The projection offered this week about Oklahoma’s slumping economy from Moody’s Investors Service wasn’t necessarily a shock to state leaders. Nonetheless, it also wasn’t consoling to the governor and legislative leaders as they struggle with a $1.3 billion hole in Oklahoma’s budget for next year. Moody’s released a report indicating Oklahoma’s suffering from declining revenue …
Ring Energy, Inc. announced Wednesday that it intends to offer shares of its common stock with an option to purchase an additional 15% of the amount of shares in the public offering. The offering is subject to market conditions. There is no assurance as to whether or when the offering may be completed or as …
Tulsa-based Sheehan Pipe Line Construction Company filed for Chapter 11 bankruptcy Friday in U.S. Bankruptcy Court for the Northern District of Oklahoma, according to a Tulsa World report. The Chapter 11 bankruptcy filing lists both Sheehan’s estimated assets and liabilities as being somewhere in the $50 to $100 million range. The company’s estimated number of …
Oil futures settled Wednesday at another high for the year, after U.S. government data showed a fall in weekly domestic crude production for a sixth straight week, according to Bloomberg MarketWatch. Prices had seen sharp losses early in the session, pressured after Kuwait oil workers ended a strike that had reduced the country’s crude …
Oklahoma City-based American Energy-Woodford LLC announced today it has changed its name to White Star Petroleum LLC as a stand-alone company. At the same time, it is making a $200 million purchase of assets from Devon Energy. Elliot J. Chambers, newly named as Chief Executive Officer, said it means White Star will be fully independent …
The U.S. Senate on Wednesday passed the nation’s first broad energy bill in years on an 85 to 12 vote, drawing praise from Oklahoma U.S. Senator Jim Inhofe, chairman of the Senate Environment and Public Works Committee. The measure will reportedly align the nation’s oil, gas and electricity infrastructure. “This bill will improve the production, …
Oklahoma Insurance Commissioner John Dock says the May 24 hearing into earthquake insurance rates doesn’t mean he believes the companies have done anything wrong. It’s what he told Ok Energy Today following his announcement of the hearing. Doak said he’s exploring not only the rates and how some have risen 100 percent but also whether the …
Hit with lawsuits accusing it of antitrust violations and allegations of bid-rigging, Chesapeake Energy has been successful in getting eleven class-action suits consolidated in Oklahoma City federal court. U.S. District Judge Vickie Miles-LaGrange issued the order after several suits were filed following the March federal indictment of former Chesapeake CEO Aubrey McClendon who died later …
Five former Devon Energy Corp. senior analysts have joined to create Senex Energy Partners, LLC, Oklahoma City’s newest upstream oil and gas acquisition company. Senex’s founders include John F. Templin II, Ph.D., President and CEO; A. Paul Baclawski, CPG, Vice President and Chief Operating Officer; John H. Graham JR, PE, Vice President of Engineering; Steve T. Whitaker, Vice …
Oil futures snapped a four-day losing streak Tuesday, as a strike by Kuwaiti oil workers and production outages in other parts of the world renewed hopes for a smaller global glut of crude supplies. Natural gas futures jumped nearly 8%, buoyed by weather-related demand for the fuel, according to Bloomberg MarketWatch. May West Texas Intermediate …
