Seventy Seven Energy Inc. filed its Form 8-K with the U.S. Securities and Exchange Commission on Monday, indicating the company has commenced soliciting acceptances of its prepackaged Chapter 11 bankruptcy reorganization plan. The Company set a deadline of June 3 for residual lenders to accept or reject the reorganization plan. In the SEC filing, the …
Category: Oil & Gas
Crude Prices Tumble on Monday
Crude oil prices slipped as markets across the globe were more cautious than optimistic on Monday following the recent firing of a longstanding Saudi Arabian oil minister and despite waning fears of the Canadian wildfire aftermath, according to Bloomberg MarketWatch. June West Texas Intermediate crude plunged $1.22, or 2.7%, to end trade at $43.55 a …
$775 million Pipeline Purchase by Phillips 66 Partners to be Finalized This Month
The pending purchase of the Standish Pipeline and other assets from Phillips 66 by Phillips 66 Partners is expected to be closed in the next few weeks. The $775 million was announced last week. The Standish Pipeline runs from Phillips 66’s Ponca City refinery in northern Oklahoma to the Phillips 66 Partners’ North Wichita Terminal …
Blueknight Energy reports Increased Quarterly Earnings
Oklahoma City-based Blueknight Energy Partners L.P. says its first quarter earnings totaled $13.6 million, an increase from the $12.9 million reported in the first quarter of 2015. The $13.6 million was before interest, taxes, deprecation and amortization. The cash flow was $8.6 million for the three months that ended March 31, 2016 compared to …
Bankruptcy Leads to New Owner of Oilfield Waste Disposal Company
The recent Chapter 11 bankruptcy by oilfield waste disposal company CCNG Energy Partners, LP has led to the firm being scooped up by Trinity Acquisition LLC of Austin, Texas. CCNG had assets located throughout Texas and New Mexico but they were acquired after the firm filed Chapter 11 bankruptcy. The assets include 27 saltwater …
Law Firm Predicts More Oil and Gas Bankruptcies are Looming
The number of North American oil and gas producers that have entered bankruptcy court since the beginning of 2015 is up to at least 69, according to the Texas law firm Haynes and Boone which focuses on such legal matters. The company says the bankruptcies, including Chapter 7, Chapter 11, Chapter 15 and …
Halliburton to Redeem $2.5 billion in Outstanding Notes
A week after breaking off its merger agreement with Baker Hughes, Houston-based Halliburton Company announced it will also redeem the entire outstanding principal amount of $2.5 billion in its 2.700% Senior Notes due March 2020. The offer also includes its 3.375% Senior Notes due in March 2022. The redemption date for the Notes is May …
WTI, Brent Crude Show Gains on Friday
Oil futures gained on Friday as analysts turned their attention to the expanding Canadian wildfire and uncertainty in Saudi Arabia, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude rose 34 cents, or 0.8%, to settle at $44.66 a barrel on the New York Mercantile Exchange, finishing the …
Oil Group Encourages Legislature to Pass Bill to Increase Oil/Gas Revenue for the State
A bill awaiting a vote in the Oklahoma House is being pushed by the Oklahoma Oil and Gas Association, a group that says would add more oil and gas revenue to the state treasury. “House Bill 2177 is the single biggest economic development legislation before lawmakers this session, and it doesn’t cost the state …
Oil and Gas Tax Revenue Hits 17-year Low in Oklahoma
A 17-year low has been reached in Oklahoma’s gross production oil and gas taxes, according to State Treasurer Ken Miller who said the $20.8 million in April collections are the lowest since May 1999. He said gross production collections continue a 16-month trend of being less than the same month of the previous year. The April …