While legislators shout and bicker over where to raise new revenue to offset a $1.3 billion budget hole, their actions to protect the oil and gas industry from taking a hit are being noticed by others. A report by Reuters paints the picture of legislators protecting the industry from being hurt by reduced tax credits …
University of Texas researchers now are making the claim that nearly 90 percent of the earthquakes in Texas in the past ten years have been caused by oil and gas activities. Geoscientist Cliff Frohlich at the University of Texas-Austin is one of them and believes nearly nine in 10 of the quakes were directly the …
TransCanada, the company still fighting to build the Keystone XL pipeline across the Midwest is buying Columbia Pipeline Group Inc. in a nearly $13 billion agreement. It also owns and operates the Keystone pipeline extending from Cushing, Oklahoma south to the Gulf Coast. Columbia’s Board of Directors has unanimously approved the deal involving a …
Oil futures thrust closer to $50 a barrel on Tuesday, reaching their highest settlement since early October after receiving confirmation that crude inventories were rapidly depleting, according to Bloomberg MarketWatch. June West Texas Intermediate crude ended at $48.31 a barrel on the New York Mercantile Exchange after posting a gain of 59 cents, or 1.2%. …
Tulsa U.S. District Judge Gregory K. Frizzell now must decide whether to allow oil and gas producers in Osage County proceed with their lawsuit against the Bureau of Indian Affairs or dismiss the suit filed in 2015. Both sides, the Osage Producers Association that sued the Bureau of Indian Affairs and the BIA …
Oil futures staged a resurgence on Monday, jumping more than 3% as traders heralded the recent news of a supply shortfall, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude gained $1.40, or 3.3%, to $47.72 a barrel. That was the highest settlement since early November. July Brent crude, …
A recent Chapter 11 bankruptcy filing by a Pennsylvania energy company could be a gain for Houston. Penn Virginia Corp, a firm that focuses on the Eagle Ford Shale in south Texas filed bankruptcy last week and listed $1.43 billion in debts and total assets of $517.7 million. It reached a restructuring support agreement with …
Management at Linn Energy LLC say they believe by filing for Chapter 11 reorganization last week like they did will enable the company to continue to operate normally without lining up new bankruptcy financing. With debt of $8.3 billion, the company leaders reached agreement with lenders to obtain 2.2 billion in financing. the debt restructuring …
A $4.4 billion deal has been announced by Fort Worth-based Range Resources Corp. in its acquisition of Houston-based Memorial Resource Development Corporation. The all-stock deal is expected to close in the second half of 2016 as Range assumes Memorial’s net debt of $1.1 billion. When the deal closes, Memorial shareholders will own about 31 percent …
Iowa regulators are under pressure to stop a proposed oil pipeline through the state and three other states. It is the Dakota Access pipeline, a 1,150-mile long project pushed by a Texas company that planned to start construction this week in the Bakken oil fields in northwest North Dakota. The pipeline is to stretch through …
