62.6 F
Fort Worth
Saturday, December 5, 2020
Energy Sam Zell joins slew of investors in `awesome' stack shale play in...

Sam Zell joins slew of investors in `awesome’ stack shale play in Oklahoma

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude oil for...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in Texas later...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the company, reducing...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision to not cut oil production and...

Billionaire real-estate investor Sam Zell is joining Continental Resources Inc.’s Harold Hamm in the growing list of enthusiasts of Oklahoma’s Stack shale formation.

Zell, founder of Equity Group Investments Inc., made an investment in the region two days ago and sees “awesome” prospects for the oil-producing area, he told Alix Steel in a Bloomberg TV interview Wednesday. The firm also “re-upped” its previous investment in North Dakota’s Bakken play in anticipation of the approval of the Dakota Access pipeline. The project cleared its last regulatory hurdle after President Donald Trump took office.

The Stack formation, along with the nearby Scoop, is going through a drilling boom as it offers good returns at a $50 oil price. Continental expects to more than double output from the area’s oil-soaked rocks this year, while Marathon Oil Corp. plans to double the number of rigs in Oklahoma.

Trump’s administration is likely to be very positive for the business community and the energy industry specifically, Zell said. He also noted that OPEC’s agreement to cut production “is positive for oil producers and oil investments all over the world,” including North America.

“If you look at the crash in the price of oil, what you really saw was Saudi Arabia showing the rest of the oil-producing world what life could be like with uncontrolled” output, Zell said.

OPEC officials this week hailed implementation of the deal as “excellent” but also said that they were still waiting for evidence of its success in reducing the global oil glut. A five-nation committee said OPEC achieved more than 90 percent of its promised cutbacks in January and the group’s partners implemented almost 60 percent.

Saudi Arabia “inflicted a significant amount of pain,” leading to the agreement, Zell said. And it’s unlikely producers will cheat this time.


Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Federal loans helped more than 400,000 Texas companies retain workers during the pandemic, new data shows

HOUSTON — The most complete picture so far of the federal program designed to keep businesses afloat during the coronavirus pandemic was revealed this...

DeVos suspends student federal loan payments through January

The Trump administration on Friday suspended all federal student loan payments through the end of January and kept interest rates at 0%, extending a...

COVID-19 relief: What’s on the table as Congress seeks deal

WASHINGTON (AP) — After numerous fits and starts and months of inaction, optimism is finally building in Washington for a COVID-19 aid bill that...

Granger reelected as lead Republican on the House Appropriations Committee

U.S. Rep. Kay Granger, R-Fort Worth, has been reelected by members of the House Republican Steering Committee to serve as Lead Republican of the...

Optimism growing for COVID relief bill as pressure builds

By ANDREW TAYLOR Associated Press WASHINGTON (AP) — Optimism about delivering long-sought COVID-19 relief is building on Capitol Hill after additional rank-and-file lawmakers voiced support...