After a six-year run-up for the Indianapolis-based oil refiner that saw its revenue nearly double, the company has eliminated about 25 jobs, 2 percent of its workforce, in recent months.
Low energy prices have curtailed domestic energy exploration, driving down revenue. Permit applications for oil and gas drilling were projected to be down 40 percent versus their historical average amid an ongoing price slump.
The shale boom is threatening to ruin a renaissance in small refineries, known as teapots, before it even begins.
Keystone XL has become one of the most contentious energy issues of Barack Obama’s presidency, and the pause would allow him to put off a tough decision on an issue that has divided key Democratic constituencies.
Amid booming U.S. production and high OPEC output, the benchmark price of oil plunged from more than $100 per barrel last year to about $45 this week.
An analyst said gasoline prices in Indiana and neighboring states served by the refinery could fall 20 cents to 50 cents a gallon over the next two weeks.
Indiana is experiencing a mini oil-boom, thanks to some big producers, but some small, private investors are also in on the game, through Indianapolis-based Midwest Energy Partners, formed four years ago by former CountryMark executive Bill Herrick.
The Indianapolis-based petroleum refiner plans to use proceeds from the 5.3 million unit stock offering for working capital, acquisitions and possibly the redemption or repurchase of debt.
Indianapolis-based CountryMark hopes an Indiana oil field that once was the largest in the United States can be lucrative again.
Government officials alleged Indianapolis-based CountryMark violated the law when the oil refiner expanded operations without obtaining proper permits and installing necessary pollution controls.
Indianapolis-based Calumet Specialty Products Partners LP said Monday that it is buying NuStar's San Antonio, Texas, refinery assets for about $115 million.
An Indianapolis investment advisory oil firm has been looking for blowouts in its own back yard. Midwest Energy Partners is preparing for its seventh—and largest—round of funding to pay for oil drilling in southwestern Indiana and southeastern Illinois.
Indianapolis-based CountryMark Cooperative Holding Corp. said Friday morning that it has agreed to pay $125 million to purchase a portion of the oil and natural gas operations of Continental Resources Inc. in Oklahoma City.
Terre Haute's public works board voted Monday to give permission for a Michigan company to begin seismic testing at several locations on university-owned property near the city's downtown.
Several Great Lakes states have seen prices surge about 40 cents per gallon in the last week. That follows a pipeline rupture and shutdown in Wisconsin and equipment problems at refineries in Indiana and Illinois.
An oil company is planning more drilling in western Indiana near where it made a large oil discovery last year on land owned by the Hulman family.
Crude-oil production jumped 8.3 percent in Indiana in 2011, to just under 2 million barrels—the highest output in a decade, according to data from the Indiana Department of Natural Resources.
The company raised $4.6 million to drill for oil in southwestern Indiana and southern Illinois.
The oil industry says a new oil pipeline from Canada to the Gulf Coast might create jobs for Indiana residents if the Obama administration approves its construction.
Indianapolis-based Republic Airways Holdings Inc. said Monday that it is reducing growth plans for its Frontier Airlines unit because of uncertainty about future oil prices.
