The acrimonious proposed merger between The Williams Companies, Inc. and Energy Transfer Equity, L.P. continues to unravel, with the filing of a new lawsuit by Williams in a Delaware state court. Williams announced late Friday that it filed a declaratory judgment action to prevent the company from terminating the controversial merger and forcing ETE to …
Category: Oil & Gas
Linn Energy Seeks Chapter 11 Bankruptcy Protection in Texas
Linn Energy, LLC announced Wednesday that it filed for Chapter 11 bankruptcy after entering into a Restructuring Support Agreement with its lenders to obtain new financing and restructure debt. In its petition filed in the U.S. Bankruptcy Court in Victoria, Texas, the Houston-based oil and gas producer said its assets are worth approximately $11.6 billion, …
Crude Oil Prices Fall on Friday, Rise for the Week
Despite a recent upswing in oil futures, crude prices fell on Friday as investors feared that producers may increase output, according to Bloomberg MarketWatch. June West Texas Intermediate crude lost 49 cents, or 1.1%, to end trade on the New York Mercantile Exchange at $46.21 a barrel. WTI crude bounced back from last week, posting …
Rig Counts in Oklahoma and U.S. Decline in Past Week
Oklahoma and the U.S. dropped again in oil and gas rig counts in the past week, Oklahoma dropping by one to reach 56 and the nation losing 9 more rigs, falling to a total of 406, according to figures released by Baker Hughes. Nationally, the drop included ten more oil rigs over the past week. Compared …
NGL Energy Holdings Gets New Board Member
Tulsa-based NGL Energy Partners LP has named Christopher Beall to its board of directors of its general partner, NGL Energy Holdings LLC. Beall has more than 16 years of experience in direct investments, investment banking and finance and served as a key investment professional for Highstar Capital prior to joining Oaktree Capital in 2014, according …
Seventy Seven Energy Gets Support from Creditors—–Still Plans Chapter 11 Bankruptcy Filing
Days after announcing it had started asking for approval from its creditors of a prepackaqed Chapter 11 bankruptcy reorganization plan, Oklahoma City-based Seventy Seven Energy Inc. stated it had entered into a second amended and Restated Restructuring Support agreement. But it still intends to head to bankruptcy court. In Friday’s announcement, the struggling energy …
DiCaprio Joins Fight Against Dakota Access Pipeline
Dallas-based Energy Transfer Partners LP, the same firm in the midst of a merger with Tulsa’s Williams Companies, has successfully won agreement with every landowner along its $3.8 billion Dakota Access Pipeline in the Dakotas. But the pipeline has picked up opposition from movie star Leonardo DiCaprio who said he is “standing with the Great Sioux Nation …
Oklahoma Senate Passes Bill Eliminating Tax Credit for Distressed Wells
A bill passed by the Oklahoma Senate on Thursday would eliminate a tax rebate for economically at-risk oil wells, resulting in a savings of over $130 million for the state. The bill — SB 1577 — authored by Senate President Pro Tempore Brian Bingman and House of Representatives Speaker Jeff Hickman, was approved by a …
Crude Oil Futures Continue to Rise on Thursday
Oil futures maintained positive momentum on Thursday, settling at over $46 a barrel after achieving a new six-month record, according to Bloomberg MarketWatch. Oil prices have seesawed recently due to a myriad of issues including Iran’s efforts to boost production yield, outages causing a decline in global production and a continued dip in crude inventories. …
EPA Unveils New Rules Targeting Methane Emissions from Oil and Gas
Final regulations clamping down on methane emissions from new and modified oil and gas operations were finalized Thursday by the U.S. Environmental Protection Agency. It’s part of the Obama administration’s effort to slash emissions by 40 to 45 percent from 2012 levels by 2025. The rule is aimed at preventing 11 million metric tons of …