February 9, 2020 archive

State tax revenues from oil and gas are are down for 5th straight month

Oklahoma has marked the fifth straight month of declines in revenue from gross production taxes on oil and gas. Oklahoma Treasurer Randy McDaniel says it’s another indication of what the oil and gas industry slowdown is doing to the state’s revenues. Gross production taxes on oil and natural gas generated $88.3 million in January, a …

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NOV reports increased 4Q earnings but still experienced losses over the year

A seven percent increase in earnings was reported by National Oilwell Varco, Inc. in the fourth quarter of 2019 compared to its third quarter financial earnings but the company also experienced a loss of $385 million. The Houston company, a firm that operates in Oklahoma, said its fourth quarter revenues totaled $2.28 billion, up from …

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Another Chesapeake explosion under investigation in Texas

New photos show the damage from Saturday morning’s blast at a Chesapeake Energy-owned site on Sandy Point Road.               Oklahoma City-based Chesapeake Energy is dealing with another oilfield incident in Texas. This time, a storage tank explosion occurred Saturday morning in Brazos County but no injuries were reported. KBTX …

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