RMR is featuring the latest high-point news to keep you up to date with activities happening in the basins and shale plays that matter to you most.
Consolidation Continues its Drumbeat
Tulsa, Okla.-based Empire Petroleum Corp. has been rather busy the last couple of years, snatching up oil and gas assets in N.D. and Mont., that join the company’s La., and Texas Panhandle upstream footprint. The company recently announced its latest acquisition of Fort Worth-based Pardus Oil and Gas that includes East Texas oil and gas acreage and midstream operations located in Houston, Madison, and Leon Counties. The transaction comes with 139 oil and gas wells across 30,397 acres in the northeast Eagle Ford producing more than 400 BOED, and 77 miles of gathering pipelines in the Ft. Trinidad Field, which the company says affords ample surplus capacity to accommodate future growth in the area.
Continental Says Huh-uh
Harold Hamm, CEO of Okla. City-based Continental Resources, ain’t havin’ it folks following the cliff-dive of crude oil prices April 20. The larger-than-life oilman prodigy has asked for an investigation of crude oil futures for possible market manipulation, failed systems or computer programming failures upending the oil industry, citing “The unprecedented, historical event of WTI crude oil trading at negative prices for the first time in history and the circumstances surrounding the trading shows the system failed, negatively impacting a significant part of the American Economy.”
Texas Railroad Commission Says Huh-uh
In a five-week battle between oil and gas producers looking to continue operations vs those hollering to halt production in the epicenter of the nation’s oil industry, the Texas Railroad Commission has punted the ball to May 5. This to determine whether production should be pro-rated (cut) from the mighty Permian while jobs and E&Ps hang by a thread. Okla., and N.D., will face similar hearings next month. All this while proponents argue that given bottom-out oil prices could bankrupt independent producers while the big boys take the reigns of our oil economy.
The planets have realigned in a most curious way we’re not accustomed to. We’re now feverishly looking at offshore terminals, tanker ships, rail cars, plug-and-play storage tanks and Dad’s ’72 station wagon to house all this oil until the nation gets back on the road again.
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