July 30, 2020 archive

Halliburton creates special lab to explore cleaner energy sources

  Halliburton Company has announced the creation of a special lab to explore ways to create cleaner and more affordable energy. The company said Halliburton Labs would be a collaborative environment where entrepreneurs, academics, investors and industrial labs come together. Halliburton Labs, led by Executive Director Scott Gale, will accelerate the growth of innovative, early-stage …

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ALLETE declares dividend

  ALLETE Inc., the Minnesota-based company building a large wind farm operation near Ardmore in southern Oklahoma reported a quarterly dividend was declared this week by its board of directors. The dividend amounted to 61.75 cents per share of common stock. On an annual basis the dividend is equivalent to $2.47 per share, unchanged from the …

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Increased dividend reported by Williams Cos.

  Williams’  board of directors in Tulsa has approved a regular dividend of $0.40 per share, or $1.60 annualized, on the company’s common stock, payable on Sept. 28, 2020, to holders of record at the close of business on Sept. 11, 2020. The dividend is consistent with the second-quarter 2020 dividend and is a 5.3% …

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WPX reports $414 million 2Q loss while slowly resuming crude production

  WPX Energy in Tulsa reported an unaudited second-quarter loss of $414 million or 74 cents a share, blaming the loss on derivatives. Cash flow was also down 24%. The report was released as WPX Energy is slowly resuming completion operations. The company said the loss was  driven by a $275 million net loss on derivatives …

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Solar power to replace coal-generating station in NW New Mexico

The go-ahead for a major solar-power project in northwest New Mexico has been given by state utility regulators. The Associated Press reported the approval came for major investments in solar-generated electricity and battery storage to replace a coal-fired power plant. The Associated Press reported that the five-member Public Regulation Commission on Wednesday voted unanimously for a …

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OU researchers get part of $28 million Energy Dept. geothermal grants

  The University of Oklahoma is one of five facilities getting nearly $28 million from the U.S. Department of Energy to study what the department calls the next generation of geothermal energy technologies. Selected by the Office of Energy Efficiency and Renewable Energy’s Geothermal Technologies Office these projects align with the goals of the 2019 GeoVision study, which outlines …

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Losses grow for ConocoPhillips

  Times continue to be challenging for the oil and gas industry as shown in the second-quarter 2020 earnings report by ConocoPhillips which reported growing losses. The Houston-based company, with foundations in Oklahoma reported actual earnings of $0.3 billion compared to the $1.6 billion in the second quarter a year ago, but the adjusted earnings …

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Pressure grows for Continental Resources and others to resume oil production in North Dakota

  Oklahoma City’s Continental Resources as well as Marathon Oil are among those companies offering no comment about whether they will continue to delay bringing back oil production in North Dakota’s Bakken shale field. But as Reuters reported this week, producers in the state are under new pressures to delay any resumption of oil production. …

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North Dakota uses CARES act money to plug abandoned wells

  North Dakota plans to spend $66 million to plug wells abandoned by oil and gas companies in the U.S. state after the pandemic crushed demand for crude, causing a plunge in prices. The $66 million has come from the Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, said Katie Haarsager, a spokeswoman for …

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President Trump warns oil and gas industry what will happen if Biden wins the White House

  “We’re okay now. We’re back. We’re back.” The message President Donald Trump delivered to the oil and gas industry Wednesday when he stood in front of stacked oil barrels and spoke in Midland, Texas—heart of the Permian Basin. Speaking to a crowd scattered with those wearing cowboy hats and face masks, he contrasted his …

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