Crude oil futures finished lower on Thursday as a possible June rate hike by the U.S. Federal Reserve factored into investor uncertainty, according to Bloomberg MarketWatch. June West Texas Intermediate crude fell 51 cents, or 1.1%, to end trading at $47.68 a barrel on the New York Mercantile Exchange. Earlier in the day, WTI traded …
Category: Oil & Gas
SandRidge Uses Bankruptcy to Fight Conspiracy Lawsuit in Duncan
An attorney who filed a class-action lawsuit in southern Oklahoma accusing SandRidge Energy of the same kind of conspiracy allegations leveled in federal lawsuits does not believe the company’s Chapter 11 bankruptcy will affect his suit. Attorney Jim Sill responded after SandRidge attorneys filed a stay for the suit in Stephens county, according to a …
Houston Firm with Western Oklahoma Holdings Experiences $29 million Quarterly Loss
Another Texas-based exploration and production company with deep interests in Oklahoma reports it experienced a net loss of $29 million in the first quarter of the year. EV Energy Partners, L.P. based in Houston says the loss figured to $0.58 per basic and diluted weighted average limited partner unit. The adjusted earnings before taxes …
Waiting Game for Continental Resources in the Bakken
It’s all about profit when it comes to drilling for oil and natural gas and producing it. Ask any of the energy producers who have gone to Chapter 11 reorganization bankruptcy. It’s also how the big companies continue to exist—making sure there is profit when a well is completed and starts producing. A report …
EPA Wants Increase in Renewable Fuels Standards for 2017
The U.S. Environmental Protection Agency wants to boost renewable fuels standards for 2017, increasing the amount of corn-based ethanol and biofuels that fuel producers will have to mix into diesel and gasoline. Under the standards announced this week, the EPA wants 18.8 billion gallons to be blended into the nation’s fuel supply next year which …
Ethanol Production in the U.S. Drops Again
Another down week for ethanol production in the U.S. as the U.S. Energy Information Administration reports production was down 14,000 barrels a day from the previous week. The production ending May 13 averaged 948,000 barrels a day or 39.82 million gallons. The four-week average for ethanol production stood at 940,000 barrels a day which translates …
McClendon’s American Energy Partners to Cease Operations
American Energy Partners, LP laid off almost half of its Oklahoma City workforce as company officials announced that they would wind down business operations over the course of the next few months, according to a report published late Wednesday by The Oklahoman. “After considerable thought and discussion with Aubrey McClendon’s family and our employees, we have …
WTI, Brent Crude Post Loss on Wednesday
Crude oil futures stumbled on Wednesday, resulting in a turnabout by investors who were distracted by the possibility of an interest rate hike next month by the U.S. Federal Reserve, according to Bloomberg MarketWatch. June West Texas Intermediate crude slid 12 cents, or 0.3%, to end trading on the New York Mercantile Exchange at $48.19 …
Samson Resources Files Amended Chapter 11 Bankruptcy….saying It Allows for a New Start
Continuing low natural gas prices forced Tulsa-based Samson Resources Corp. to file an amendment to the Chapter 11 bankruptcy plan it filed last fall. Company management says the new plan will allow the firm to operate on a go-forward basis with significantly less long-term debt and lower annual interest payments. The company blamed the decline …
3,300 Barrels-a-day Well Hit by Continental Resources in Blaine County
Oklahoma City-based Continental Resources, Inc. says it has struck a huge well in Blaine County, one producing more than 3,300 barrels of oil equivalent a day. Drilled in the STACK, the well is an industry record well, according to the announcement by Continental Resources. The Verona well flowed at an initial 24-hour test rate of …