Apache reported Friday that the company has cut $1.3 billion from this year’s capital spending budget, reducing the company’s annual dividend by $340 million and cutting $150 million in other expenses. The company previously announced a $700 million capital spending cut. The further reductions come two weeks after Apache announced that the company would …
The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy. Oklahoma is no different as thousands of oilfield workers lose their jobs and companies reduce drilling, small towns are feeling the economic impact. …
OGE Energy Corp. is warning if there is a reduction in demand for electricity as a result of the coronavirus pandemic, it could eventually be harmful the company. In a filing Monday with the Securities and Exchange Commission, the utility’s parent company of Oklahoma Gas and Electric Company detailed its risk factor from the virus. …
Oklahoma City-based Devon Energy Corp. announced Monday it has cut another $300 million for the remainder of the 2020 budget, leaving a $1 billion revised capital outlook. It means a reduction of nearly 45 percent of the company’s original budget and follows an announced March 12 decrease of $500 million or 30 percent of the …
Denver-based Whiting Petroleum Corporation confirmed it has dipped into its credit facility to the tune of $650 million to stay afloat amidst the drastic downturn in oil prices complicated by the coronavirus pandemic. The company announced over the weekend it took “proactive steps to ensure it has sufficient liquidity to fund ongoing operations.” The announcement …
While Oklahoma’s unemployment claims set a record high last week, Congress subsequently approved and the President signed into law a more than $2 trillion coronavirus relief bill. The House approved the bill on Friday, two days after the U.S. Senate voted for approval and President Trump quickly signed the measure Friday afternoon. Approval in the …
Residents of West Texas where there is still heavy oil exploration underway are talking about the 5.0 magnitude earthquake that struck the region on Thursday. It was considered to be in a remote area of the state between El Paso and Odessa according to the U.S. Geological Survey. The epicenter occurred about 26 miles …
With the downturn of oil, the importance of hedges by oil companies and the ability to store oil in Cushing, Oklahoma becomes more critical. Hedging locks in place the price of future oil but the oil exploration companies that employ the practice also need a place to store the oil. That’s where Cushing comes in …
The Environmental Protection Agency has abruptly waived enforcement on a range of legally mandated public health and environmental protections, saying industries could have trouble complying with them during the coronavirus pandemic. The oil and gas industry were among the industries that had sought an advance relaxation of environmental and public health enforcement during the outbreak, citing …
Completion reports filed on March 27, 2020. GARVIN COUNTY Marathon Oil Company Woodford(11800): Oil 525 Gas 1291 Water 1099 Flow 34 4N 4W Hollylujah 0404 1-35wh, January 14, 2020 HH, OIL, TD: 17237 ft Lat: 34.76908, Long: -97.60187 API: 35049252900001 LINCOLN COUNTY Becsul Energy Inc Tonkawa(2500): Gas 230 Water 84 Flow In Heads 7 14N 2E Dawson Farms 1, October 04, 2019 SH, DRY, TD: …
