OERB chairman Mike McDonald had a special note of encouragement, optimism and belief in Oklahoma’s oil and gas industry in the midst of the coronavirus pandemic. He wrote the note in the newsletter from the OERB. We are living through unprecedented times. COVID-19 and the chaos in the economy is affecting every one of …
American Electric Power CEO Nick Akins says May will be “an important month” for its 1.5 GW North Central wind project, telling analysts during Wednesday’s Q1 earnings call that the company expects action soon by Louisiana and Texas regulators. The North Central project involves the purchase of three wind facilities being developed by Invenergy in Oklahoma — 199 …
New Mexico leaders are struggling like others across the nation in dealing with a near economic collapse because of the coronavirus pandemic. But theirs, like one in Oklahoma is suffering because of the downturn in oil and gas and New Mexico anticipates the pandemic will mean the state will collect $2 billion less than project. …
Oklahoma pipeline operator Williams has landed a deal to haul natural gas from an offshore project being developed by Chevron and French oil major Total in the Gulf of Mexico. Financial terms were not disclosed but under the deal, Williams will develop an underwater pipeline to move the natural gas from Chevron and Total’s deepwater …
North Dakota officials have launched what they call the Bakken Restart Task Force as Gov. Doug Burgum hopes his state can avoid what he calls an “economic Armageddon.” The task force was formed to help oil and gas producers recover from falling crude prices due to plummeting demand over the coronavirus pandemic that has struck the …
OGE Energy Corp on Thursday reported a net loss of $492 million or $2.46 a diluted share and cited an impairment of $780 million largely due to losses related to its interest in Enable Midstream Partners LP. OGE Energy, parent company of OGE is a 50% general partner in Enable and said its $2.46 a …
Occidental Petroleum Corp this week swung to a first quarter $2.2 billion loss on writedowns and charges, and the troubled U.S. oil producer cut its budget for the third time since March in response to a historic oil-price crash. The company has been struggling with debt taken on in last year’s $38 billion acquisition …
A week after Cheniere Energy opened its Midship gas line in Oklahoma’s STACK play, the company finds itself like a lot of others wondering what to do with excesses of natural gas as demand dwindles in the world’s biggest buyers of liquefied natural gas. Asia’s spot prices are at record lows and some suppliers are …
A major operator in Oklahoma’s oil patch, Marathon Oil Corporation reported a first quarter 2020 net loss of $46 million or 6 cents a diluted share. The adjusted net loss was $(125) million, or $(0.16) per diluted share. Net operating cash flow was $701 million, or $550 million before changes in working capital. Chairman, President, and CEO Lee Tillman said, “While the safety …
Apache Corp. reported net losses of nearly $4.5 billion this week, leading to a nearly 4% drop in Wednesday’s trading of shares. The net loss totaled $4.48 billion which amounts to $11.86 a share. A year ago, the company had a $47 million or 12 cents a share loss. Adjusted for asset impairments, losses …
