The U.S. oil and gas rig count grew by 7 in the past week while the number of working rigs in Oklahoma remained at 59. The national count increased to 447 with six additional oil rigs and one gas rig. The U.S. oil rig count stands at 357 while the number of working gas rigs …
Chesapeake Energy’s reporting some success in oil wells in the STACK in Kingfisher and Blaine Counties. Its largest well produced 1,224 barrels a day along with 2,564 Mcf of gas. The STARK well in Blaine county was spudded in mid-January with drilling finished at the end of January and completion made on May 19. The well’s …
A month after it filed for Chapter 11 bankruptcy with $1.7 billion debt, Oklahoma City-based Seventy Seven Energy Inc. has won a judge’s permission for its reorganization plan. It virtually lets the company out of bankruptcy and also gives it access to $100 million in a new borrowing deal, according to the Wall Street Journal. …
With doubt cast aside, oil futures surged on Thursday to recoup almost half of Wednesday’s losses, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, August West Texas Intermediate crude jumped 93 cents, or 2.1%, to end trading at $45.68 a barrel. On London’s ICE Futures Exchange, September Brent crude gained $1.11, or 2.4%, …
Oklahoma City’s Devon Energy announced Thursday it is going ahead with a nearly $1.1 billion sale of its 50 percent ownership in a western Canada Access Pipeline. As OK Energy Today reported earlier, Wolf Midstream Inc. is the buyer. “With the highly-accretive sale of Access, Devon’s divestiture program is now complete with proceeds totaling $3.2 …
Oklahoma City’s Chesapeake Energy has agreed to pay nearly $51 million to settle hundreds of lawsuits filed over royalty fights around Fort Worth, Texas. The company had been accused of cheating property owners out of millions of dollars in natural gas royalties. Attorneys at a Fort Worth law firm announced this week that 91 percent …
Oil futures retreated on Wednesday, reversing Tuesday’s gains following the release of a government report indicating a significant increase in gasoline reserves, according to a Bloomberg MarketWatch report. On the New York Mercantile Exchange, August West Texas Intermediate crude dropped $2.05, or 4.4%, to settle at $44.75 a barrel. September Brent crude, the global benchmark, …
Stocks of ethanol in the U.S. fell by 2 percent over the past week, according to a report from the U.S. Energy Information Administration. Production averaged 1.004 million barrels a day in the past week which translates into 42.17 million gallons daily. That’s an increase of 20,000 barrels a day in production from the previous …
Oklahoma City’s Devon Energy’s close to selling its 50 percent stake in the Access Pipeline in Western Canada according to a report by Bloomberg. Wolf Infrastructure, a midstream oil and gas firm backed by the Canada Pension Plan Investment Board is about to complete the deal that could be worth as much as $1.2 billion …
Crude oil futures closed out Tuesday on a higher note as OPEC forecasted higher demand with lower production next year, according to Bloomberg MarketWatch. August West Texas Intermediate crude climbed $2.04, or 4.6%, to end trading at $46.80 a barrel on the New York Mercantile Exchange, reaching its highest finish in nearly a week. On …
