Halliburton Co. said Friday that it cut more than 6,000 jobs in the first quarter, continuing a purge at the oilfield services company that has reduced its workforce by one third since late 2014. The company revenue in the first quarter fell to $4.2 billion, a 40 percent decline from the first quarter of 2015. …
Oil futures finished lower Thursday, pulling back after posting healthy gains over the past two sessions and reaching their highest levels of the year, according to Bloomberg MarketWatch. Traders weighed mixed fundamental influences for the market, with support from separate data showing China’s oil imports jumped last month and U.S. crude production fell last week, …
Tulsa-based NGL Energy Partners LP announced on Wednesday several strategic actions along with updated guidance, according to a company press release. The company disclosed a $200 million private placement of 10.75% Class A Convertible Preferred Units and formation of a strategic relationship with funds managed by Oaktree Capital Management L.P. “I believe this is a very positive …
Confusion grows on reports of how many have died in the explosion of a petrochemical plant on the southern coast of the Gulf of Mexico. One report said at least three persons died while another said up to 13 people were killed in the blast that was felt up to six miles away Wednesday. Luis …
Two more energy-related bills were signed into law this week by Oklahoma Governor Mary Fallin, one concerning wastewater from oil and natural gas wells and the other regarding gross production taxes on those wells. Senate bill 1122, by Senators A.J. Griffin and Eddie Fields and Rep. Kevin Calvey is an act requiring state agencies to …
The first shipment of North Dakota Bakken crude oil since the lifting of a 40-year old ban on exports has arrived in the Netherlands. A tanker carrying 175,000 barrels of oil was unloaded this week in Rotterdam, Netherlands. The ban on oil exports was lifted by Congress and the President in December. The Associated Press …
The projection offered this week about Oklahoma’s slumping economy from Moody’s Investors Service wasn’t necessarily a shock to state leaders. Nonetheless, it also wasn’t consoling to the governor and legislative leaders as they struggle with a $1.3 billion hole in Oklahoma’s budget for next year. Moody’s released a report indicating Oklahoma’s suffering from declining revenue …
Ring Energy, Inc. announced Wednesday that it intends to offer shares of its common stock with an option to purchase an additional 15% of the amount of shares in the public offering. The offering is subject to market conditions. There is no assurance as to whether or when the offering may be completed or as …
Tulsa-based Sheehan Pipe Line Construction Company filed for Chapter 11 bankruptcy Friday in U.S. Bankruptcy Court for the Northern District of Oklahoma, according to a Tulsa World report. The Chapter 11 bankruptcy filing lists both Sheehan’s estimated assets and liabilities as being somewhere in the $50 to $100 million range. The company’s estimated number of …
Oil futures settled Wednesday at another high for the year, after U.S. government data showed a fall in weekly domestic crude production for a sixth straight week, according to Bloomberg MarketWatch. Prices had seen sharp losses early in the session, pressured after Kuwait oil workers ended a strike that had reduced the country’s crude …
