Whether some of the job cuts happened in Oklahoma, Schlumberger NV isn’t specifying but the Houston, Texas based firm confirms it laid off nearly 2,500 workers in the first quarter of 2016. The company’s profit dropped 49 percent while revenues fell 36 percent from $10.25 billion down to $6.52 billion. First-quarter net income fell to …
The State Land Commissioner in New Mexico is speaking out against new flaring rules coming from the Obama administration. The federal government wants to restrict oil companies that burn off natural gas on public land but Commissioner Aubrey Dunn in Santa Fe is fighting it. He has announced his office has submitted comments against the …
Oil futures finished higher for a third straight week on Friday, supported by expectations that U.S. crude production will continue to decline. Analysts cautioned against the sustainability of the recent price rally, according to Bloomberg MarketWatch. June West Texas Intermediate crude rose 55 cents, or 1.3%, to settle at $43.73 a barrel on the New …
Oklahoma Corporation Commissioner Dana Murphy thanked Governor Fallin and lawmakers who worked to pass House Bill 3158, clarifying the authority of the Corporation Commission (OCC) to respond to the risk of induced earthquakes. The bill allows the OCC to take emergency action with regard to disposal well operation or other activities within its jurisdiction when public safety …
Commercial operations on a 30-inch segment of the Bayou Bridge Pipeline from Nederland, Texas to Lake Charles, Louisiana have been started by the Bayou Bridge Pipeline LLC, a firm jointly owned by subsidiaries of Phillips 66 Partners LP, Energy Transfer Partners LP and Sunoco Logistics Partners LP. Energy Transfer is the owner of the Panhandle …
Despite the downturn in oil and gas prices, Houston-based Black Stone Minerals L.P. has made a $102 million purchase of 1.2 million acres of assets in Texas, Louisiana and Arkansas. The company made the purchase from Freeport-McMoRan Oil and Gas. “This transaction is a great example of the type of package that Black Stone likes to …
Dallas-based Holly Energy Partners, L.P. has declared a cash distribution of $0.575 per unit for the first quarter of 2016, That’s a 7.0% increase compared to the $0.5375 per unit distribution declared for the first quarter one year ago. In announcing the cash distribution, Holly Energy said it was reflective of the company’s strong and …
Texas based Halliburton, like many energy companies is reporting a drop in revenues in its latest quarterly information. The $4.2 billion in revenue for the first quarter of 2016 is a 17 percent decline compared to a 21 percent drop in the worldwide rig count. In releasing its figures, the company blamed “disruptive market conditions” …
The nation’s oil and gas rig count declined by another 9 in the past week while the count in Oklahoma and many surround energy-producing states remained unchanged. The national count fell to 431 with 8 fewer oil rigs and one less gas rig. The oil count fell to 343 while the gas rig count slipped …
The University of Oklahoma College of Law will offer a new Master of Legal Studies degree in oil, gas and energy law beginning in the fall of 2016. The program is designed for non-lawyers. The program is a 32-credit-hour graduate degree that can be completed in 15 months. Of the 32 credit hours, 28 …
