November 3, 2021 archive

Cushing’s crude stocks continue to decline

  The amount of crude oil stocks went up surprisingly by 3.3 million barrels in the U.S. in the past week but crude in storage at the Cushing hub in Oklahoma continued to decline. The U.S. Energy Information Administration reported Wednesday a tightening of the U.S. oil market supply with stocks in Cushing at their …

Continue reading »

Dramatic plunge for crude oil prices—4 week low

  A big tumble for crude oil prices on Wednesday as they plunged more than $3 a barrel in the U.S. reaching a four-week low as crude stocks rose more than expected and gasoline inventories hit a four-year low. West Texas Intermediate crude for December delivery dropped $3.05 or 3.6% to $80.86 a barrel in …

Continue reading »

Continental expands Permian operations in 3Q

      Continental Resources reported more than $1 billion in cash flow and adjusted net income of $437.2 million along with $1.20 adjusted share from its third quarter operations but analysts say it also missed the adjusted share mark by 20 cents. Its year to year revenue totaled $1.34 billion, again $70 million lower …

Continue reading »

Oil and gas prices boost Oklahoma government revenues

  Rapidly rising crude oil and natural gas prices helped push Oklahoma Gross Receipts to the Treasury into uncharted territory in October, State Treasurer Randy McDaniel announced Wednesday. Gross receipts of $1.27 billion for October and $14.7 billion for the past 12 months set record highs yet again. Monthly receipts are up by 16 percent …

Continue reading »

Mammoth Energy and shareholders reach lawsuit settlement

  Mammoth Energy Services announced Wednesday a proposed settlement of derivative lawsuits filed by shareholders following federal investigations of contracts the company had to restore electrical power in Puerto Rico after the 2017 Hurricane Maria. The Oklahoma City company had been hit with four such lawsuits in 2019, two in Oklahoma City federal court and …

Continue reading »

Evergy discredits Sierra Club report on coal-power plant closings

  Kansas electric utility Evergy refutes a Sierra Club report that says customers could save a lot of money by Evergy shutting down its coal-fired power plants by 2030. The utility says such a shutdown is impossible reported KMUW radio. “That cannot and will not happen,” said a spokesman for Evergy. Click here for KMUW.

Net income soared for Oklahoma refinery operator

Pipeline and refinery operator Holly Energy Partners reported third quarter 2021 net income that was nearly two and one-half times that of a year earlier. But it also saw a decline in revenues in the third quarter. The Dallas-based company, with pipeline and refinery operations across Oklahoma and other oil and gas producing states reported …

Continue reading »

Energy headlines for Thursday

** As he tries to wrangle environmental support abroad, President Joe Biden faces a new climate challenge in Washington, where the Supreme Court could upend the EPA’s power to regulate carbon emissions under a long-standing air pollution law reports Roll Call. ** Sen. Kyrsten Sinema (D-Ariz.) is privately questioning a proposed fee on methane emissions targeting …

Continue reading »

Earnings improve for Gulfport Energy after emerging from bankruptcy

  A year after filing Chapter 11 bankruptcy and emerging in May 2021, Oklahoma City’s Gulfport Energy Corporation reported improved earnings for the third quarter of the year. The company stated its net cash from operating activities grew to $126.3 million and delivered $69.7 million of free cash flow. As a result, Gulfport increased its …

Continue reading »

Simmons: Methane regulations ignore industry efforts

  The leader of the Petroleum Alliance of Oklahoma, Brook A. Simmons is not letting up on his critical response to the latest proposed methane rule from the Environmental Protection Agency. In yet another statement this week from Simmons, he called the new EPA rule the “most stringent methane emissions regulations ever” and said it …

Continue reading »