** Limetree Bay Refining LLC filed for bankruptcy on Monday seeking creditor protection after the U.S. Environmental Protection Agency halted its operations earlier this year. The St. Croix, U.S. Virgin Islands-based refinery, said in a statement that it plans to use the court protection process in Houston to negotiate with creditors and equity holders and weigh …
Category: Oil & Gas
Crude oil clings to $75 a barrel price despite slipping on Wednesday
Worries about China’s first-half crude imports dropping along with concerns over supplies as the world recovers from the coronavirus pandemic led to yet another slip in crude oil prices on Wednesday. In the US, West Texas Intermediate crude for August delivery fell 13 cents or 0.2% and finished the day at $75.12 a barrel. Global …
Quarterly dividend announced by ConocoPhillips
ConocoPhillips announced Tuesday a quarterly dividend of 43 cents per share, payable Sept. 1, 2021, to stockholders of record at the close of business on July 26, 2021. The dividend followed the company’s first quarter 2021 earnings report in May totaling $1 billion or 75 cents a share. The $1 billion compared with …
Sandridge CEO Geisler leaves the company
SandRidge Energy, Inc. announced that Carl Giesler, Jr. has resigned as Chief Executive Officer, President and a member of the Board of Directors for the company in order to pursue another career opportunity. Giesler’s resignation will be effective July 16, 2021, and is not the result of any disagreement with the company or any …
Bankrupt firm hit with big fine in Colorado
An oil company that no longer exists faces a $344,000 fine in Colorado but the state doesn’t expect to really collect it. The Colorado Sun reports the fine was necessary for the state to seize a $20,000 bon d from bankrupt, Houston-based Alta Mesa Resources LP. Click here for Colorado Sun story.
Nation’s drilling approvals increase despite Biden climate pledge
While President Biden has targeted the oil and gas industry with more drilling restrictions, the approvals of companies to drill on U.S. public lands is also on pace in 2021 to reach the highest level since George W. Bush was president. The Interior Department gave approval to nearly 2,500 permits in the first half …
Crude oil prices take another slide down
Despite tight crude supplies in the U.S., oil prices slumped again in Monday’s trading as prices nationally settled just above $74 a barrel. Analysts blamed growing concerns over spreading COVID-19 variants, concerns that brought fuel demand to near pre-pandemic levels. West Texas Intermediate crude for August delivery finished down 46 cents or 0.6% and …
Oklahoma Reps work on abandoned wells bill in Congress
Oklahoma Reps. Frank Lucas and Stephanie Bice are working together in the introduction of the Abandoned Well Remediation Research and Development Act. The measure would created abandoned wells research, development and demonstration program at the U.S. Department of Energy. Oklahoma currently has 1,277 listed abandoned oil and gas wells across the state. In 2018, …
Will Texas enforce new federal methane emissions rules?
Environmentalists vow to make sure the state of Texas enforces newly reinstated federal methane emissions rules. The Sierra Club indicated it plans to be a watchdog of the Texas Commission on Environmental Quality after President Biden signed a bill last month repealing the Trump-era rule that rolled back the Obama administration’s 2016 regulations to …
Opposition to Oklahoma crude oil pipeline sparked protests in Memphis
Last week’s cancellation of the controversial Byhalia Pipeline in Memphis, Tennessee has opponents recalling how a pipeline from Oklahoma to a local refinery led to the protest that stopped the project. The Daily Memphian reported the protest over the Oklahoma pipeline sparked the eventual opposition to the Byhalia line. Click here for Daily Memphian