Crude oil futures surged higher on Wednesday based on favorable news suggesting a larger-than-expected drawdown in gasoline and crude inventories, according to Bloomberg MarketWatch. September West Texas Intermediate crude jumped $1.32, or 3.3%, to settle at $40.83 a barrel on the New York Mercantile Exchange. The U.S. benchmark plunged after the U.S. Energy Information Administration weekly data …
Category: Oil & Gas
Blueknight Reports Losses and Details Pipeline Shutdown
After nearly $8 million in revenues in the second quarter of last year, Oklahoma City-based Blueknight Energy Partners, L.P. reports a net loss of nearly $19 million this year. Total revenues were $43.4 million for the quarter ending June 30, also down from the nearly $47 million covering the same period of 2015. Net losses …
Earnings Down 49 Percent for Enable Midstream
Oklahoma City-based Enable Midstream Partners reports its 2nd quarter earnings dropped 49 percent compared to a year ago. The net income attributable to limited partners was $39 million, a drop of $38 million from the $77 million for the second quarter of 2015. The company blamed the loss on “changes in the fair value of …
Another STACK Well for Devon Energy
As Oklahoma City-based Devon Energy announced this week intentions to expand drilling operations in Oklahoma’s STACK, the company reported success on at least one well in the play, according to the Completion Reports published by OK Energy Today. The SIMBA well, located 3 miles southwest of Okarche had production of 534 barrels a day along …
Devon to Expand Drilling Operations in Oklahoma’s STACK and the Delaware Basin in Texas
Slipped deep in Devon Energy’s second quarter earnings report was word that the company intends to expand operations in Oklahoma’s prolific STACK, that northwest region where wells exceeding 2,000 barrels a day have been hit in the past year. Operations in west Texas will also be targeted for expansion. Devon said its full-year 2016 upstream …
OERB Says Another 40,000 Old Well sites Need Cleanup in Oklahoma
Despite cleaning up more than 15,100 abandoned well sites in Oklahoma, the Oklahoma Energy Resources Board indicated this week it has much work ahead. In a report given to the Oklahoma Corporation Commission, a spokesman for the OERB estimated 20,000 to 40,000 abandoned well sites still need evaluation and cleanup, according to The Oklahoman and …
Newfield Unloads Texas Assets to Speed Operations in Oklahoma’s STACK
Despite huge success in Oklahoma’s STACK play, Texas-based Newfield Exploration Co. reported a second quarter loss of $667 million. And a day after the report of losses, the company announced the sale of all of its assets in Texas so it can speed up drilling in Kingfisher, Blaine and Canadian counties in northwest Oklahoma.. The …
Devon Posts Second Quarter Loss of $1.6 Million
Despite taking a substantial second quarter loss, Devon Energy Corporation raised its full-year guidance due to asset sales, cost reductions and better-than-expected production. On Tuesday, the Oklahoma City-based independent oil and natural gas exploration and production company reported a second quarter net loss of $1.6 billion or $3.04 a share, up from a loss of …
WTI Falls Below $40 a Barrel on Tuesday
Crude oil futures settled below $40 a barrel on Wednesday for the first time since early April, according to a report by Bloomberg MarketWatch. On the New York Mercantile Exchange, the September West Texas Intermediate crude oil contract traded higher at $40.91 a barrel earlier in the day but fell 55 cents, or 1.4%, to settle …
ONEOK Posts Higher 2Q 2016 Financial Results
ONEOK Inc. on Tuesday reported profits of $85.9 million for the second quarter, or 40 cents a share, up 12 percent compared to $76.5 million, or 36 cents a share earned for the same period a year ago. The company’s master limited partnership, ONEOK Partners LP, reported second quarter earnings of nearly $261.5 million, or …