Oil futures plunged sharply on Friday after a Saudi Arabian delegate reportedly said oil producers aren’t likely to make a decision on production levels at the Algiers meeting, according to Bloomberg MarketWatch. The informal meeting at the International Energy Forum in Algeria will only offer a chance for OPEC and other oil producers to consult …
Category: Oil & Gas
Federal Grant of $1 Million to Help Rural Oklahoma Oil and Gas Industry
The U.S. Secretary of Commerce announced Tuesday that the Department’s Economic Development Administration is investing nearly $2 million in Oklahoma to support manufacturers and boost workforce training in the medical sector. A $1 million federal grant was received by the Oklahoma Center for the Advancement of Science and Technology (OCAST) to help with diversification and …
Williams Completes Sale of Canadian Assets for $1.06 Billion
Tulsa-based Williams Companies and Williams Partners announced Friday the completion of the sale of their Canadian businesses to Inter Pipeline Ltd. for combined cash proceeds of nearly $1.06 billion, or $1.38 billion in Canadian dollars, according to a report by The Tulsa World. The deal was initially announced in early August. The partnership and the …
H&P Settles 2014 Employee Negligence Lawsuit for $72 Million
In a U.S. Securities and Exchange Commission Form 8-K filing on Tuesday, Tulsa-based Helmerich & Payne disclosed that the company has settled a 2014 negligence lawsuit filed by a drilling rig employee for $72 million. Joshua Keel, an employee of Helmerich & Payne International Drilling Co., filed the lawsuit in the 152nd Judicial Court for …
Large Gas Well Reported in SCOOP
The state’s STACK and SCOOP plays have produced another massive gas well. This time, Marathon Oil based in Houston, Texas reports combination oil and gas well in Blaine County which is one of the three primary counties comprising the STACK. The KNAPP family well is located west of highway US 270 near the little community …
Harding Shelton Gets New Investment Capital and Changes Company Name
At least one Oklahoma City-based energy company is expanding while others are laying off workers, restructuring debt or going into bankruptcy. Harding Shelton Exploration is getting more investment capital and at the same time, changing its name to Antioch Energy. Located in Oklahoma City’s Bricktown entertainment district, Antioch is getting the money from TPH Partners, …
House Democratic Leader Wants Oklahoma to Stop Accepting Out-of-State Wastewater
While Oklahoma wrestles with the continuing earthquakes that some scientists believe are a direct link to wastewater injection wells, Oklahoma State House Democratic leader Scott Inman proposes a ban on out-of-state wastewater. It’s what he told News 9’s Justin Dougherty in a recent interview. “I think the state should be looking into whether or not …
Templar Energy Avoids Bankruptcy as Lenders Approve $1.45 Billion Debt Restructuring Plan
Oklahoma City-based Templar Energy LLC has restructured $1.45 billion of debt in order to avoid bankruptcy after securing unanimous lender approval of its reorganization plan, according to a report by The Oklahoman. The oil and natural gas producer’s second lien lenders canceled $1.45 billion in debt in exchange for $133 million in cash and 45 …
Oil Prices Back Above $45 a Barrel for Both WTI and Brent Crude on Thursday
Oil futures climbed Thursday as government data confirmed a third consecutive weekly decline in domestic crude oil inventories, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, November West Texas Intermediate crude rose 98 cents, or 2.2%, to settle at $46.32 a barrel, its highest finish since September 8. That marked a fourth consecutive …
Oil and Gas—Largest Single Source of Tax Funding in State
Just how critical is the oil and gas industry to the state of Oklahoma. A new report from the Oklahoma State Chamber of Commerce says it makes up the largest single source of tax funding for public services in Oklahoma. Entitled “Economic Impact of the Oil and Gas Industry in Oklahoma,” the more than 60-page …
