Houston-based Key Energy Services, Inc. announced on Wednesday that the New York Stock Exchange will commence proceedings to delist the company’s common stock based on “abnormally low” price levels. The NYSE also suspended trading in the Company’s common stock effective immediately, according to the company’s news release. An appeal by Key Energy Services is not …
Oil futures settled close to $42 a barrel on Wednesday after a government report revealed an increase in both gasoline and oil inventories in addition to a rise in crude production, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude dropped 91 cents, or 2.1%, to settle at $42.01 …
A federal agency has finally given approval of a nearly 200-mile Comanche Trail Pipeline to be built near El Paso in southern Texas. Approval came this week at the Federal energy Regulatory Commission for part of the natural gas pipeline that’s being constructed and operated by Energy Transfer Partners at the U.S. and Mexico boundary …
Nebraska state leaders indicate they will not challenge a judge’s decision against allowing a Colorado company from using a well in the Nebraska Panhandle to dispose of fracking wastewater from other states’ wells. The judge had ruled last month the Nebraska Oil and Gas Conservation Commission exceeded its authority in granting the request by Terex …
Talk about taking a hit. How about the 45% drop in earnings in the second quarter for BP, the British energy company. Profits fell to $720 million from $1.3 billion in the same quarter a year ago, according to a statement released by the company. BP’s net loss narrowed to $1.4 billion from $5.8 billion. The …
While Brent crude managed to eek out a slight gain for the day, West Texas Intermediate settled below $43 a barrel on Tuesday as traders worried about an uptick in domestic drilling, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude fell by 21 cents, or 0.5%, to end …
A recent survey conducted by Evercore ISI showed that many laid off mechanics and roustabouts have found work in other industries and may not return to the oil and gas sector even if the industry recovers. That is potentially a large problem for energy companies desiring to ramp up production if oil prices continue to …
Add Fort Worth, Texas based Atlas Resource Partners, L.P. to the list of those filing for bankruptcy amidst the energy downturn. The company says it will file a prepackaged Chapter 11 plan of reorganization to reduce its debt by nary $900 million and hand control of the firm over to its lenders. Atlas is accomplishing …
As oil prices continue to slip into the lower $40 range, now there is concern that the situation could result in the shutdown of some oil refineries. As Bloomberg News reports, it could lead to a shortage of oil. When summer-time driving and gasoline demand drops in August and September, refiners in the past used it …
Oil futures fell to their lowest level in three months on Monday as investors worried that crude oil supplies will continue to outpace demand, according to Bloomberg MarketWatch. “Supply continues to return from disruptions, refined products are severely oversupplied, crude demand is falling well short of product demand and key product demand is decelerating,” analysts …
