Oilfield services provider Weatherford International Plc plans to file for Chapter 11 bankruptcy protection. With operations in 90 countries and offices in Oklahoma City, the company has been saddled with a heavy debt load and years of losses. At one time, the company was valued at more than $50 billion but it never recovered from …
Tulsa-based NGL Energy Partners LP announced it has redeemed more than 12 million of the remaining issued and outstanding 10.75 percent Class A Convertible Preferred Units in a deal totaling $165 million. The company said the $165.1 million redemption involved 12,473,191 of the units at a price of $13.2385 per unit. The redemption was financed …
Tulsa’s Midstates Petroleum Company, Inc. announced its first quarter 2019 financial results showing a net loss of $17.8 million or 78 cents a share. The company said the loss included a $7.7 million loss on commodity derivative contracts and a $9.7 million non-cash ceiling-test impairment. However, adjusted EBITDA earnings were $14.2 million, outpacing quarterly …
Six years after Richard Knight was killed when a BNSF train struck him in northern Oklahoma, a jury has awarded his family $9 million in a negligence lawsuit. The Edmond man was killed at a BNSF railroad crossing on May 8, 2018. His family sued Burlington Northern Santa Fe in Pawnee County where the accident …
A Wyoming coal company has filed for Chapter 11 bankruptcy. Cloud Peak Energy Inc., the only pure-play Powder River Basin coal company said it anticipates to continue operations of its mines as it works its way through the U.S. Bankruptcy Court for the District of Delaware. Colin Marshall, President and Chief Executive Officer of …
Democratic presidential hopeful Joe Biden came out Friday with word that he’s in the process of creating a “middle ground” climate policy to restore Obama-era environmental protections and to rejoin the Paris Climate Agreement. But the investigative website Sludge discovered Biden has an apparent conflict of interest and it involves someone who sat on the …
State Rep. Ken Luttrell, R-Ponca City, today commented on his appointment as a member-at-large for the Energy Council by House Speaker Charles McCall. The Energy Council is a nonprofit organization that promotes a balanced national energy strategy and related environmental policies. The Council also endeavors to promote an understanding of energy and its role in …
Oklahoma regained its ranking as the state second highest state with an active oil and gas rig count. This week’s count grew by 2 to reach 105 active rigs while New Mexico, which had previously been second highest, reported a decline of 4 to bring its count to 102 rigs. Nationwide, the count dropped by …
Among the bills recently signed into law by Oklahoma Gov. Kevin Stitt was the Groundwater Irrigation District Act. House bill 2263 allows for permit holders in a proposed groundwater irrigation district to request such a creation with approval by the Oklahoma Water Resources Board. The Act would require districts to consist of whole counties and …
Tulsa’s Matrix Service Company announced its revenue grew 46 percent in the just-completed third quarter and totaled $358.9 million. A year ago, the revenue was $245.6 million. The Company earned net income of $8.9 million, or $0.33 per fully diluted share, in the third quarter of fiscal 2019 compared to a net loss of $5.2 million, or $0.19 per fully diluted …