OklahomaMinerals.com

Snippets

• Is the Falling Rig Count in Texas a Sign of Things to Come?
  From OilPrice.com -- At the beginning of 2019, Texas single-handedly...

  From OilPrice.com -- At the beginning of 2019, Texas single-handedly accounted for 534 of the 1,075 oil and gas rigs operating in the United States, housing nearly 50% of all active oil and gas rigs in the US. The three states that had the largest number of active rigs - Oklahoma, New Mexico, and Texas - together held nearly three-quarters of all active rigs at 72.5%.

  
  But things have shifted since the start of the year. Texas’ absolute rig count has dipped from 534 to 416. Still, it fared better than many other states, and its share of all active rigs in the United States has increased.
  
  The Lonestar State now holds more than 50% of all active rigs in the United States.
  
  Meanwhile, the Big 3 - or what was the Big 3 - have lost some ground, and now hold less than 70% of all the US rigs, with Oklahoma shedding 65% of its rigs year over year and giving up its No. 3 spot to Louisiana.
  
  
  Read More
• Iran discovers new oil field with over 50 billion barrels
  TEHRAN, Iran (AP) — Iran has discovered a new oil field in...

  TEHRAN, Iran (AP) — Iran has discovered a new oil field in the country's south with over 50 billion barrels of crude, its president said Sunday, a find that could boost the country's proven reserves by a third as it struggles to sell energy abroad over U.S. sanctions.

  
  The announcement by Hassan Rouhani comes as Iran faces crushing American sanctions after the U.S. pulled out of its nuclear deal with world powers last year.
  
  Rouhani made the announcement in a speech in the desert city of Yazd. He said the field was located in Iran's southern Khuzestan province, home to its crucial oil industry.
  
  Some 53 billion barrels would be added to Iran's proven reserves of roughly 150 billion.
  Read More
• Occidental to Sell Permian Campus After Anadarko Takeover
  (Bloomberg) -- Occidental Petroleum Corp. plans to sell a four-story...

  (Bloomberg) -- Occidental Petroleum Corp. plans to sell a four-story office building in the heart of the Permian Basin and move employees into a nearby one owned by Anadarko Petroleum Corp., the oil producer it bought for $37 billion three months ago.

  
  The 213,000 square-foot complex will be vacated by April 2020 and is a “compelling” investment opportunity, according to a marketing document from CBRE Group Inc., the real-estate broker handling the sale alongside Midland-based Moriah Real Estate Co.
  
  The property was built in 2014 and is located in Westridge Park on the west side of Midland, near the airport. It’s also close to Anadarko’s campus and directly opposite Chevron, which Occidental outbid to acquire Anadarko. EOG Resources Inc. also has an office nearby.
  
  Occidental is under pressure to sell assets and pay down debt after the acquisition, which has been criticized by investors including billionaire activist Carl Icahn. The stock plunged this week after Chief Executive Officer Vicki Hollub slashed 2020 capital spending by 40%, raising concern that the company won’t pump enough oil to cover dividend payouts and debt service.
  Read More
• Chesapeake Energy top execs bought shares amid historic drop
  From SeekingAlpha - Chesapeake Energy (CHK) tries to rebound from ...
  From SeekingAlpha - Chesapeake Energy (CHK) tries to rebound from 20-year lows, as the company's CEO and Chairman bought a combined 125K shares on the stock's dip below $1/share.
  
  CEO Doug Lawler paid $45,740 to buy 50K CHK shares at an average price of ~$0.91 each, which leaves the CEO with ~5.13M shares in the company, or a 0.3% stake.
  
  Meanwhile, non-executive chairman Brad Martin paid $213K to buy 250K shares at an average price of ~$0.85, leaving him with ~1.22M CHK shares plus another 75K shares owned indirectly through a trust.
  
  The purchases were made on Wednesday after CHK issued a "going concern" warning and reported its consecutive quarterly earnings miss.
  Read More
• More than 4200 gallons of crude oil spills into Lake Texoma
  The Oklahoma Corporation Commission said on Friday that more than 4,200 gallons of crude oil...
  The Oklahoma Corporation Commission said on Friday that more than 4,200 gallons of crude oil and more than 1,600 gallons of produced water spilled into a creek that flows right into Lake Texoma. The oil had been leaking since sometime Wednesday night.
  
  "We got a call this morning from Godfrey Oil Properties, they called to let us know that they lost about 40 barrels of produced water and 100 barrels of crude oil," said Sarah Terry-Cobo with the Oklahoma Corporation Commission.
  
  Terry-Cobo said the crude oil and a byproduct of oil and gas with a high salt content, leaked off of a worksite and into Elm Creek, near Bridgeview Resot in Madill, Okla., about half a mile away from Lake Texoma on Thursday.
  
  Terry-Cobo said Godfrey Oil hired Dillon Environmental an Ardmore-based contracting firm to place containment booms on the lake, to trap the oil.
  Read More

• Prev
• Next