Goodrich Petroleum Corp. reduced its 2019 capital expenditure budget by some $40 million yet expects to maintain its previous production guidance for 2019.

Attorneys general from nine Mid-Atlantic coastal US states are joining environmental and other organizations lawsuit against the federal government for issuing incidental harassment authorizations to five geophysical contractors seeking to conduct the first offshore oil and gas seismic tests in the region since the 1980s.

The US Bureau of Land Management released a draft environmental impact statement for oil and gas leasing on the Arctic National Wildlife Refuge Coastal Plain a year after President Donald J. Trump signed federal tax legislation which included a mandate for the US Interior secretary to establish such a program.

Par Pacific Holdings Inc. has completed its previously announced deal to purchase privately held US Oil & Refining Co.s downstream assets, including the 42,000-b/sd refinery near Tacoma, Wash. Par Pacific finalized the transaction for total consideration of $358 million plus net working capital on Jan. 14, the operator said.

The light, sweet crude oil price for February dropped $1/bbl on the New York market Jan 11 while Brent crude settled more than $1/bbl lower on Londons Intercontinental Exchange. Price declines by the benchmarks ended more than a week of consecutive price gains.

The Colorado Supreme Court reversed a lower courts decision that would have required the Colorado Oil & Gas Conservation Commission to consider potential health and climate impacts before authorizing more exploration and production. The suit was filed after COGCC rejected a late-2013 petition asking it to reject applications for new drilling permits unless they did not pose a human health or climate threat.

The light, sweet crude oil price for February dropped more than $1 on the New York market Jan 14 to settle just above $50.50/bbl while Brent crude for March dropped nearly $1.50 to settle just under $59/bbl in London.

Samson Oil & Gas Ltd., Perth, has executed a nonbinding letter of intent to sell its Foreman Butte project, consisting of substantially all of its assets, to Firehawk Oil & Gas LLC, Denver, for $41.5 million.

Stable supplies and unstable prices will characterize global oil markets during 2019, speakers generally agreed during a Feb. 21 discussion at the Center for Strategic and International Studies. Volatile prices are still the primary energy expenditures driver. Weve had kind of a wild ride, observed Howard Gruenspecht, a CSIS senior nonresident energy and national security associate who formerly was the US Energy Information Administrations deputy administrator.

Oil front-month contracts on the New York Mercantile Exchange and the Intercontinental Exchange in London settled with mild price declines Feb. 21 while product prices rallied as refiners cut crude purchases during seasonal refinery maintenance.