Oil futures settled above $46 a barrel Thursday, as seven straight weeks of declines in U.S. crude production as well as weakness in the dollar helped lift prices to their best level in nearly six months, according to Bloomberg MarketWatch. Some analysts questioned whether crude will continue its positive momentum given a lack of significant …
Category: Oil & Gas
T. Boone Pickens: America’s Oil Industry is ‘Dead in the Water’
Billionaire energy investor T. Boone Pickens said earlier this week that he believes the U.S. oil industry is “dead in the water” as OPEC members continue to pump more crude and U.S. companies curb drilling. Speaking at a dinner hosted by the Committee to Unleash Prosperity, Pickens that he doesn’t expect U.S. drilling operations to pick up again any time …
ETE Announces Quarterly Cash Distribution
Energy Transfer Equity, L.P., the company involved in a messy merger with Tulsa-based Williams Cos. has announced a quarterly cash distribution of $0.285 per common unit. That figures to be $1.14 per unit on an annualized basis or a 16-cent a unit increase. It is also a 16% increase compared to the first quarter of …
Oil and Gas Employment Holds Steady in Oklahoma…..Government Employment Continues to Grow
While the state’s oil and gas industry held its own in March, the latest employment report from the Oklahoma Employment Security Commission indicates there was still a loss of at least 600 jobs from March 2015 to this year. The reported indicated the oil and gas sector, defined in the Commission’s Mining and Logging division …
ConocoPhillips Reports $1.5 billion in First-Quarter Losses
ConocoPhillips says it lost nearly $1.5 billion in the first quarter of 2016 so it has reduced its 2016 capital spending as a result of the impact of the industry’s low energy prices. The Company, with major operations in Ponca City and Bartlesville reported a first quarter loss of $1.47 billion or $1.18 a …
New Leader Named to Head Merged Companies
Longtime Questar Corp. executive Craig C. Wagstaff has been chosen to lead the western U.S. natural gas operations once Questar completes its merger with Dominion He’s the current president of Questar Gas and will become president of Dominion Questar. the new firm will be based in Salt Lake City. The merger will also create an …
WTI Crude Futures Rise Above $45 a Barrel
Oil futures climbed on Wednesday to finish at levels last seen in November, as traders turned their attention to U.S. crude production, which fell for a seventh straight week. Prices had pared gains in the immediate wake of U.S. government data released early Wednesday showing that crude supplies rose for a third week in a …
Baker Hughes Posts $981 Million Loss in First Quarter
Houston-based Baker Hughes Incorporated posted a $981 million loss in the first quarter of 2016, widening significantly from the same period a year ago, according to the company’s press release. The world’s third largest oilfield services provider reported a bigger quarterly loss on Wednesday, hurt by a continued decline in drilling activity. Baker Hughes attributed …
Legislator Says Earthquakes Will Be With us for Decades because of Wastewater Wells
A Democratic legislator who is also a candidate for Corporation Commission contends that Tuesday’s earthquakes around northeastern Oklahoma County reinforces the contention they are being caused by wastewater injection wells. Rep. Richard Morrissette also believes it means the state will experience seismic activity for years to come, if not decades because “so much saltwater associated …
Bridenstine Amendment Adopted to Speed up LNG Exports
Oklahoma U.S. Rep. Jim Bridenstine walked away with a victory in the House Armed Services Committee on Wednesday when it adopted his amendment to speed up Energy Department decisions on approving Liquefied Natural Gas exports. He called it a “big win” for Oklahoma’s natural gas industry since the state is the fourth largest natural gas …