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Author Archives: Ross Torgerson

Houston energy company defaults on debt payment

As the old saying goes, “just when you thought things couldn’t get any worse.” Well, for Houston-based Lucas Energy, things have gone from bad to worse. The company said Friday that it has defaulted on a debt payment dating back to December 13 of last year, which means it will now be paying a defaulted interest of 18 percent per ...

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Oklahoma drilling company to cut 2,000 jobs

Oklahoma-based drilling contractor company Helmerich & Payne’s CEO announced Thursday that the company may have to cut as many as 2,000 jobs. Helmerich & Payne CEO John Lindsay commented: “Our field employee count is directly proportional to our rig count. Based on what we know today, it is possible that we will have approximately 2,000 or more field positions eliminated ...

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Lariat cuts 265 Permian workers

Driller Lariat Services laid off 265 people in the Permian Basin as it closes its divisional office, company officials confirmed Thursday, representing another sign of the downturn’s impact on jobs amid low oil prices. “We’ve already got rid of them,” said Manuel Molinar, the Odessa-based operations manager of pulling unit services in the Permian Basin, saying the layoff notices given ...

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North Dakota mulls measures aimed at curbing sex trafficking

BISMARCK, N.D. — North Dakota lawmakers are considering several measures aimed at combating the increasing incidence of prostitution in the state, including increasing the penalties for sex traffickers and providing funding for services to victims coerced into the sex trade. Legislation discussed Wednesday by the Senate Judiciary Committee also would prohibit sexually exploited youths from being treated as criminals, and ...

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Hamm: “Oil prices could rebound faster than expected”

Despite the many recent non business-related headlines about him over the past month, folks within the oil and gas industry should still respect what Harold Hamm has to say. The Continental Resources CEO said Wednesday that he believes “the market doesn’t understand just how quickly oil companies are scaling back their activities, and as a result, oil prices could rebound ...

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Fracking causing environmental concerns of seismic proportions

Environmental activists have been dealt a pretty decent hand when it comes to betting against fracking–and as of late–that hand has gone from two-pairs, to a full house. Recently, reports of fracking-related earthquakes are popping up in the news nearly as frequent as job cuts in the oil industry. States like Kansas, Oklahoma, Colorado and Ohio have all reported multiple earthquakes ...

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