Denver-based Whiting Petroleum Corporation confirmed it has dipped into its credit facility to the tune of $650 million to stay afloat amidst the drastic downturn in oil prices complicated by the coronavirus pandemic. The company announced over the weekend it took “proactive steps to ensure it has sufficient liquidity to fund ongoing operations.” The announcement …
While Oklahoma’s unemployment claims set a record high last week, Congress subsequently approved and the President signed into law a more than $2 trillion coronavirus relief bill. The House approved the bill on Friday, two days after the U.S. Senate voted for approval and President Trump quickly signed the measure Friday afternoon. Approval in the …
Residents of West Texas where there is still heavy oil exploration underway are talking about the 5.0 magnitude earthquake that struck the region on Thursday. It was considered to be in a remote area of the state between El Paso and Odessa according to the U.S. Geological Survey. The epicenter occurred about 26 miles …
With the downturn of oil, the importance of hedges by oil companies and the ability to store oil in Cushing, Oklahoma becomes more critical. Hedging locks in place the price of future oil but the oil exploration companies that employ the practice also need a place to store the oil. That’s where Cushing comes in …
The Environmental Protection Agency has abruptly waived enforcement on a range of legally mandated public health and environmental protections, saying industries could have trouble complying with them during the coronavirus pandemic. The oil and gas industry were among the industries that had sought an advance relaxation of environmental and public health enforcement during the outbreak, citing …
The dramatic drop in the nation’s oil and gas rig count went hand in hand as WTI crude oil prices dropped another $1.09 per barrel in Friday’s trading, ending the day at $21.51 per barrel. But Canadian oil plunged to about $5 a barrel in US money, Brent crude in London fell by $1.24 to …
A dramatic decline in oil and gas drilling activity happened over the past week not only in Oklahoma but across the rest of the U.S. as nationwide numbers plummeted by 44, falling to 728. It means more rigs were put into storage. Baker Hughes indicated Oklahoma’s numbers dropped by four in one week to 39 …
The CEO of Pioneer Natural Resources warns that independent oil and gas companies could fall if either Texas or the federal government doesn’t force reduced crude oil production as the coronavirus pandemic spreads. Scott Sheffield made his prediction in an interview on MSNBC’s “Fast Money” show where he discussed the plunge of crude oil and …
EPA issued a temporary policy that will allow for industries like oil, gas and chemical companies to delay some regulatory compliance amid the coronavirus pandemic. The policy shift follows requests from industry groups who say workers can’t perform all of the tasks required to comply with environmental laws while many of them are social …
** A planned underground transmission line through Iowa and Illinois hasn’t faced the same organized opposition that has dogged overhead transmission lines in the region. ** COVID-19 will likely stall clean energy reforms in Illinois, Michigan, Minnesota and other states as legislatures pause work. ** The U.S. solar industry could be facing a crisis due to uncertainty over the Investment Tax Credit as projects …
