March 25, 2020 archive

30% pay cuts hit Occidental Petroleum Corp.

  Big pay cuts have struck Occidental Petroleum Corp in Houston. Reports suggest the company will cut employee salaries by up to 30%, according to an internal memo reviewed by Reuters, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices. Global oil prices have dropped 60% since January as fuel …

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Oklahoma Attorney General warns of coronavirus crooks

Attorney General Mike Hunter issued a consumer alert after receiving reports of individuals attempting to sell at-home tests for the Coronavirus. Attorney General Hunter said Oklahomans need to be on high alert for scam artists trying to sell or administer home-testing kits for COVID-19. “There are currently no credible test kits on the market for …

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ConocoPhillips plans more drilling in South Texas

The price of oil in the mid $20 hasn’t caused ConocoPhillips to back off drilling interest in the Eagle Ford Shale of South Texas. It recently obtained 11 permits to drill in the shale play, according to the San Antonio Business Journal. Operating as Burlington Resources Oil & Gas Co. LP, ConocoPhillips submitted applications with …

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Phillips 66 lowers Capex and suspends share repurchases

  The dramatic decline in oil prices has led to a decision by Phillips 66 to reduce its remaining 2020 capital expenditures by $700 million, lowering the budget to$3.1 billion. It also suspended its share repurchase program. Greg Garland, chairman and CEO made the announcement, reassuring investors that the company is well positioned to manage …

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Oil group supports OK Governor’s shut-down order

  Oklahoma Gov. Kevin Stitt has the support of the Petroleum Alliance of Oklahoma in his decision ordering a shut-down of non-essential businesses in the 19 counties in the state with confirmed COVID-19 cases. “The Petroleum Alliance of Oklahoma recognizes the governor did not take this action lightly, and we thank him for his deliberation,” …

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