Tulsa-based Williams Companies Inc. reported on Wednesday a first quarter net loss of $65 million, or 9 cents per share, compared to 2015’s first quarter gain of $70 million, or 9 cents per share, according to a company press release and a news report published in The Tulsa World. The company’s first quarter 2016 adjusted income …
Category: Oil & Gas
Continental Resources Posts 1Q Loss of $198 Million for 2016
Continental Resources Inc. reported a first quarter net loss of $198 million, or 54 cents per share, after cost-cutting measures failed to offset declining oil prices, according to a press release issued by the company. The larger-than-expected drop compares with a loss of $132 million, or 36 cents per share, posted a year ago. Revenues …
WTI, Brent Futures Hover Near $45 Despite Crude Stockpile
U.S. crude prices ended a three day slide and settled slightly higher despite lingering concern over a supply build up, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, West Texas Intermediate futures added 13 cents, or 0.3%, to reach $43.78 a barrel. July Brent crude, the global oil benchmark, ended down 35 cents, or 0.8%, to settle …
Newfield Exploration Reports First Quarter Losses
Houston-based Newfield Exploration Company, one of the most active energy firms in Oklahoma’s oil plays reports reported a net loss of $624 million in its first quarter of 2016. It amounted to a loss of $3.52 per diluted share as the company blamed much of the loss on a full-cost ceiling test impairment of …
Disappointed Leaders at Halliburton and Baker Hughes
Disappointment reigns at Halliburton and Baker Hughes following the collapse of their merger talk and the filing of a legal challenge by the Department of Justice. As Bloomberg News reports, Halliburton’s Chief Executive Officer Dave Lesar wanted Baker Hughes Inc. bad. Now his company’s paid $3.5 billion in termination charges to Baker Hughes. But …
HollyFrontier Reports Big Drop in Earnings But At Least it Made a Profit
Just how badly has the energy downturn hit some companies? Ask executives at HollyFrontiier Corporation based in Dallas where first quarter net income totaled $21.3 million compared to the $226.9 million compared to a year ago. The income was $0.12 per diluted share for the quarter ended March 31, 2016 compared to the $1.16 paid …
Enable Midstream Reports Increased Earnings in First Quarter
Oklahoma City-based Enable Midstream is reporting adjusted earnings of $215 million in the first quarter of the year, an increase from the $207 million reported one year ago. The company said that’s an increase of $8 million or four percent. It also saw an increase in crude oil gathered volumes by 22.13 thousand barrels a day …
One Man who Disagrees with Harold Hamm About $60 Oil in 2016
While Oklahoma oilman Harold Hamm continues predicting $60 oil by the end of the year, there are others in the industry who disagree. One of them is Todd Gordon of TradingAnalysis.com who contends prices won’t hit $50 let alone the $60 that Hamm contends will be reached. It’s what he recently told CNBC’s “Trading Nation.” …
Enbridge Anticipates $62 million in Fines over 2010 Oil Spill in Michigan
Six years after an oil spill in Michigan and Enbridge believes it will be hit with $62 million in fines from the federal government. The company said in a filing this week with the Securities and Exchange Commission that $55 million will come from penalties under federal water law. The spill happened in 2010 when …
Energy Industry Prepares for Constitutional Amendment Fight in Colorado
“We’re going to fight.” The vow from an oil and gas spokeswoman in Colorado over efforts to hold a statewide vote on constitutional amendments to restrict oil and gas drilling in the state. Karen Crummy is with the group called Protecting Colorado’s Environment, Economy and Energy Independence and responded after the Colorado Supreme Court ruled …