While Chesapeake Energy wades through its Chapter 11 bankruptcy, the Oklahoma City company has made a new credit agreement with at least 14 lending institutions. The filing of a Form 8-K with the Securities Exchange Commission showed Chesapeake Energy signed a “Senior Secured Super-priority debtor-in-possession credit agreement” on Sept. 15, 2020. “The Amendment, among …
Oil futures split paths for the session on Friday, with U.S. prices up modestly and global prices slightly lower but both benchmarks logging their biggest weekly gain since June after major oil producers pledged their full commitment to output cuts. West Texas Intermediate crude for October delivery tacked on 14 cents, or 0.3%, to settle …
The number of oil and gas drilling rigs in the U.S. continues to be anemic with an increase of one to 255 in the past week while in Oklahoma, the count was unchanged at 12 active rigs. Figures provided by the Baker Hughes Co. showed the national count included a decline of one oil …
While Oklahoma Corporation Commissioners debate whether to continue their order closing the agency’s headquarters building to the public due to the COVID-19 pandemic, numbers show at least seven employees have tested positive to the coronavirus since its outbreak. As brought out in last week’s meeting of the commission, at least two weigh stations were …
We will learn in late October how ConocoPhillips fared in the ongoing third-quarter as the company announced it will release its financial and operating results on Oct. 29. The company suffered a $1 billion second quarter loss as the COVID-19 pandemic hit the energy industry worldwide. Company management will hold a conference call webcast …
Chesapeake Energy has made another round of layoffs following its June filing for Chapter 11 bankruptcy. The Oklahoma Office of Workforce Development reported the apparent layoffs late Thursday afternoon. So did News 9 TV. “Layoff at Chesapeake, reported more than one place. Probably around 200. Should find out more tomorrow,” wrote Bill Hancock, the Business Services …
Even as oil futures rose on Thursday, it proved to be a mix for some of the Oklahoma energy companies. Some had a good day. Others didn’t. Alliance Resource Partners, L.P. dropped a penny to $3.22 while Blueknight Energy Partners dropped less than one cent to $1.50. Chesapeake Energy saw a 14 cent or …
Oil futures finished higher on Thursday as the Organization of the Petroleum Exporting Countries and its allies stressed the importance of full compliance with output cuts during their monthly meeting. On Thursday, West Texas Intermediate crude for October delivery climbed by 81 cents, or 2%, to settle at $40.97 a barrel on the New York …
The downturn in Oklahoma’s oil and natural gas industry may be reaching its lowest point, but the Oklahoma Energy Index (OEI) raises concerns for prolonged economic uncertainty for the state and its defining industry. With the state’s rig count holding steady, decreases in production and support employment at less than 2% and slight increases …
As Oklahoma Corporation Commissioners debated the safety merits of holding in-person hearings amidst the COVID-19 pandemic, they were assured the agency is protecting its employees. “This agency has done everything it can to protect its employees,” said Commission legal counsel Michelle Henderson when the issue was raised during Thursday’s meeting. She explained staff employees …