April 2020 archive

SandRidge plans in-person stockholders meeting in June

      Two years after activist investor Carl Icahn won control of Oklahoma City’s SandRidge Energy allowing him a slate of 5 directors, the company’s board of directors is preparing for its annual shareholders meeting in June and urging the reelection of four of the five. The meeting comes less than a month after …

Continue reading »

Unemployment fraud by the thousands under investigation

While Oklahoma Attorney General Mike Hunter contends an easing of absentee voting requirements will only lead to more voter fraud, his office is already dealing with another form of fraud—unemployment compensation. People claiming jobless benefits when they’re cheating those really out of work. The Oklahoma Employment Security Commission reports the discovery of thousands of fictitious claims …

Continue reading »

Coronavirus uncertainty felt by ONEOK leaders

In releasing results of its first quarter 2020 financial results this week, Tulsa-based ONEOK make it clear the spread of COVID-19 and recent energy industry developments had an adverse effect on the company. And finances might not improve anytime soon as ONEOK reported a quarterly loss of $142 million or 34 cents a share in …

Continue reading »

Chesapeake files amended SEC report

The same day of a Reuters report that Chesapeake Energy was close to possibly filing bankruptcy, the company filed an amended proxy statement with the Securities and Exchange Commission. It detailed payments to the board of directors as well as company’s executive officers. Board chairman R. Brad Martin received total payment of $650,000 while members …

Continue reading »

Large gas wells reported by Trinity Operating

  Houston’s Trinity Operating USG LLC has a history of drilling in Oklahoma’s Arkoma basin in the southeast and reported this week completions of two wells on a single pad producing more than 18,000 Mcf of natural gas. The two Glynell wells, drilled at 31 8N 12E which is a site near the Canadian River …

Continue reading »

Completion reports for April 29, 2020

Completion reports filed on April 29, 2020. BLAINE COUNTY Council Oak Resources Llc Morrow Sand: Oil 246 Gas 6499 Water 2 Flow 4 17N 12W Haigler 1-4h, August 30, 2019 HH, GAS, TD: 14445 ft Lat: 35.97190, Long: -98.47757 API: 35011236410002 HUGHES COUNTY Trinity Operating Usg Llc Mayes – Woodford: Gas 8334 Water 2590 Flow 31 8N 12E Glynell 2-31/30h, October 03, 2019 HH, GAS, …

Continue reading »

Permits to drill for April 29, 2020

Permits to drill issued on April 29, 2020. Stephens County SANNER(EAST) #32, April 29 2020 22 1S 5W NENWSESW API: 13727609 Lat: 34.452039011271104, Long: -97.71375448267595 PRUITT OPERATING COMPANY LLC SH, DR, 750 ft, PERMIAN(300)

Companies agree to store increased emergency oil

  As the Trump administration attempts to give help to the ailing U.S. oil and gas industry, one of its plans involves an expansion of the nation’s Strategic Oil Reserve. As a result, nine companies have reached agreement to store 23 million barrels of crude oil in the U.S. emergency oil reserve. Reuters reported a …

Continue reading »

Historic dividend cut made by Shell

    Shell has cut its dividend for the first time since the Second World War, ending a run of ever-larger shareholder returns that has lasted for almost a century. Shareholders, which include thousands of pension funds, were told that their chunky dividend – the largest from a London-listed firm in the UK – was …

Continue reading »

Oil prices jumped 24% to offset drop earlier this week

On the day that Reuters reported Chesapeake Energy was close to pulling the trigger on a bankruptcy court filing, oil prices in the U.S. rose $3 a barrel while the company’s shares dropped $2. West Texas Intermediate was up 24% from earlier in the week and added $3.01 a barrel to reach $15.35. International Brent …

Continue reading »