It’s not just the big oil companies struggling in the oil crisis, laying off hundreds of workers and making the momentous decision to shut in wells and stop the flow of too much crude into the world market. Small companies are suffering perhaps even more. One example of their suffering was reported this week in …
April 27, 2020 archive
6,000 oil and gas jobs lost in a single day
The numbers are staggering—more than 6,000 oil and gas jobs were lost in a single day last week. It wasn’t just layoffs at Schlumberger, Chesapeake, SandRidge, Baker Hughes and Halliburton in Oklahoma. It was in Texas too. Oil and gas companies announced plans to cut more than 6,400 jobs on a grim day for the …
Diamond Offshore Drilling the latest to file for bankruptcy
After months of operating what it called “precipitously” Diamond Offshore Drilling took the plunge, filing for Chapter 11 bankruptcy in Texas. In a Chapter 11 petition filed at the U.S. Bankruptcy Court for the Southern District of Texas (Houston), the rig contractor controlled by Loews Corp. L said operating conditions had worsened “precipitously in recent months,” according …
90 cent gasoline in Oklahoma
A week after oil prices dropped into negative territory before rebounding into a range of less than $20 a barrel, gasoline prices in Oklahoma dropped another two cents a gallon, reaching a low of $1.36. While oil producers are hurting, drivers are smiling when they pull up to the pumps. But GasBuddy reports gas is …
Colorado becomes even more aggressive in pushing electric cars and trucks
Colorado has updated its aggressive plan to put thousands of electric cars and trucks on the roads in the coming years, a move its leaders believe will clean the air for future generations and at the same time distance the state for dependency on the fossil fuel industry. “As an administration and as multiple …
Motley Fool—which oil companies will crater this year
To suggest any one oil company might crater this year is putting yourself way out on a limb. But some are suggesting at least one Oklahoma-based energy firm is likely to crash and burn because the oil crisis is only adding fuel to a fire caused by a mountain of debt. Motley Fool asked …
Growing movement to shut off the oil pumps
First Continental Resources did it—claiming an act of god caused its need to break an oil production contract. The same claim was made by Gov. Kevin Stitt, all in the name of cutting oil production at a time when oil prices are just pulling out of negative territory. Motley Fool says other companies …
Governor Stitt wants Presidential declaration to help oil producers
Perhaps he took a cue from Continental Resources founder Harold Hamm who used the same claim in ending oil production contracts in North Dakota. But Oklahoma Gov. Kevin Stitt is calling on U.S. President Donald Trump to declare the coronavirus pandemic an “act of God,” a step to help oil-producing states contend with a crude glut …
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