December 23, 2020 archive

Oil prices rebound and Oklahoma energy stocks soared on Wednesday

A government report showing a drop in U.S. inventories including those at the Cushing crude oil crossroads in Oklahoma resulted in sharply higher closing crude oil futures. The Energy Information Agency reported a fall of 562,000 barrels for the week that ended Dec. 18. The EIA also showed crude stocks at Cushing’s storage hub were …

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Devon Energy runs into stockholders fight over WPX merger

  Devon Energy’s announced merger with Tulsa-based WPX Energy has run into legal challenges filed by several WPX stockholders who are trying to stop the pending merger. In a filing with the Securities and Exchange Commission this week, Devon Energy laid out the opposition explaining a dozen complaints have been filed including seven in the …

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Drone maker wins $18 million Air Force contract

Drone maker and defense contractor Kratos Defense and Security Solutions as won a nearly $18 million Air Force and it means work at the company’s Oklahoma City manufacturing plant. The $17,776,055 award is from the Air Force Research Laboratory for work in the government’s Low Cost Attritable Aircraft Technology including efforts related to Kratos’ XQ-58A …

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Furloughed American Airlines workers in Tulsa to be recalled—maybe

  Thousands of American Airlines workers who lost their jobs at the company’s giant maintenance base in Tulsa will be recalled after Congress passed the pandemic relief bill this week. The Tulsa World said company leaders responded to word that the Payroll Support Program will get $15 billion for airline payroll support and they intend …

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Enverus says rig count fell this week—Baker Hughes says it increased

    Take your pick. This week’s rig count reported by Enverus Rig Analytics shows the nation’s rig count dropped by 12 in the past week to 386. Baker Hughes says the opposite…that numbers increased by two to 348 rigs. The Austin, Texas company said the count is down 3% in the past month and …

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Settlement reached over tanker crash into Cimarron River

  A 2016 tanker truck crash that spilled 1,100 gallons of petroleum into New Mexico’s part of the Cimarron River that eventually flows into Oklahoma, has resulted in a settlement in which Texas-based Fronk Oil Company will pay $150,000 for restoration of the river. New Mexico Natural Resources Trustee Maggie Hart Stebbins announced the settlement …

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Big-ticket energy add-ons to cost taxpayers $ billions

  Environmentalists are cheering all of the energy funding included in the omnibus funding bill passed Monday night but Congress but it also means higher taxes and billions of dollars in costs to taxpayers. The Joint Committee on Taxation scored the tax provisions and revealed the two-year extension of solar tax credit will cost $7 …

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Democrats have a “not so fast” minute about Interior Secretary nomination

  Democratic leaders in the U.S. House now are sounding alarms over President-elect Biden’s nomination of New Mexico Congresswoman Deb Haaland to be his Secretary of the Interior. Seems they are concerned about maintaining their control of the House. E & E News reports House Majority Whip Jim Clyburn wants Biden to delay sending Haaland’s …

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Energy news in brief

** Exploratory drilling began this week for an offshore oil well just 150 miles from South Florida, prompting a warning from 18 members of Congress, including the entire South Florida delegation, of the potential for “severe, even catastrophic, impact” if a spill occurs according to the South Florida Sun Sentinel. ** Midland, Texas based Ring Energy, Inc.  …

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Cookies for Christmas to volunteer first responders

  Oklahoma City’s Devon Energy wanted to show its appreciation to first responders in western Oklahoma. So it handed out cookies at Christmas to members of at lest 13 first responder groups, including the Greenfield volunteer fire department pictured above.