Tulsa U.S. District Judge Gregory K. Frizzell now must decide whether to allow oil and gas producers in Osage County proceed with their lawsuit against the Bureau of Indian Affairs or dismiss the suit filed in 2015. Both sides, the Osage Producers Association that sued the Bureau of Indian Affairs and the BIA …
Oil futures staged a resurgence on Monday, jumping more than 3% as traders heralded the recent news of a supply shortfall, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude gained $1.40, or 3.3%, to $47.72 a barrel. That was the highest settlement since early November. July Brent crude, …
A recent Chapter 11 bankruptcy filing by a Pennsylvania energy company could be a gain for Houston. Penn Virginia Corp, a firm that focuses on the Eagle Ford Shale in south Texas filed bankruptcy last week and listed $1.43 billion in debts and total assets of $517.7 million. It reached a restructuring support agreement with …
Management at Linn Energy LLC say they believe by filing for Chapter 11 reorganization last week like they did will enable the company to continue to operate normally without lining up new bankruptcy financing. With debt of $8.3 billion, the company leaders reached agreement with lenders to obtain 2.2 billion in financing. the debt restructuring …
A $4.4 billion deal has been announced by Fort Worth-based Range Resources Corp. in its acquisition of Houston-based Memorial Resource Development Corporation. The all-stock deal is expected to close in the second half of 2016 as Range assumes Memorial’s net debt of $1.1 billion. When the deal closes, Memorial shareholders will own about 31 percent …
Iowa regulators are under pressure to stop a proposed oil pipeline through the state and three other states. It is the Dakota Access pipeline, a 1,150-mile long project pushed by a Texas company that planned to start construction this week in the Bakken oil fields in northwest North Dakota. The pipeline is to stretch through …
The acrimonious proposed merger between The Williams Companies, Inc. and Energy Transfer Equity, L.P. continues to unravel, with the filing of a new lawsuit by Williams in a Delaware state court. Williams announced late Friday that it filed a declaratory judgment action to prevent the company from terminating the controversial merger and forcing ETE to …
Linn Energy, LLC announced Wednesday that it filed for Chapter 11 bankruptcy after entering into a Restructuring Support Agreement with its lenders to obtain new financing and restructure debt. In its petition filed in the U.S. Bankruptcy Court in Victoria, Texas, the Houston-based oil and gas producer said its assets are worth approximately $11.6 billion, …
Despite a recent upswing in oil futures, crude prices fell on Friday as investors feared that producers may increase output, according to Bloomberg MarketWatch. June West Texas Intermediate crude lost 49 cents, or 1.1%, to end trade on the New York Mercantile Exchange at $46.21 a barrel. WTI crude bounced back from last week, posting …
Oklahoma and the U.S. dropped again in oil and gas rig counts in the past week, Oklahoma dropping by one to reach 56 and the nation losing 9 more rigs, falling to a total of 406, according to figures released by Baker Hughes. Nationally, the drop included ten more oil rigs over the past week. Compared …
