In filing Chapter 11 bankruptcy Monday, Oklahoma City-based SandRidge Energy listed $4.3 billion in liabilities. And it made it clear, the company’s future was in great doubt had it not filed for financial restructuring. It also filed a Form 10-Q with the Securities and Exchange Commission, stating, “The Company believes that a filing under …
Oklahoma City-based SandRidge Energy ended the speculation on Monday by filing for Chapter 11 bankruptcy in the Southern District of Texas, listing billions in debt. At least 24 affiliates joined SandRidge in the bankruptcy filing in Houston. The company said it had up to 49 creditors and liabilities ranging from $1 billion to $10 billion …
The acrimonious proposed merger between The Williams Companies, Inc. and Energy Transfer Equity, L.P. continues to unravel, with the filing of a new lawsuit by Williams in a Delaware state court. Williams announced late Friday that it filed a declaratory judgment action to prevent the company from terminating the controversial merger and forcing ETE to …
Linn Energy, LLC announced Wednesday that it filed for Chapter 11 bankruptcy after entering into a Restructuring Support Agreement with its lenders to obtain new financing and restructure debt. In its petition filed in the U.S. Bankruptcy Court in Victoria, Texas, the Houston-based oil and gas producer said its assets are worth approximately $11.6 billion, …
U.S. Sen. James Lankford was quick to praise the Senate for approval of the massive Energy and Water Development bill, noting that it was passed “in an open process.” The Republican Senator said the appropriations Act includes a proposal from his government waste report entitled, “Federal Fumbles: 100 ways the government dropped the ball.” …
Oklahoma U.S. Senators Jim Inhofe and James Lankford were among those who voted to pass a $37.5 billion energy and water bill on Thursday in the Senate. The overwhelming approval came after an impasse was resolved over a Republican amendment that Democrats contended would wrongly weaken the administration’s nuclear deal with Iran. The energy and …
For sale: Cheap. Never completed nuclear power plant. Only $36 billion. It’s a want ad you won’t read in the newspaper as the Tennessee Valley Authority decided recently to declare the Bellefonte nuclear plant near Hollywood, Alabama to be surplus. While the 1,600 acre site is unfinished, it’s cost more than $4 billion over the past …
Even as the U.S. Fish and Wildlife Service moved this week to not relist the Lesser Prairie Chicken as a threatened species, the government was being sued over efforts to protect the greater sage grouse. The Western Energy Alliance and North Dakota Petroleum Council filed suit over the drilling restrictions put in place to protect …
A bill passed by the Oklahoma Senate on Thursday would eliminate a tax rebate for economically at-risk oil wells, resulting in a savings of over $130 million for the state. The bill — SB 1577 — authored by Senate President Pro Tempore Brian Bingman and House of Representatives Speaker Jeff Hickman, was approved by a …
Oil futures maintained positive momentum on Thursday, settling at over $46 a barrel after achieving a new six-month record, according to Bloomberg MarketWatch. Oil prices have seesawed recently due to a myriad of issues including Iran’s efforts to boost production yield, outages causing a decline in global production and a continued dip in crude inventories. …