Crude oil prices took a nearly 3% plunge in Thursday’s trading as analysts credited the fall to the deepening coronavirus crisis in India. The fall brought an end to the rally that on Wednesday lifted crude to an eight-week high. West Texas Intermediate crude for June delivery dropped $2.26 to $63.82 a barrel in …
Category: Oil & Gas
Magellan Midstream Partners seeks new investors
Magellan Midstream Partners, LP in Tulsa is seeking more investors and company leaders plan to take part in an energy investor conference. The company announced that Michael Mears, chief executive officer will participate in the 2021 Investor Conference hosted by the Energy Infrastructure Council on May 19 in Las Vegas, Nevada. His participation will …
US rig count makes another jump
The US rig count rose by 12 in the last week to 535 rigs as of May 12, according to Enverus Rig Analytics. The count is up 3% on the month and up 52% YOY. The most notable week-over-week change occurred in the Permian, where seven additional rigs brought the total to 219. Lea …
Chesapeake leaders—stronger after bankruptcy
Leaders of Oklahoma City’s Chesapeake Energy say the company is significantly stronger after emerging from its Chapter 11 bankruptcy in February and reducing total indebtedness by $9.4 billion. In a Form 10-Q filing with the Securities and Exchange Commission, the company offered more details that were not offered as part of its first quarter …
Energy news in brief
** Federal lawmakers introduce a swath of cybersecurity and pipeline bills in response to Colonial Pipeline hack. ** At least 74 Biden administration officials and nominations disclosed some stake in the fossil fuel industry, according to a review of disclosure documents by Forbes Magazine and the Brown Institute for Media Innovation. ** A coalition of conservation groups are suing the …
Northern Colorado county commissioners put up ‘welcome’ sign to oil and gas firms
Weld County, Colorado is considered the strongest energy county in the state and now its leaders have put up the “Welcome” sign to energy firms headquartered in Denver and other cities. Weld County Commissioners even wrote an open letter to Colorado’s energy industry leaders urging them to move to their county where they will …
Energy Transfer might not stop with Enable Midstream acquisition
After acquiring Oklahoma City-based Enable Midstream Partners, LP in a $7.2 billion deal in February, Energy Transfer LP leadership is now talking of expanding holdings. Energy Transfer’s co-founder and executive chairman Kelcy Warren said this week he was exploring possibly acquisitions in the chemicals business. He made he comments at a conference in North …
Biden’s energy sec says ‘pipe is best way’ to transport fuel
The backlash over what some now call the hypocritical comments of Energy Secretary Jennifer Granholm is growing.It came Tuesday when she was at the White House discussing the emergency surrounding the Colonial pipeline and a reporter asked whether rail tankers would be used to transport gasoline supplies to the East coast.“So this particular area of …
New officers picked at OERB
The Oklahoma Energy Resources Board (OERB) is announcing a new slate of officers and two new board members. David Le Norman was elected as the Chairman of the Board of Directors and Kristin Thomas was elected as the Vice-Chairman. David Le Norman is managing partner of Reign Capital Holdings LLC. He has more than …
8-week high hit by US crude oil prices
With another increase in Wednesday’s trading both in the US and in Europe, crude oil prices hit an eight-week high and approached the $70 a barrel mark overseas. Oklahoma energy stocks didn’t go with them. West Texas Intermediate crude went up 80 cents or 1.2% to finish the day at $66.08 on the New …