Houston-based Key Energy, a firm that’s expanded its holdings over the years by making acquisitions of a handful of Oklahoma energy operations reported first quarter loss of nearly $82 million. The company said the loss translated to $0.51 per share, despite consolidated revenues of $111.1 million. The fourth quarter 2015 consolidated revenues had totaled $150.2 …
Leawood, Kansas based Tallgrass Energy Partners, LP has closed on its purchase of a 25 percent membership interest in the Rockies Express Pipeline LLC from a unit of Sempra U.S. Gas and Power. It was a $440 million deal involving both TallGrass Energy Partners LP and Tallgrass Energy GP. The Rockies Express Pipeline …
He might not have had a direct relationship with Oklahoma energy producers, but his leadership as Saudi Arabia’s oil minister was definitely felt by them. Now, Ali al-Naimi has been removed from power by his own government and replaced by former Health Minister and Saudi Aramco board chairman Khaled al-Falih. Al-Naimi had led the Saudi …
Oklahoma’s largest oil and gas advocacy group is concerned that energy legislation is pending with less than three weeks remaining in the state’s 2016 legislative session. House Bill 2177 was introduced in February 2015 by House Speaker Jeff Hickman (R-Fairview). A carryover from last year’s session, HB 2177 provides for an alternate development method to …
Seventy Seven Energy Inc. filed its Form 8-K with the U.S. Securities and Exchange Commission on Monday, indicating the company has commenced soliciting acceptances of its prepackaged Chapter 11 bankruptcy reorganization plan. The Company set a deadline of June 3 for residual lenders to accept or reject the reorganization plan. In the SEC filing, the …
Crude oil prices slipped as markets across the globe were more cautious than optimistic on Monday following the recent firing of a longstanding Saudi Arabian oil minister and despite waning fears of the Canadian wildfire aftermath, according to Bloomberg MarketWatch. June West Texas Intermediate crude plunged $1.22, or 2.7%, to end trade at $43.55 a …
The pending purchase of the Standish Pipeline and other assets from Phillips 66 by Phillips 66 Partners is expected to be closed in the next few weeks. The $775 million was announced last week. The Standish Pipeline runs from Phillips 66’s Ponca City refinery in northern Oklahoma to the Phillips 66 Partners’ North Wichita Terminal …
Oklahoma City-based Blueknight Energy Partners L.P. says its first quarter earnings totaled $13.6 million, an increase from the $12.9 million reported in the first quarter of 2015. The $13.6 million was before interest, taxes, deprecation and amortization. The cash flow was $8.6 million for the three months that ended March 31, 2016 compared to …
The recent Chapter 11 bankruptcy by oilfield waste disposal company CCNG Energy Partners, LP has led to the firm being scooped up by Trinity Acquisition LLC of Austin, Texas. CCNG had assets located throughout Texas and New Mexico but they were acquired after the firm filed Chapter 11 bankruptcy. The assets include 27 saltwater …
The number of North American oil and gas producers that have entered bankruptcy court since the beginning of 2015 is up to at least 69, according to the Texas law firm Haynes and Boone which focuses on such legal matters. The company says the bankruptcies, including Chapter 7, Chapter 11, Chapter 15 and …
