Oil futures dropped to five-week lows on Wednesday after government data confirmed that crude oil stockpiles surged by more than 14 million barrels, according to Bloomberg MarketWatch. December West Texas Intermediate crude plunged $1.33, or 2.9%, to settle at $45.34 a barrel on the New York Mercantile Exchange, marking the lowest settlement since September 27. January …
Category: Oil & Gas
Magellan Midstream Reports 3Q Earnings for 2016
Tulsa-based Magellan Midstream Partners, L.P. reported a net income of $194.6 million for third quarter 2016 compared to $251.0 million for third quarter 2015, according to earnings reports released Wednesday. The decrease in current year net income was attributed to reduced profits from the partnership’s commodity-related activities due to pricing adjustments for hedging positions which …
Oil Futures Drop on Tuesday as Traders Anticipate Increase in Crude Supply
Crude oil prices continued to free fall on Tuesday, as traders were discouraged with OPEC’s attempts to favorably broker a production output agreement, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, December West Texas Intermediate crude settled at $46.67 a barrel, down 19 cents, or 0.4%, after trading between a low of $46.20 and …
Converting Abandoned Wells into Geothermal Systems
One energy publication in Canada is suggesting the oil and gas industry should take advantage of thousands of its abandoned wells, converting them to geothermal systems. Writing in Alberta Oil, Elizabeth Lappen says it would put drilling and service firms back to work and provide heat and power to those who see the wells as …
Small Oil and Gas Operators Await Outcome of Lawsuit Against EPA
Small oil and gas operators in Oklahoma are awaiting the outcome of their legal challenge to new Clean Air act rules from the Environmental Protection Agency that they contend could put them out of business. The Oklahoma Independent Producers Association joined the national group called the Independent Petroleum Association of America in filing a lawsuit …
Experts Still Argue Injection Wells are Causing Oklahoma’s Earthquakes
At a recent legislative study hearing held at the state capitol, one Oklahoma State University professor declared the evidence that oil and gas wastewater injection wells are causing earthquakes is “clear and convincing.” It’s the charge from hydrogeologist Dr. Todd Halihan, who said a lot of published research from Columbia University, the U.S. Geological Survey and other …
Oklahoma Gas Price Average Falls Below $2—–Lowest in the Nation
For the first time since mid-August, the average price of gasoline in Oklahoma dropped below $2 a gallon, according to the latest Fuel Gauge Report from AAA Oklahoma. Oklahoma’s new statewide average is $1.99, tied with Missouri for the lowest in the nation. “Although Tulsa’s citywide gas price average today for regular is lower than …
Marathon Oil Turns Out Three Large Wells in Oklahoma’s STACK
The STACK’s latest big hits to be reported to the Corporation Commission are three wells by Houston, Texas based Marathon Oil Company…the largest coming in at more than 2,000 barrels of oil a day. The Marjorie in Blaine County is producing 2,070 barrels a day along with 3,285 Mcf of gas, according to the completion reports …
Crude Oil Futures Plummet on Monday as Doubts Persist on Viability of OPEC’s Proposal to Cut Output
Oil futures collapsed on Monday after OPEC’s weekend meeting of major oil producers failed to gain acceptance of the cartel’s proposed production curtailment, according to Bloomberg MarketWatch. December West Texas Intermediate crude plunged $1.84, or 3.8%, to settle at $46.86 a barrel on the New York Mercantile Exchange. December Brent crude, the global benchmark, dropped …
Denver Federal Appeals Court Won’t Stop San Juan Basin Drilling in New Mexico and Colorado
The Denver federal appeals court has ruled against environmentalists and a Navajo tribal group fighting to stop the Bureau of Land Management from approving permits to drill in the San Juan Basin in New Mexico and Colorado. It represented another win for supporters of the fracking technology. The U.S. 10th Circuit Court said the coalition …