The board of directors of ONEOK, Inc. (OKE) has elected Brian L. Derksen, Randall J. Larson and Kevin S. McCarthy to its board, effective today. “We are pleased to announce these additions to the ONEOK board of directors,” said John W. Gibson, ONEOK chairman. “Their experience and expertise will greatly benefit our board and shareholders.” With these elections, the ONEOK
Callon maintains 70% EBITDA margin despite lower commodity prices; company’s borrowing base was increased to $300 Million The lower price of crude oil has put a significant squeeze on earnings for oil and gas companies in the last year. With both U.S. crude oil benchmark WTI and international benchmark Brent trading at 35% and 33% of their value in June
ConocoPhillips sells stake in Rosneft joint venture Five years ago, U.S. oil major ConocoPhillips (ticker: COP) sold its single largest asset in Russia, a stake in Lukoil (ticker: LKOH), for $9.5 billion. Last week COP announced that it has sold its 50% stake in the Polar Lights joint venture with Russian state-owned oil company Rosneft (ticker: RNFTF), its last project
Kingdom Hikes Petrol Prices to Offset Record 15% Budget Deficit Saudi Arabia knew there would be repercussions for its market-share-over-price strategy. The effects were apparent in its 2016 budget, released on December 28, 2015. In the first full year of sub-$50 oil prices in roughly a decade, Saudi posted a record deficit of approximately $98 billion (367 billion riyals) in
From Bloomberg More U.S. companies have defaulted on their debt this year than issuers from any other country or region, S&P analysts led by Diane Vazza wrote in a Dec. 24 report. As of last week, 111 companies worldwide had defaulted on their obligations, the highest tally since 2009 when the the figure hit 242 for the same period. About
Delays in natural gas supplies force offices and public buildings to turn down the thermostat Offices, malls, supermarkets and other buildings in Beijing have been told to lower their heat to no higher than 14 degrees Celsius (57 degrees Fahrenheit) in response to a shortage of natural gas. Fog and wind have delayed unloading tankers filled with liquefied natural gas
Polar Pioneer was the Focus of Protests Just Months Ago Royal Dutch Shell (ticker: RDS.B) delivered some bad news for Transocean (ticker: RIG) as companies returned to their respective offices following an extended Christmas weekend. According to a RIG press release, Shell elected to cancel its contract for the Polar Pioneer rig, which was originally scheduled to expire in July
Decision comes as Freeport-McMoRan faces falling oil, gas and copper prices U.S. mining company Freeport-McMoRan (ticker: FCX) is exploring potentially selling its oil and gas assets as the company faces lower profits from both oil and gas, as well as copper, which was responsible for 60% of the company’s profits in 2014. People familiar with the matter said Freeport-McMoRan has
Large drop in gas rigs: rigs drilling for natural gas is 53% lower than gas rig count at the end of 2014 The total number of rigs drilling for oil and gas in the United States hit 700 in the week ended December 23, 2015, down nine rigs from the previous week. The data collected by Baker Hughes (ticker: BHI)
New Anti-Energy Development Initiatives Registered with Secretary of State Eleven initiatives aimed at Colorado’s oil and gas development were issued on December 22, 2015, marking the start of a new chapter in the Centennial state’s ongoing tug of war between the energy industry and neighboring communities. Eight of the proposed initiatives targeted setbacks for operations, but two of the measures are
TORONTO, ONTARIO–(Marketwired – Dec. 22, 2015) – Superior Plus Corp. (TSX:SPB) (“Superior”) is pleased to announce that its wholly-owned subsidiaries Superior Plus LP, Superior Plus US Financing Inc. and Comercial E Industrial ERCO (Chile) Limitada have completed an extension of its $570,000,000 syndicated credit facility, with Scotiabank Global Banking and Markets and TD Securities as Co-Lead Arrangers, with a group
Chinese-made oilfield equipment will head to Iraq; crude oil trade, E&P, oilfield engineering services, chemical refining get a bump; construction of storage and transport facilities on tap During a visit to China, Iraqi Prime Minister Haider al-Abadi signed a memorandum of understanding (MOU) with Chinese Premier Li Keqiang to establish a long-term, stable energy partnership. As part of the MOU,
