A state government agency discussed Seventy Seven Energy Inc.’s pending bankruptcy in executive session on Thursday in an effort to determine what impact it may have on the company’s injured workers. The Oklahoma Workers’ Compensation Commission met on Thursday afternoon to discuss Seventy Seven Energy’s status as an impaired opt-out self-insured under the restructured Oklahoma …
Category: Oil & Gas
Oil Futures Decline as Natural Gas Rises on Thursday
While oil prices retreated on Thursday, natural gas futures forged ahead to achieve their best settlement since September, according to Bloomberg MarketWatch. July West Texas Intermediate crude slid 67 cents, or 1.3%, to settle at $50.56 a barrel on the New York Mercantile Exchange, after reaching $51.23 a barrel on Wednesday. On London’s ICE Futures …
Nation’s Newest Oil Refinery Delayed Again by North Dakota Officials
A bid by Houston-based Meridian Energy Group Inc. to build an $850 million oil refinery only 3 miles from the Theodore Roosevelt National Park in western North Dakota is delayed again by county leaders in Medora. If approved, it would be the nation’s newest refinery. Billings County Commissioners decided this week to wait until July …
Oil Futures Climb Higher on Wednesday
Crude oil futures continued their ascent on Wednesday, soaring above the key $50 benchmark while posting their highest close in several months, according to Bloomberg MarketWatch. July West Texas Intermediate crude tacked on 87 cents, or 1.7%, to end trade on the New York Mercantile Exchange at $51.23 a barrel. August Brent crude added $1.07, …
Coffeyville Refinery Forced to Reduce Production Due to Pipeline Suspension
Production has been reduced by CVR Refining at its refinery in Coffeyville, Kansas because the temporary shutdown of the Magellan Midstream Partners 8-inch refined petroleum products pipeline. The line transports up to 30,000 barrels a day of refined products from the refinery to Kansas City, Kansas and is one of three pipelines that support the …
Despite Protests, Iowa Approves Bakken Oil Pipeline
The Iowa Utilities Board voted this week to give the green light for a subsidiary of Dallas-based Energy transfer Partners to begin work in the state as part of a nearly $4 billion pipeline to carry Bakken oil from North Dakota to Illinois. The vote was 2-1 on the three member board in favor …
WTI, Brent Crude Settle Over $50 a Barrel on Tuesday
Oil futures continued trading higher on Tuesday, besting marks not seen since last year, according to Bloomberg Marketwatch. July West Texas Intermediate crude added 67 cents, or 1.4%, on the New York Mercantile Exchange to end trading at $50.36 a barrel. August Brent crude, the global benchmark, tacked on 89 cents, or 1.8%, to settle …
Tulsa Mayor, Former Williams Leaders Advise Shareholders to Reject ETE Merger
Tulsa Mayor Dewey Bartlett and three former Williams Companies chief executive officers joined forces in an effort to block the company’s merger with Energy Transfer Equity LP, according to a Bloomberg report. “My city will bear a very substantial cost for a transaction that destroys value for the shareholders it is supposed to benefit,” said …
Seventy Seven Energy Files Pre-Packaged Chapter 11 Plan
Oklahoma City-based Seventy Seven Energy Inc. announced it has filed a pre-packaged plan for Chapter 11 bankruptcy in the Bankruptcy Court for the District of Delaware. In doing so, the company said the plan provides for a substantial deleveraging transaction pursuant to which nearly $1.1 billion of the company’s outstanding debt will be converted to …
Tax Rebate Program for At-Risk Oil Wells Cut with Governor’s Signature
The measure cutting Oklahoma’s tax credit for at-risk oil wells to $12,500,000 a year was signed into law Monday by Gov. Mary Fallin. Senate Bill 1577 was sent to her last week after the legislature debated its merits. The cost-cutting move came after experts decided that falling energy prices might increase the credit to …