October 15, 2020 archive

Energy prices on a trading teeter-totter

  Energy stocks just can’t seem to get much of a break in development of a string of successive increases in trading. Thursday was no different as it proved to be like riding a teeter-totter. Some went up. Some went down. Alliance Resources Partners dropped 2.50% or 7 cents to slide to $2.73 per share. …

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Oil prices end a bit lower, but nearly erase their losses as U.S. supplies decline

  Oil futures settled a bit lower on Thursday, as rising cases of COVID-19 sparked new lockdowns in Europe, raising worries about further slowdowns in energy demand. Prices, however, nearly erased the day’s losses, buoyed by U.S. government data showing a bigger-than-expected 3.8 million-barrel weekly decline in domestic crude inventories reported MarketWatch. November West Texas Intermediate …

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Concho Resources Jumps on Report ConocoPhillips in Takeover Talks

  Shares of Concho Resources rose more than 12% in trading Wednesday following word that it was in talks to be acquired by rival ConocoPhillips. As The Street reported, Concho shares jumped 12.49%  to $49.65 and ConocoPhillips shares rose 1.06% to $35.25. ConocoPhillips is in talks to acquire rival Concho Resources , Bloomberg reported, citing people familiar …

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U.S. rig count increased in past week

  The US rig count rose by seven in the last week to 321 as of Oct. 14 according to the latest Enverus Drillinginfo Daily Rig Count. Enverus said the count is up 2% in the past week and 13% in the last month but still down 63% from a year ago. The most significant weekly …

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Barrett doubles down on climate response under Democrats’ questions

  Judge Amy Coney Barrett told senators Wednesday that her views on climate change weren’t relevant to her potential role on the Supreme Court. “I don’t think my views on global warming or climate change are relevant to the job I would do as a judge, nor do I feel like I have views that …

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LSB Industries to release 3Q earnings report in early November

  Oklahoma City-based LSB Industries, Inc. announced that it will release its financial results for the third quarter ended September 30, 2020 on Thursday, November 5, 2020, after the close of the stock market. The chemical company reported a net loss of $0.4 million in the second quarter and net sales of $105 million with …

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ALLETE to release 3Q earnings report

  ALLETE, Inc., the Minnesota-based company with two large wind farm operations in Oklahoma, will announce its financial results for the third quarter before the stock markets open on Monday, November 9, 2020. Following the release, ALLETE President and Chief Executive Officer Bethany M. Owen, Senior Vice President and Chief Financial Officer Robert J. Adams, …

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SandRidge Permian Trust weighs acquisition offer

  The SandRidge Permian Trust says it has received an unsolicited offer to acquire part of its shares. The offer is from SRPT Acquisition, LLC, a wholly-owned subsidiary of PEDEVCO Corp., a firm that offered to exchange each outstanding unit of the trust for 4/10ths of one share of PEDEVCO common stock. The SandRidge trust, …

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3Q earnings to be reported by Cactus Wellhead

  Cactus, Inc. announced that it will issue its third quarter 2020 earnings release after market close on Wednesday, November 4, 2020. The Houston-based company is coming off a second quarter where revenue plunged $46.1 million or 53% as sales of wellhead and production-related equipment dropped primarily due to lower drilling and completion activity from …

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New Mexico faces billions in well plugging costs as Fed buys millions in oil and gas bonds

  Some officials in New Mexico are worried that growing bankruptcies in the oil and gas industry could leave the state with thousands of abandoned or orphaned oil wells and the state with millions, maybe billions of dollars in the cost of plugging them. In New Mexico, oil and gas companies issued nearly $30 billion …

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