Basic Energy Services Inc. of Fort Worth entered Chapter 11 bankruptcy this week while at the same time undertaking asset purchase agreements with Axis Energy Services Holdings, LLC, Berry Corporation and Select Energy Services, Inc. The deal will give Axis all of the company’s Well Servicing and Completion & Remedial segment assets outside of …
Category: Oil & Gas
El Paso Electric reaches agreement with opponents of power plant
Environmental groups and others who fought the expansion of El Paso Electric’s power plant have reached agreement with the firm, an agreement that will prevent future construction in far southwest Texas. The agreement will temporarily block new fossil fuel power plant construction while pushing EPE toward a clean energy future stated the Sierra Club …
Energy news in brief
** The White House is facing mounting pressure from Democrats to yank federal permits for Line 3, the controversial oil pipeline under construction in Minnesota. Eight Democratic senators and nearly two dozen House members criticized the Biden administration for allowing pipeline giant Enbridge to continue building Line 3 across wetlands in a letter sent Monday that HuffPost viewed. ** Enbridge said …
Airships of old to be used in greenhouse gas emission monitoring in New Mexico
They won’t be the dirigibles of old but air ships will soon be floating over New Mexico in the state’s attempts to monitor greenhouse gas emissions from the oil and gas fields that also filled the state government’s coffers. The airships will be provided beginning in 2022 by Sceye, a firm based in Roswell …
Weaning airlines off fossil fuel by 2050 latest Biden plan
Another of the “green energy” plans of the Biden administration is being called “laughable.” It’s the proposal to get all airlines off of fossil fuels by 2050. The idea, which is likely going to be laughably impossible to implement at any point in the near future, is part of the White House’s plan to …
Oklahoma energy stocks slip as oil falls again
For the second consecutive trading session this week and the fourth in the past week, oil prices dropped in Tuesday’s trading falling about 1% in both the US and Europe. The slump also resulted in losses for many Oklahoma energy stocks. Analysts credited Tuesday’s slip to surging cases of coronavirus in Japan and a …
Pompeo rips Biden at Kansas oil and gas convention
The keynote address by former U.S. Secretary of State Mike Pompeo at the opening of the Kansas Independent Oil & Gas Association convention this week in Wichita offered him an opportunity to blast President Biden over his mishandling of the fall of Afghanistan. He used the occasion to charge Biden with “leaking with weakness” …
ONEOK to be part of investor conference
Leadership at ONEOK Inc. plan to take part in the Citi Midstream Energy Infrastructure Conference this week. The virtual meetings will be held Aug. 18 and 19 and access to the Citi event is by invitation only. ONEOK’s latest investor materials are available at www.oneok.com.
Losses mount for Cypress Environmental Partners
Tulsa’s Cypress Environmental Partners, L.P. reported its financial results for the second quarter showing an 18% increase in consolidated revenue that totaled $31.9 million but losses increased over the past year as the firm struggled to recover from 2020. The company’s adjusted EBITDA was $0.5 million for the quarter and its net loss attributable …
Revolution Resources scores big with OKC wells
One of Oklahoma’s more recently completed well sites with significant production was next to Oklahoma City where Revolution Resources LLC brought in four wells with close to 3,000 barrel a day production. The four Winterfell 1304 wells, drilled on a single pad at 9 13N 4W in Oklahoma County are located at a site just west …