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488ExplorationT. Boone Pickens, larger-than-life energy tycoon and Oklahoma State benefactor, dies at 91
By Cheryl Hall – Dallas Morning News – T. Boone Pickens, legendary energy executive, philanthropist, ardent Oklahoma State University supporter and one of America’s...
406Oil & Gas NewsU.S. shale firms cut budgets, staff as oil-price outlook dims
ODESSA, Texas (Reuters) – Oil producers and their suppliers are cutting budgets, staffs and production goals amid a growing consensus of forecasts...
263ExplorationGE to lose majority control of Baker Hughes with up to $3 billion share sale
(Reuters) – General Electric is looking to raise up to $3 billion in sale of majority-owned Baker Hughes shares, resulting in a reduction of...
1.5KExplorationHe Paid $1.50 an Acre for Barren Texas Land Now Worth $7 Billion
By Austin Weinstein – Bloomberg – So much of the Texas land in the Permian Basin is under production that the lights...
300InvestingSaudi Arabia is dramatically changing its oil exports to China and the US
Natasha Turak – CNBC – Saudi Arabia has seriously ramped up its oil exports to China in recent months. How dramatic is...
697ExplorationExxon Mobil Eyes Oil M&A as Clean Energy Shift Seen Taking Decades
By Kevin Crowley – Bloomberg – Exxon Mobil Corp. Chief Executive Officer Darren Woods is eyeing oil and natural gas deals despite calls to...
628ExplorationConcho Resources to sell strip of New Mexico assets for $925 million
(Reuters) – U.S. oil and gas producer Concho Resources Inc said on Tuesday it would sell a portion of its New Mexico...
408ExplorationAs abandoned oil wells climb, regulators consider ways to stop problem from worsening
Tom Stromme – Bismarck Tribune – The number of abandoned oil and gas wells in North Dakota has grown 10% over the...
481ProductionIt’s Official: US Leads the World in Oil, Gas Production
Source: U.S. Energy Information Administration, based on International Energy Statistics Note: Petroleum includes crude oil, condensate, and natural gas plant liquids. U.S....
242InvestingEnergy data firm Genscape sold to Verisk for $364m
Gregory Meyer – Financial Times – Genscape, a US company that helped lift the curtain on opaque energy markets, is being sold...
Snippets
- Roan Resources to Cut Almost 100 Jobs in OKCU.S. independent Roan Resources, Inc. is laying off 92 employees in Oklahoma City, according...U.S. independent Roan Resources, Inc. is laying off 92 employees in Oklahoma City, according to the Oklahoma Office of Workforce Development.Read More
The layoffs come as a result of Roan’s previously announced merger with Citizen Energy Operating, LLC, under which Roan will be acquired by Citizen Energy in an all-cash transaction worth $1 billion.
Affected employees work at Roan’s facility in at 14701 Hertz Quail Springs Parkway and its field office at 464 N. Financial Center Terrace.
Most of the layoffs will occur mid-February 2020, according to the Oklahoma Office of Workforce Development, and the company plans to publicize a Dec. 18 job fair to most of the employees. - Basic Energy Services exits hyrdaulic fracturing businessFort Worth oilfield service company Basic Energy Services is exiting the hydraulic fracturing business...Fort Worth oilfield service company Basic Energy Services is exiting the hydraulic fracturing business amid the ongoing shale slump.Read More
In a Thursday morning statement, the company reported that it is selling almost all of its assets in the pressure pumping business, which includes hydraulic fracturing and other related services.
Basic intends to use to the proceeds from the sales to reinvest and focus on its core business of well production services and to expand its oilfield wastewater disposal services.
Last year, Basic's hydraulic fracturing crews retreated from the costly and competitive Permian Basin in favor of the SCOOP/STACK shale play in Oklahoma but market conditions in the oilfield service sector have since deteriorated.
Founded in 1992 and headquartered in Fort Worth, Basic Energy Service has 4,100 employees across the United States.
The company posted a $144.6 million loss on nearly $965 million of revenue during 2018. - SEC accuses Oklahoma oilman of making $1.18 million off insider tradingNewsOK.com A Stillwater oilman has agreed to pay almost $3 million to resolve an insider trading complaint....NewsOK.com A Stillwater oilman has agreed to pay almost $3 million to resolve an insider trading complaint.Read More
John Special, 67, is accused in the civil complaint of making $1.182 million in illicit profits in 2014 after being told about the potential merger of a global medical supplies company, Covidien PLC, with its rival, Medtronic Inc.
The U.S. Securities and Exchange Commission announced on Thursday that Special has agreed to disgorge those profits, plus $231,782 in interest. He also has agreed to pay a civil penalty of $1,542,242.
In settling the complaint, Special did not admit or deny the insider trading allegations. He has 30 days to pay the total — $2,956,496 — to the SEC after an Oklahoma City federal judge approves the settlement. - Thursday Report: Oil Prices move HigherOil futures settled higher on Thursday, nearly recouping all losses from a day earlier, following...Oil futures settled higher on Thursday, nearly recouping all losses from a day earlier, following a tweet from President Donald Trump that hinted the U.S. was close to a trade deal with China.Read More
“Getting VERY close to a BIG DEAL with China. They want it, and so do we!” Trump tweeted on Thursday, prompting a move higher in oil prices in the minutes after the tweet. A deal would ease worries about a slowdown in energy demand.
West Texas Intermediate crude for January delivery picked up 42 cents, or 0.7%, to settle at $59.18 a barrel on the New York Mercantile Exchange, after trading as high as $59.72. It lost 0.8% on Wednesday.
February Brent crude gained 48 cents, or 0.8%, to settle at $64.20 a barrel on ICE Futures Europe, following a 1% slide a day earlier.
Oklahoma crude oil prices as of 5 p.m. Thursday:
Oklahoma Sweet:
Sunoco Inc. — $ 55.75
Oklahoma Sour:
Sunoco Inc. — $ 43.75
- N.M.'s coffers swell thanks to oil and gasEconomists expect New Mexico to log a $797 million budget surplus in the coming fiscal year in large...Read MoreEconomists expect New Mexico to log a $797 million budget surplus in the coming fiscal year in large part thanks to surging oil and natural gas production that has boosted taxes, fees and royalties collected by the state. "This latest forecast reflects a second straight year of unprecedented revenue levels and opportunities for the state, but it is also a reminder that we are heavily dependent on volatile oil production and prices," said Taxation and Revenue Secretary Stephanie Schardin Clarke.
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160NationalSenate Confirms Dan Brouillette to Lead Energy Department
Lisa Friedman – The New York Times — The Senate on Monday confirmed Dan...
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268ExplorationEagle Ford Shale Offers Austerity Lesson for U.S. Shale
Kevin Crowley – Bloomberg – At EOG Resources Inc.’s Francisco lease in the heart...
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49ExplorationOseberg New Mexico database could help oil and gas operators access land data
Adrian Hedden – Carlsbad Current-Argus – A new database of oil and gas land...
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241ExplorationDigital roughnecks: Oil and gas workforce changing as tech’s role grows
Sergio Chapa – Houston Chronicle – Scrum master. Agile coach. Data scientist. Cloud architect. ...
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175ExplorationTexas oil and gas regulator sued over flaring decision
Randy Diamond – San Antonio Express-News – Texas oil and gas regulators have granted...
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151ExplorationChevron, Facing Fossil Fuels Glut, Takes $10 Billion Charge
Christopher M. Matthews and Rebecca Elliot – Wall Street Journal – Chevron Corp. is writing down...
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909Oil & Gas NewsContinental Resources Founder Hamm to Step Down as CEO
Reuters – Legendary U.S. oilman Harold Hamm, who once called the Organization of the...
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108InvestingSaudi Aramco hits Crown Prince’s $2 trillion goal despite valuation doubts
Bloomberg – Saudi Aramco shares surged after the oil producer’s initial public offering, valuing...
