May 15, 2019 archive

Oil tanker fight between North Dakota and Washington state could lead to lawsuit

A fight over new railroad shipping rules is leading to a lawsuit to be filed by North Dakota against Washington state. North Dakota’s battling Washington state’s new law that requires oil shipped by rail to have more of its volatile gases removed. While supporters contend it will reduce the risk of explosions and deadly derailments, …

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Permian Basin losing a trucking company

A trucking company with operations in the heart of the Permian Basin in West Texas is shutting down and no one is explaining why. Product and Logistics Services LL, a subsidiary of Schlumberger filed notice with the Texas Workforce Commission that it was closing operations in Monahans, Texas. The shutdown means the loss of 124 …

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Governor tours Boeing operations in OKC

Oklahoma’s Gov. Kevin Stitt¬† who’s comfortable piloting his own plane got a chance this week to sit behind the controls of a Boeing 747 jetliner. He didn’t really fly the 747 but rather sat at the control of a flight simulator at Boeing’s Development Center in Oklahoma City.¬† The governor toured Boeing’s Advanced Visualizations and …

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OERB credits oil and gas industry with cleanup of abandoned well sites

Leaders of the Oklahoma Energy Resources Board observed the board’s 25th anniversary of cleaning up abandoned oil and gas sites by taking guests to a cleanup site in Oklahoma. Those on hand got to see first-hand how the OERB eliminates abandoned sites that might contain concrete and machinery. They were taken to a site in …

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Bankrupt coal company gets court approval to continue operations

After filing Chapter 11 bankruptcy in Delaware, Cloud Peak Energy in Wyoming has received court approval to proceed with reorganization. The company filed bankruptcy last week. Colin Marshall, President and Chief Executive Officer of the Powder River Basin operation said it will allow the company to continue operating as normal as assets are being sold. …

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Newly-formed Spur Energy acquires oil operations in Permian

  When Chesapeake Energy in Oklahoma City acquired WildHorse Energy Resources in 2018, it resulted in the 2019 formation of Spur Energy Partners LLC by former executives of WildHorse. Now they have announced the formation of a partnership with KKR, a leading global investment firm to acquire large, high-margin oil and gas production and development …

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Oklahoma credited with large growth of Minnesota-based energy company

Minnesota-based ALLETE Inc. reported a jump in earnings and credited the growth to its renewable energy projects in Oklahoma, North Dakota and Montana. The company held its annual meeting this week in Duluth where leaders say the earnings growth is supported by “seemingly limitless opportunities in the nation’s growing renewable energy sector.” More than 900 …

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Roan Resources reports 1Q losses of $58 million

  Roan Resources, Inc. in Oklahoma City reported first quarter 2019 losses of $58.1 million or 38 cents a share. Adjusted net income was $14.3 million or 10 cents a share. The company also stated that its capital expenditures dropped $44 million to $172.8 million compared to a year ago. But production of nearly 49,000 …

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Oklahoma improves in ranking of best and worst states for business

A new ranking of the best and worst states for business in 2019 by Chief Executive Magazine shows Oklahoma moved up three places to 18th best. Texas remains number one for a second straight year while California is at the bottom of the list for a second consecutive year. Chief Executive credited Oklahoma stating that …

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Governor signs bill creating new McClellan-Kerr Arkansas River Tri-State Commission

Oklahoma has taken a step to form a Tri-State Commission on the McClellan-Kerr Arkansas River Navigation System with Kansas and Arkansas. Gov. Kevin Stitt signed House Bill 2142 into law on Tuesday. As the bill stated, it is anticipated that the State of Arkansas and the State of Kansas will enact legislation in order to …

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