Oil futures closed out Friday on a lower note but continued to show a third-straight weekly gain, according to Bloomberg MarketWatch. July West Texas Intermediate crude slipped 15 cents, or 0.3%, to settle at $49.33 a barrel on Friday’s New York Mercantile Exchange. For the week, prices finished up roughly 1.9% based on the most …
Category: Oil & Gas
ETE Seeks Merger Termination in Delaware Counterclaim as Dallas Case is Dismissed
Striking back against its antagonistic merger partner, Dallas-based Energy Transfer Equity, L.P. announced on Thursday that it recently filed its affirmative defenses coupled with a counterclaim in the Delaware Chancery Court lawsuit originally brought by The Williams Companies, Inc. on May 13. In the Delaware action, ETE also seeks a declaratory judgment allowing the company …
WTI Oil Climbs Above $50 on Thursday for First Time Since July
Crude oil futures hit the key mark of $50 a barrel on Thursday before retreating lower as traders remained cautious due to global output concerns and excessive storage supplies, according to Bloomberg MarketWatch. For the first time since last July, West Texas Intermediate crude under the new July contract advanced to $50.21 a barrel before …
Boren Makes $200,000 Sale of Continental Resources Shares
In what is considered ‘legal’ insider trading, University of Oklahoma President David Boren sold 5,000 shares this week he had as a board of director member at Continental Resources. The May 20 sale, according to The Market Digest showed Boren sold the shares at $41.10 a share for a total value of $205,502. The sale …
Harold Hamm Remains Oklahoma’s Richest Man Even after Losing More than $9 billion in 20 Months
Even after losing more than $9 billion over a year and a half period, Oklahoma oilman Harold Hamm, the man who founded and still runs Continental Resources remains the richest man in Oklahoma. He is still sitting pretty as he manages his vast fortune and empire. Forbes reports the $9.4 billion lost over the past …
SEC Gives Go-Ahead to Williams Companies to Mail Merger Ballots
The U.S. Securities and Exchange Commission has granted approval to Williams Cos. of Tulsa to its Form S-4 document required for shareholders to be able to vote on the controversial proposed merger with Dallas-based Energy Transfer Equity. The approval came Wednesday in which the SEC ruled the form is “effective.” It is a document used …
South Central Kansas Oilman Indicted in $8 million Scheme
A south central Kansas man has been indicted on charges of running a nearly $8 million oil and gas scheme and if he’s convicted could get up to 20 years in prison. Federal prosecutors in Wichita revealed the indictment this week against David Lawson of Hillsboro, Kansas. the 70-year old was the owner and director …
Senator Contends Wind Industry is Doing Nothing to Help the State
When the State Senate approved SB 1577 this week, only two Senators voted against cutting the tax credit for the state’s at-risk oil wells. One of them was Sen. Ralph Shortey of Oklahoma City who led the debate against putting a $12.5 million cap on the credits that were expected to swell to $25 million …
SB 1577’s Cap of $12.5 Million for At Risk Wells On Governor’s Desk
An Oklahoma bill providing a tax rebate for economically at-risk oil and gas wells received final passage in the Senate on Wednesday. Senate Bill 1577, co-authored by Senate Pro Tempore Brian Bingman and House Speaker Jeff Hickman, was originally filed on May 2 in order to slash a tax rebate program that was originally created …
WTI and Brent Surge Over $49 a Barrel on Wednesday
Oil futures jumped closer to $50 a barrel on Wednesday, marking their greatest settlement since October, according to Bloomberg MarketWatch. July West Texas Intermediate crude rose 94 cents, or 1.9%, on the New York Mercantile Exchange to end trading at $49.56 a barrel. On London’s ICE Futures Exchange, July Brent crude, the global benchmark, tacked …