Crude oil futures continued their ascent on Wednesday, soaring above the key $50 benchmark while posting their highest close in several months, according to Bloomberg MarketWatch. July West Texas Intermediate crude tacked on 87 cents, or 1.7%, to end trade on the New York Mercantile Exchange at $51.23 a barrel. August Brent crude added $1.07, …
Category: Oil & Gas
Coffeyville Refinery Forced to Reduce Production Due to Pipeline Suspension
Production has been reduced by CVR Refining at its refinery in Coffeyville, Kansas because the temporary shutdown of the Magellan Midstream Partners 8-inch refined petroleum products pipeline. The line transports up to 30,000 barrels a day of refined products from the refinery to Kansas City, Kansas and is one of three pipelines that support the …
Despite Protests, Iowa Approves Bakken Oil Pipeline
The Iowa Utilities Board voted this week to give the green light for a subsidiary of Dallas-based Energy transfer Partners to begin work in the state as part of a nearly $4 billion pipeline to carry Bakken oil from North Dakota to Illinois. The vote was 2-1 on the three member board in favor …
WTI, Brent Crude Settle Over $50 a Barrel on Tuesday
Oil futures continued trading higher on Tuesday, besting marks not seen since last year, according to Bloomberg Marketwatch. July West Texas Intermediate crude added 67 cents, or 1.4%, on the New York Mercantile Exchange to end trading at $50.36 a barrel. August Brent crude, the global benchmark, tacked on 89 cents, or 1.8%, to settle …
Tulsa Mayor, Former Williams Leaders Advise Shareholders to Reject ETE Merger
Tulsa Mayor Dewey Bartlett and three former Williams Companies chief executive officers joined forces in an effort to block the company’s merger with Energy Transfer Equity LP, according to a Bloomberg report. “My city will bear a very substantial cost for a transaction that destroys value for the shareholders it is supposed to benefit,” said …
Seventy Seven Energy Files Pre-Packaged Chapter 11 Plan
Oklahoma City-based Seventy Seven Energy Inc. announced it has filed a pre-packaged plan for Chapter 11 bankruptcy in the Bankruptcy Court for the District of Delaware. In doing so, the company said the plan provides for a substantial deleveraging transaction pursuant to which nearly $1.1 billion of the company’s outstanding debt will be converted to …
Tax Rebate Program for At-Risk Oil Wells Cut with Governor’s Signature
The measure cutting Oklahoma’s tax credit for at-risk oil wells to $12,500,000 a year was signed into law Monday by Gov. Mary Fallin. Senate Bill 1577 was sent to her last week after the legislature debated its merits. The cost-cutting move came after experts decided that falling energy prices might increase the credit to …
Mewbourne Oil Starts $6 million Office Expansion
Amidst the energy downturn, a Tyler,Texas company is investing more than $6 million in new headquarters in the Permian Basin. Mewbourne Oil has started construction on a 32,000-square-foot office in Hobbs, New Mexico. The Hobbs News-Sun quotes Mewbourne Oil President Ken Waits as saying the existing offices in the eastern New Mexico city are old …
Williams Sets Stockholder Election Deadline in ETE Merger Acquisition
The Williams Companies, Inc. inched closer to sealing the deal with merger partner, Energy Transfer Equity, L.P on Monday. In a company press release, Williams announced that the election deadline for its stockholders regarding the ETE merger acquisition is June 24, 2016 at 5 p.m. Eastern Daylight Time. If registered Williams stockholders desire to make …
Crude Oil Futures Rebound on Monday
Oil futures rebounded on Monday with significant jumps in both West Texas Intermediate and Brent crude, according to Bloomberg MarketWatch. July WTI crude jumped $1.07, or 2.2%, to end trade on the New York Mercantile Exchange at $49.69 a barrel. The settlement marked the greatest level reached since July 21, 2015. August Brent crude, the …