was $551.4 million for the second quarter ending …
Crude oil futures showed signs of recovery on Thursday, reversing some of the losses from earlier in the week as traders positively reacted to the latest reports of a significant drawdown in gasoline supplies, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude rose $1.10 a barrel, or 2.7%, …
In announcing its second quarter loss of more than $119 million this week, Oklahoma City-based Continental Resources Inc. also revealed it is selling more than 29,000 net acres in the SCOOP play to pay down some of its debt. Continental has been a major player in the southern part of the state and despite the …
Jobless rates for June in Oklahoma showed more growth in 65 of the state’s 77 counties with the oil and gas industry contributing, according to a county-by-county breakdown provided by the Oklahoma Employment Security Commission. The rates were higher than a year ago but dropped in 10 counties and remained unchanged in 2 counties. Stephens …
Tulsa-based WPX Energy reported second-quarter losses of $204 million saying the results were affected by unrealized non-cash net losses on the company’s hedge portfolio. It amounts to a loss of $0.68 a share on a diluted basis, according to the company. WPX president and CEO Rick Muncrief said a 46 percent increase in oil sales …
The headline of the quarterly earnings report released Thursday by Chesapeake Energy focused on how the company’s total debt reduction is more than $1 billion year to date. But buried in the details of the report is the fact that the Oklahoma City company remains $8.7 million in debt and suffered second quarter losses of $1.792 …
Oklahoma City-based Continental Resources Inc. reported a loss of more than $119 million or 32 cents a share for the second quarter, according to a company press release issued on Wednesday. Earnings before interest, taxes, depreciation, amortization and exploration expense was $528.1 million, down from $647 million in the second quarter of 2015. Total revenue …
