Oil futures climbed on Wednesday to finish at levels last seen in November, as traders turned their attention to U.S. crude production, which fell for a seventh straight week. Prices had pared gains in the immediate wake of U.S. government data released early Wednesday showing that crude supplies rose for a third week in a …
Category: Oil & Gas
Baker Hughes Posts $981 Million Loss in First Quarter
Houston-based Baker Hughes Incorporated posted a $981 million loss in the first quarter of 2016, widening significantly from the same period a year ago, according to the company’s press release. The world’s third largest oilfield services provider reported a bigger quarterly loss on Wednesday, hurt by a continued decline in drilling activity. Baker Hughes attributed …
Legislator Says Earthquakes Will Be With us for Decades because of Wastewater Wells
A Democratic legislator who is also a candidate for Corporation Commission contends that Tuesday’s earthquakes around northeastern Oklahoma County reinforces the contention they are being caused by wastewater injection wells. Rep. Richard Morrissette also believes it means the state will experience seismic activity for years to come, if not decades because “so much saltwater associated …
Bridenstine Amendment Adopted to Speed up LNG Exports
Oklahoma U.S. Rep. Jim Bridenstine walked away with a victory in the House Armed Services Committee on Wednesday when it adopted his amendment to speed up Energy Department decisions on approving Liquefied Natural Gas exports. He called it a “big win” for Oklahoma’s natural gas industry since the state is the fourth largest natural gas …
Williams Faces Uphill Fight for East Coast Pipeline
A proposed $1.2 billion PennEast Pipeline proposed by Tulsa-based Williams Partners L.P. in conjunction with three other firms faces an uphill road after a regional regulatory agency in Pennsylvania indicated this week it wants to carry out an independent review of the project. Williams is in partnership with Cabot Oil and Gas Corp., Piedmont Natural …
House Committee Hears Pleas to Prevent Methane Flaring on Federal Lands
Members of the U.S. House Committee on Natural Resources were told this week that proposed new rules governing the flaring and venting of natural gas from wells on federal lands is needed. It’s what they hard from some of those who testified Wednesday during a hearing into the Bureau of Land Management’s Regulatory Overreach into …
New Law Boosts Pipeline Violations to $1 million
Three more energy-related bills have been signed into law by Governor Mary Fallin including one that increases fines and penalties up to $1 million for violations of state pipeline safety laws. House Bill 2444 by Rep. Terry O’Donnell and Sen. Jason Smalley boosts the daily civil penalty from $10,000 to $100,000 and the maximum civil …
Oil Prices Rise After API Data Confirms Surprise Fall in Crude Supplies
Oil futures settled higher Tuesday as traders weighed the prospects for a decline in crude production, according to Bloomberg MarketWatch. The market also awaited the closely watched U.S. Energy Information Administration weekly report on crude supplies due Wednesday. On the New York Mercantile Exchange, June West Texas Intermediate crude added $1.40, or 3.3%, to settle at …
10-Year Gas Storage Deal Announced by Plains All American Pipeline
A 10-year agreement has been announced by Plains All American Pipeline, L.P. based in Houston, Texas and Cheniere Energy Partners, L.P. The Pine Prairie Energy Center LL, a subsidiary of Plains All American will provide 8 billion cubic feet of firm natural gas storage to Cheniere beginning in 2018 to serve the storage needs of …
Gas Drilling Comes to a Halt in the Barnett Shale of North Texas
A first for the Barnett Shale in north Texas—-no working gas rigs. The Fort Worth Star Telegram says RigData reported last week the count was “zero” for the field that exists under nearly 24 counties in north Texas. The newspaper reported an editor with RigData was so surprised by the lack of rigs that the …