Holly Energy’s Stock Split, BP Shocked at EPA Reprimand: Energy Business Wrap
In a Thursday press release, Range Resources Corporation (NYSE:RRC) reported that its planned five-rig drilling program for next year in the Horizontal Mississippian site lying along the Nemaha Ridge in Oklahoma and Kansas is already ongoing. The company also announced that two new wells with 24-hour initial output rates to sales each promise more than 1,000 barrels of energy equivalent per day averaging 82 percent liquids. Further, Range completed 18 horizontal wells in the current year with four of these wells having initial 24-hour production rates to sales in excess of 1,000 barrels of energy equivalent per day averaging 83 percent liquids.
Holly Energy Partners (NYSE:HEP) said Thursday that a two-for-one split of the partnerships’ common units have been okayed by its board. According to the release, the split will be effective on January 16th by the distribution of one additional common unit for each common unit held by unitholders of record on January 7th.
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Contango Oil & Gas Company (AMEX:MCF) announced in a Thursday release that it had expanded its board to seven directors and has named Joseph J. Romano as a director, president and chief executive officer.
It seems very likely that BP (NYSE:BP) officials were taken aback by the company being temporarily suspended from new contracts with the United States government because of a “lack of business integrity” demonstrated by actions during and after the Deepwater Horizon oil spill. The suspension does not impact BP’s ongoing operations and oil leases in the Gulf of Mexico, but still, it is of huge importance to the firm, as it is banned from participating in auctions for new offshore drilling leases in the Gulf, which is one of its core oil-output areas. Analyst Peter Hutton at RBC Capital Markets commented that, “The genuine shock yesterday shows that things aren’t going particularly smoothly in the United States.”
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