November 1, 2018 archive

Newfield Exploration sold to Canadian firm in $5.5 billion deal

Another major energy purchase was announced this week and it involves a major player in Oklahoma’s STACK play—Newfield Exploration Inc. The Houston-based company is being sold in a $5.5 billion purchase by Canada’s Encana Corp., a firm that had been trimming its oil and gas holdings in the past several years. But this purchase of …

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ConocoPhillips wraps up sale of Barnett Shale holdings

ConocoPhillips announced Thursday it completed its $230 million sale of its Barnett assets to Lime Rock Resources. The sale of properties in Montague, Wise, Denton and Cooke Counties, Texas was announced in  early August. It was the Houston company’s first acquisition in the Fort Worth Basin. Eric Mullins, co-CEO of Lime Rock Resources, said at …

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Mammoth Energy has record 3Q earnings

Record earnings for the third quarter have been announced by Oklahoma City-based Mammoth Energy Services as net income reached $69.5 million. Total revenue was $384 million which represented a 157 percent increase over the third quarter of 2017. A year ago, Mammoth Energy reported a net loss of $800,000. The net income increase amounts to …

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NW Oklahoma site of latest earthquake

Keeping track of the latest small earthquakes, the U.S. Geological Survey reported a 2.5 magnitude event early Thursday morning in northern Oklahoma. It occurred at 1:37 a.m. southwest of Enid near the small town of Ames. The recorders confirmed the quake was about 2 miles southeast of Ames and at a depth of approximately 3 …

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STACK operator reports increased 3Q earnings

One of the operators in Oklahoma’s STACK play, Cactus, Inc. reported increased third quarter revenues totaling $150.7 million, an increase of 8.7% from the second quarter. The Houston-based company said its income from operations rose 12.1% to $52.1 million and net income came to $43.6 million Cash flow for the quarter totaled $41.6 million. Company …

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NASA works to restore Mission Control Room for 50th anniversary of moon landing

In preparation for the 50th anniversary next year of putting man on the moon, NASA is in the middle of restoring its historic Mission Operations Control Room. The first group of the restored Historic Mission Control consoles will be unveiled to reporters on Thursday, Nov. 8 at Ellington Field in Houston. The control room was …

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Tulsa’s Williams reports increased 3Q earnings and anticipates higher growth in the 4th Quarter

Tulsa-based Williams announced its third quarter net income totaled $129 million which was a $96 million increase over a year ago. Cash flow from operations came to $746 million, which was $41 million more than the third quarter of 2017. It resulted in a third quarter adjusted income of 24 cents a share which represented …

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Chesapeake Energy announces $8.8 million repurchase program

Oklahoma City’s Chesapeake Energy Corporation is notifying holders of certain senior notes they have a nearly $8.8 million repurchase move by the company. Chesapeake said holders of its 2.25% Contingent Convertible Senior Notes due 2038 they have the option to require the company to purchase the notes next month. The total potential cost to the …

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WPX Energy reports big increase in oil production but also a 3Q net loss in earnings

Tulsa’s WPX Energy is reporting a 54 percent increase in third quarter oil production compared to a year ago but also $6 million in losses for the quarter. The loss figured to a penny a share on a diluted basis. However, WPX still had quarterly oil revenues surpassing half-a-billion dollars for the first time in …

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Devon files more reports showing success of multi-well pad sites

Devon Exploration has filed 14 more well completion reports showing their latest productive efforts on multi-well pads in Oklahoma’s STACK play. The largest of the wells had production in the 900 barrel a day range. But the combined production is impressive. Three wells were completed in Blaine County and two were on the same pad …

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