Frisbie Lombardi Commercial Real Estate Services has reached an agreement with Emersons Property Management and Emersons Commercial Real Estate Services to bring its third-party commercial property management to the Tulsa area.
The long-standing Tulsa real estate company can now offer construction management services as well, along with accounting and financial processing via Emersons.
“From offering full-service management services, aggressive marketing and leasing, real-time data reporting and the highest level of personal service, we believe we have now added another building block to the long-term growth of our organization,” said Tony Lombardi.
Continental cuts drilling budget but predicts price recovery
Continental Resources Inc. said Tuesday it will cut capital expenditures by two-thirds amid lower oil prices, but company leaders predict a price recovery later this year.
Continental said it plans to spend $920 million this year, down from $2.5 billion in capital expenditures in 2015. Continental expects average daily production of 200,000 barrels of oil equivalent this year.
The company said it’s already reduced its drilling in North Dakota’s Bakken Shale by half and now has four rigs there. The company expects its production mix in 2016 to be 60 percent crude oil and 40 percent natural gas.
CEO Harold Hamm said Continental wants to be cash-flow neutral in 2016. For that to happen, the company needs West Texas Intermediate crude to average $37 a barrel for the year.
Domestic benchmark West Texas International crude settled at $31.45 a barrel on Tuesday, up almost 4 percent.
“Strategically, we are dedicated to preserving the value of our premier assets and building operational efficiencies in preparation for crude oil prices to stabilize and start recovering later this year,” Hamm said in a statement. “Fortunately, our lean organization and strong liquidity have us well-positioned to manage through this period until the recovery begins.”
Stocks gain, driven by an upturn in crude oil prices
NEW YORK — U.S. stocks closed sharply higher as the price of crude oil made another sudden turn, this time to the upside.
The price of oil surge almost 4 percent Tuesday, reversing a slump from the day before.
Chevron and ExxonMobil each jumped 4 percent.
Consumer stocks gained after Procter & Gamble and Coach reported earnings that were better than analysts were expecting.
The Dow Jones industrial average rose 282 points, or 1.8 percent, to 16,167.
The Standard & Poor’s 500 index climbed 26 points, or 1.4 percent, to 1,903. The Nasdaq composite added 49 points, or 1.1 percent, to 4,567.
Bond prices rose. The yield on the 10-year Treasury note rose to 2 percent.
— From Staff, OKLAHOMAN AND WIRE REPORTS
January 27, 2016