May 28, 2020 archive

Energy news in brief

** Two U.S. senators, Republican Ted Cruz of Texas and Democrat Jeanne Shaheen of New Hampshire are considering drafting further sanctions on Russia’s Nord Stream 2 natural gas pipeline if Moscow goes ahead and finishes laying pipes, in another blow to a project which has already faced delays. U.S. sanctions legislation originally sponsored by the two in …

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Plans unveiled for largest solar farm in Arkansas

  Working with NextEra Energy, Entergy Arkansas plans development of a new solar project that will be the largest sun-powered project in Arkansas.   According to the utility giant’s recent petition to the Arkansas Public Service Commission (PSC), Entergy Arkansas is seeking a declaratory order and approval of a power purchase agreement for a new …

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Louisiana regulators approve purchase of 3 Oklahoma wind farms

  The purchase of three Oklahoma wind farms to provide electrical power to Louisiana customers of Southwestern Electric Company Company was approved this week by the Louisiana Public Service Commission. According to a release from the Alliance for Affordable Energy, SWEPCO, which is a subsidiary of AEP, received approval from LPSC to purchase three new …

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Interim director named at OK Employment Security Commission

  A new director has been named to head the Oklahoma Employment Security Commission after Robin Roberson was forced out amidst an investigation into millions of dollars in unemployment fraud in the COVID 19 pandemic. The Commission picked Shelley Zumwalt to take over as interim director according to the McCarville Report.  

Siemens spinning off its energy division

  Siemens Energy, the firm with operations throughout Oklahoma including a Wind Service Distribution Center in Woodward is becoming a stand alone company as its parent is spinning off its energy business. In making the announcement this week, Siemens AG said also that 55% of Siemens Energy will be spun off to Siemens’ shareholders. The …

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Bankrupt Unit Corporation removed from New York Stock Exchange

Less than a week after filing Chapter 11 bankruptcy in Houston, Tulsa-based Unit Corporation has been told it will no longer be traded on the New York Stock Exchange. Trading of shares in the company was suspended this week as the Exchange started the process of delisting the company’s common stock. The NYSE determined that …

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Louisiana follows Oklahoma in stopping cities from banning natural gas hookups

  The Louisiana legislature is taking a cue from Oklahoma by approving legislation to stop cities and towns from banning natural gas connections in favor of more climate-friendly electric hookups. The Louisiana House of Representatives on Wednesday unanimously approved a bill that would ban local governments from prohibiting utility connections, including natural gas hookups. Oklahoma Gov. Kevin …

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ConocoPhillips wraps up $1 billion sale of Australia assets

ConocoPhillips announced the completion of the more than $1 billion sale of its subsidiaries that hold its Australia-West assets and operations to Santos. The total consideration for the sale is unchanged; however, in connection with the closing, ConocoPhillips and Santos agreed to restructure the payments such that $125 million of the originally announced $1.39 billion …

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More layoffs at Chevron

Chevron Corp is the latest major oil and gas producer to take steps to trim its workforce as the company confirmed this week it has plans to lay off an estimated 10 to 15% of its employees. The oil producer previously disclosed a 30% reduction in its 2020 spending and some voluntary job cuts amid …

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Investors sue over Occidental Petroleum’s $37 billion purchase of Anadarko Petroleum

Occidental Petroleum Corp’s nearly $37 billion acquisition of Anadarko Petroleum last year led to a lawsuit this week by investors who contend they suffered billions of dollars in losses. The lawsuit, filed Tuesday in New York state court in Manhattan claimed the losses occurred because the heavily indebted company hit its inability to weather plunging …

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