Crude prices ended on an upswing Thursday as tensions reached a peak in Libya and an “out of control” Canadian wildfire gained momentum, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, West Texas Intermediate crude added 54 cents, or 1.2%, to end at $44.32 a barrel. Earlier in the day, trading reached as …
Category: Oil & Gas
How Close is SandRidge Energy to Bankruptcy Court?
Officials at Oklahoma City-based SandRidge Energy aren’t talking publicly about it but reports are growing that the firm might be on the verge of filing Chapter 11 bankruptcy. Reuters and the investor website known as Seeking Alpha indicate the company could file as soon as Friday but no later than June 1. SandRidge confirmed weeks …
Chesapeake Announces $450 million Lease Sales…but also $964 million in 1st Q losses
Still struggling with its growing debt, Oklahoma City-based Chesapeake Energy announced Thursday it lost $964 million in the first quarter but a sale of assets apparently sparked interest among investors as shares rose during the day. The sale was of $470 million in STACK holdings in northwest Oklahoma to Newfield Exploration, a Houston, Texas based …
Tulsa Law Firm Expands Energy and Environmental Offices into Colorado
A Tulsa-based law firm recently expanded operations into Denver, Colorado and it means the fifth offices to be opened in the Midwest by Hall Estill, according to a report in the Denver Post. The firm says it will focus on energy and environmental law in Colorado. The growing law firm has offices in Tulsa, Oklahoma …
Hard to Find Gasoline that Isn’t Blended with Ethanol
More than 95 percent of the gasoline used by cars and trucks in the U.S. is now blended with at least 10% ethanol, according to a new report from the Energy Information Administration. At the same time, the use of ethanol-free gasoline is declining.. The government indicates that since most U.S. gasoline is sold as …
Continental Resources Pushes Ahead in STACK Despite 1st Quarter Losses
Despite first-quarter losses of more than $198 million, Oklahoma City-based Continental Resources is moving ahead with plans to increase oil production in the remaining months of 2016. It already increased production in the first three months of the year and in its quarterly report issued this week, the company said it expects to exit …
Williams Companies Posts First Quarter 2016 Financial Results
Tulsa-based Williams Companies Inc. reported on Wednesday a first quarter net loss of $65 million, or 9 cents per share, compared to 2015’s first quarter gain of $70 million, or 9 cents per share, according to a company press release and a news report published in The Tulsa World. The company’s first quarter 2016 adjusted income …
Continental Resources Posts 1Q Loss of $198 Million for 2016
Continental Resources Inc. reported a first quarter net loss of $198 million, or 54 cents per share, after cost-cutting measures failed to offset declining oil prices, according to a press release issued by the company. The larger-than-expected drop compares with a loss of $132 million, or 36 cents per share, posted a year ago. Revenues …
WTI, Brent Futures Hover Near $45 Despite Crude Stockpile
U.S. crude prices ended a three day slide and settled slightly higher despite lingering concern over a supply build up, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, West Texas Intermediate futures added 13 cents, or 0.3%, to reach $43.78 a barrel. July Brent crude, the global oil benchmark, ended down 35 cents, or 0.8%, to settle …
Newfield Exploration Reports First Quarter Losses
Houston-based Newfield Exploration Company, one of the most active energy firms in Oklahoma’s oil plays reports reported a net loss of $624 million in its first quarter of 2016. It amounted to a loss of $3.52 per diluted share as the company blamed much of the loss on a full-cost ceiling test impairment of …