Oil futures fell on Thursday after U.S. government data reports revealed a lower than expected weekly decline in crude oil inventories, according to Bloomberg MarketWatch. August West Texas Intermediate crude slid $2.29, or 4.8%, to settle at $45.14 a barrel on the New York Mercantile Exchange. Earlier in the day, WTI was trading at $47.85 …
Category: Oil & Gas
NGL Energy Seeks Shippers for Soon-to-be Finished Grand Mesa Pipeline Out of Colorado to Cushing
Tulsa-based NGL Energy Partners LP announces that because of more shipper interest, a second binding open season started Thursday for its wholly owned Grand Mesa Pipeline LLC crude oil pipeline. The announcement indicated potential shippers will have access to the open season documents upon execution of a confidentiality agreement with Grand Mesa. The Grand Mesa …
Texan’s Lawsuit Still Alive Against TransCanada’s Gulf Coast Pipeline
A judge’s recent ruling in Texas is keeping alive a man’s lawsuit against TransCanada’s southern route of the Keystone XL pipeline, the one completed two years ago carrying oil from Cushing south to the Gulf Coast refineries. Texas landowner Michael Bishop filed suit, accusing TransCanada for “fraud, conspiracy to commit fraud, misrepresentation, perjury, theft, bribery, …
TransCanada Moves Ahead with Texas Lawsuit Against White House
TransCanada Keystone Pipeline LP is still fighting the Obama administration in the President’s rejection of the Keystone Xl pipeline. It recently urged a Texas federal judge to nullify the administration’s denial of the cross-border permit for the pipeline. In a filing in Houston, TransCanada argued the President’s action and claim of constitutional authority lacks historical support. …
Oklahoma’s Still in a Recession….Oil and Gas Revenue Sees Slight Improvement
The news this week from Oklahoma State Treasurer Ken Miller did not give much indication the state’s economy was improving. If anything, it’s just bumping along with only a slight improvement in gross production tax collections on oil and gas. Otherwise, the state remains in the recession it entered a year ago. “Receipts from all …
Worries Fade as Crude Oil Futures Rise on Wednesday
Oil futures traded higher on Wednesday afternoon as worries eased following analysts’ predictions supported by a record travel holiday weekend, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude oil added 83 cents, or 1.8%, to settle at $47.43 a barrel. Earlier, prices reached a low of $45.92 a …
SandRidge Bankruptcy Hits a Bump in the Road
Ever since filing for Chapter 11 bankruptcy in May, leaders of Oklahoma City-based SandRidge Energy have been busy with one filing after another in the southern District of Bankruptcy court in Texas. It’s clear the bankruptcy is not going as smoothly as some on either side would prefer. Recently, the company’s official committee of unsecured …
Norman Residents Threaten Lawsuit Over Oil Pipeline Project
A city committee in Norman has voted in favor of approving construction of a the Red River Pipeline by Plains All American, despite objections of city residents. The pipeline company is the same one that was indicted by the state of California in May for last year’s oil spill near Santa Barbara, California. The Floodplain Permit …
Company Sues to be Repaid $100 million for pipeline construction
A lawsuit’s been filed in Georgia by a company that claims it was mislead by Mississippi Power Company into building a $100 million pipeline. The Associated Press says Treetop Midstream Services, an affiliate of an oil company that planned to pump carbon dioxide underground to force out oil sued Atlanta-based Southern Co. and its Mississippi …
Chesapeake Energy Directors Increase Ownership
Members of the Board of Directors at Chesapeake Energy have increased their holdings in the Oklahoma City energy company. Filings made with the Securities and Exchange Commission reflected acquisitions of company shares for the directors as well as a newly-named executive. The filings reflected that $0 was paid for most of the shares. Board chairman …