Wednesday, December 16, 2015

Wednesday, December 16, 2015; US Likely To Repeal Ban On Crude Oil Imports; Fed Raises Rates (One And Done)

Updates

Later, 4:07 p.m. Central Time: WSJ has article on repeal of the ban on crude oil imports

Original Post
Active rigs:


12/16/201512/16/201412/16/201312/16/201212/16/2011
Active Rigs64184191181199

RBN Energy: Last in a series on the Permian Basin buildout.

No links, the story is everywhere. It looks like the US will allow crude oil to be exported. Time to close the poll at the sidebar in which we asked, whether President Obama will allow the US to export oil starting in 2016?
  • yes: 12%
  • no: 45%
  • yes, with lots of conditions, including credits for solar/wind: 44%
Magnum Hunter files for bankruptcy protection. CNBC story here. The history of Magnum Hunter from my "Bakken Operators" page:
Magnum Hunter Resources (MHR) 
(Bakken Hunter is the subsidiary working the Bakken)
Reuters/Rigzone reports:
Oil and gas producer Magnum Hunter Resources Corp and its affiliates filed for Chapter 11 bankruptcy protection on Tuesday to carry out a debt-cutting plan as a prolonged slump in oil prices has depleted the company's cash.
The company entered into a restructuring agreement that will convert its funded debt into equity, substantially reducing its more than $1 billion in debt, according to a company statement. Magnum Hunter ranks among the biggest energy producers to file for bankruptcy this year, joining Samson Resources Corp, Sabine Oil & Gas Corp, Quicksilver Resources Inc and Energy & Exploration Partners Inc.

To fund its operations during its bankruptcy, the company's lenders agreed to provide up to $200 million in financing, which will also convert into equity when Magnum Hunter emerges from bankruptcy, according to the statement. Magnum Hunter, which operates primarily in the Appalachian Basin in West Virginia and Ohio, said it expects to emerge from bankruptcy in April.
*************************************
Late Night Talk-Shows

My sentiments exactly.  My favorite: James Cordon. Can watch him on YouTube.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.