June 11, 2020 archive

IRS looking into carbon capture tax credits for oil and gas companies

  Nearly $900 million of carbon capture tax credits awarded in the last decade went to oil companies that failed to show evidence they stored the amount of carbon dioxide claimed on their taxes. Now the Internal Revenue Service is investigating. Two years ago, Congress enlisted oil companies to help develop an underground carbon storage system to aid in …

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Spirit laying off and furloughing hundreds of workers

The announcement of furloughs for 900 employees at the Spirit Aerosystems Holdings headquarters in Wichita, Kansas means some will lose their jobs at the company’s operations in Oklahoma. The furlough will be a 21-day layoff for those employees doing production and support work for Boeing Co’s 737 program. A WARN notice sent to the Oklahoma …

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ONEOK offers 26 million shares in public offering

ONEOK, Inc. is in the search for more investors and announced Thursday it plans an underwritten public offering of 26 million shares of its common stock. The company stated that it expects to grant to the underwriters a 30-day over-allotment option to purchase up to 3.9 million additional shares. In Wednesday’s trading, ONEOK shares dropped 5.5% …

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After 8 years, ALLETE opens international power line

ALLETE Inc., the company with a major wind-farm in southern Oklahoma announced it is finally bringing online a new international power line that took 8 years of effort including four years of work to get government approval. The Great Northern Transmission Line is described by ALLETE as an innovative delivery and storage system for renewable …

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WPX Energy sells small holdings in Bakken

  Tulsa’s WPX Energy has sold some of its Bakken holdings in North Dakota in a $1.5 million deal with Northern Oil and Gas, Inc. of Minnesota. The deal involved the sale of 320 acres of Williston Basin Properties and Closing is expected July 1, 2020.  In making the announcement, Northern indicated that since signing, …

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Mammoth’s annual meeting to be “in person”

Oklahoma City-based Mammoth Energy Services, Inc. is planning to hold an in-person annual stockholders meeting July 2 in the city and elect five directors including one new nominee. “We intend to hold our annual meeting in person. However, we are actively monitoring the public health, travel and business and social gathering concerns of our stockholders …

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Who’s drilling where in Oklahoma

  Oklahoma regulators are still handing out drilling permits although the numbers are not as high as before the arrival of the COVID-19 pandemic. Camino Natural Resources LLC, a company based in Denver, Colorado intends to drill in Canadian County at a site a few miles southeast of the town of Union City. It received …

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Latest STACK play wells in Oklahoma

    Oklahoma’s STACK play might not have as many big producers in light of the COVID-19 pandemic and the effects it has had on the oil and gas industry, but it still has the potential. Devon Energy Production Co. LP reports completion of a mother-daughter pair of wells in Oklahoma’s STACK with combined production …

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