March 14, 2018 archive

Democrats Move to Amend Revenue and Energy Taxation Bill

While the legislature struggles with a resolution to the state’s budget crisis and the oil and gas industry nervously await whether gross production taxes will be increased, there is activity regarding a revenue bill in the Oklahoma House of Representatives. Rep. Scott Inman has filed an amendment to an amendment on House Bill 2152 to …

Continue reading »

Crude Oil Inventories Go Up—Oil Prices Continue to Drop

For another day, oil prices in the U.S. slipped Wednesday on news from the federal government that crude supplies rose by 5 million barrels for the week ended March 9. April contracts for West Texas Intermediate crude slipped 4 cents or 0.07% and settled at $60.92 per barrel. Brent crude on London’s ICE Exchange rose …

Continue reading »

Wind Farm Battle in Oklahoma Reaches National Listening Audience

The fight between Oklahoma’s wind farm operators and the oil and gas industry has reached national listening audiences. National Public Radio recently focused on the battle in which some legislators have targeted the wind industry and moved to cut tax credits and put caps on credit payments. The story, with the help of StateImpact Oklahoma …

Continue reading »

Compressor Station Fire Shuts Down Pioneer Operations in Texas Panhandle

A fire at a compressor station in the Texas Panhandle resulted in the shutdown of a Pioneer Natural Resources Company operation. The Dallas-based company said the March 6 fire resulted in extensive damage to the station located in Pioneer’s West Panhandle field. No injuries were reported and the fire was contained in the compressor station. …

Continue reading »

Midstates Reports $85 million Loss in 2017

While in reported talks for a possible merger with SandRidge Energy in Oklahoma City, Tulsa’s Midstates Energy reported a net loss of $85 million in 2017 and a workforce reduction carried out in January 2018. The company released its 2017 and fourth quarter 2017 earnings report on Wednesday. The year-end loss was $85.1 million or …

Continue reading »

ConocoPhillips Makes $400 million Cash Tender Offer

  Up to $400 million in outstanding notes are the subject of a cash tender offer announced by ConocoPhillips. The offer pertains to at least 12 different senior notes due ranging from 2021 to 2047. The rates vary fromĀ  6.500% up to 9.125%. The tender Offer will expire one minute after 11:59 p.m. New York …

Continue reading »

Secretary of State Lopez Resigns in Fallin Administration

Her staff changes are nothing on the order of those for President Trump, but Gov. Mary Fallin finds herself looking for another secretary of state. Dave Lopez submitted this resignation letter to the governor this week indicating he is resigning to focus on personal and business interests. He plans to leave office by March 30. …

Continue reading »

Gross Production Taxes Come In Under February Estimates

    General Revenue Fund collections for February, released this week by the state showed totals, including the gross production tax collections on oil and gas were more than a year ago, but were also below the monthly estimates. The gross production tax collections totaled $28.1 million, a figure $16 million or 36.3 percent less …

Continue reading »