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FYI: Business

By Staff and Wire Reports
Published: 11/21/2009 2:27 AM
Last Modified: 11/21/2009 8:45 AM

Oklahoma rig count rises by two to 79

The number of drilling rigs actively exploring for oil or gas in Oklahoma edged up by two this week to 79, Baker Hughes Inc. reported Friday.

The state's rig count is 58 percent below the year-ago level of 190.

Nationwide, the net number of active drilling units rose by 12 this week to an eight-month high of 1,113, said Houston-based Baker Hughes. A year ago, the national total was 1,941.

Of the rigs running this week, 726 were exploring for natural gas and 375 for oil, the report said, while 12 were listed as miscellaneous.

Of the other major oil- and gas-producing states, Texas gained a net total of nine rigs this week, Louisiana gained six, North Dakota gained four and Alaska gained one. Colorado's rig count fell by nine, New Mexico lost two drilling units, and Arkansas and California each lost one. Wyoming's tally was unchanged.

Valero closing Delaware refinery

Valero Energy Corp. said Friday it is closing its Delaware oil refinery, where 550 workers will lose their jobs.

Demand for fuel has been falling for some time, and the recession has made things worse, squeezing profit margins for companies like San Antonio-based Valero.

The company tried to sell the Delaware City refinery but found no buyers.

Valero cut 150 jobs at the refinery in September.

The refinery lost about $1 million every day this year, said Valero spokesman Bill Day.

Rising gasoline prices have already changed the driving habits of Americans, and the recession has hastened that trend. About 30 percent of gasoline demand is closely tied to employment, said Ann Kohler, a Caris & Co. analyst.

The nation's unemployment rate is hovering above 10 percent.

"You've probably seen gasoline demand peak in this country," Kohler said.

'3 Hebrew Boys' guilty in $80 million scam

Three men have been found guilty in Columbia, S.C., of bilking thousands of investors out of more than $80 million.

A federal jury deliberated less than four hours Friday before finding Timothy McQueen, Joseph Brunson and Tony Pough guilty of nearly 60 charges each, including conspiracy, mail fraud and money laundering.

The men called themselves the "3 Hebrew Boys" after the biblical tale of men who survived an inferno because of their faith.

The three showed no reaction as the verdict was read.

Later, the jury ordered the men to forfeit $82 million. They could also face decades in prison. By Staff and Wire Reports

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