For a second consecutive day, crude oil prices across the globe took a deep slide, falling more than $2 a barrel in the US even as OPEC and its allies agreed Thursday to stay with plans to raise oil output by 400,000 barrels a day from December. Oklahoma energy stocks didn’t respond well with …
November 4, 2021 archive
Enverus report shows increased rig counts in US and Oklahoma
The weekly Enverus Rig Analytics report showed an increase of rigs in the U.S. in the past week including in the Anadarko Basin which saw 2 additional rigs. Nationally, numbers increased by 8 to 652 as of Nov. 3 reported the company based in Austin, Texas. The count is up by 4% in the last …
Devon leaders expect bigger earnings from Permian and Anadarko Basins
“Devon’s third quarter results were outstanding.” Rick Muncrief With that statement, Devon Energy’s CEO Rick Muncrief summed up the third quarter results for the Oklahoma City-based oil and gas company. Devon’s earnings totaled $844 million in the quarter compared to $92 million last year while earnings per share were $1.24, up from the …
Energy headlines for Friday
** Democrats in the U.S. House of Representatives released an updated social spending and climate measure on Wednesday that expands a proposed $12,500 tax credit to pricier zero-emission vehicles, while lowering income limits for eligible buyers. ** President Joe Biden on Tuesday criticized Chinese leader Xi Jinping and Russian President Vladimir Putin for skipping the United Nations …
Lucas on Dems reconciliation—irresponsible at best
House Committee on Science, Space, and Technology Ranking Member Frank Lucas testified at a House Committee on Rules hearing in opposition to the Democrats’ reconciliation package, emphasizing partisan tactics, rushed policies, and trillions in spending that “is irresponsible at best, and a dereliction of duty in this time of growing federal debt and rising inflation:” “The …
3Q results show improved earnings for OGE Energy Corp.
OGE Energy Corp., the parent company of Oklahoma Gas and Electric Company, and holder of 25.5 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners LP reported earnings of $1.26 per diluted share for the three months ended September 30, 2021 compared to earnings of $0.89 per diluted share for the third quarter of 2020. Here’s …
Improved quarterly finances for Cactus
Cactus, Inc. reported a 6% increase in its third quarter revenue which totaled $115.4 million for the Texas-based drilling and manufacturing company. With operations in Oklahoma and other oil and gas states, the Houston firm reported third quarter net income of $17.2 million and adjusted net income of $14.7 million and diluted earnings per …
Nine Energy blames losses on labor shortage
“Because of our inability to field labor, we were unable to complete all anticipated wireline jobs in the region.” CEO Ann Fox The labor shortage caught up this week with Nine Energy Service’s bottom line as the Texas company reported a more than $16 million net loss in the third quarter 2021. Its revenues …
Stitt banks on attracting Mexican energy business
Oklahoma Gov. Kevin Stitt hopes he was able to convince energy executives in Mexico to bring their businesses to Oklahoma. The Governor traveled to Mexico City this week as part of an effort to attract new industries and business to the state. “I told Oklahomans that I was a businessman, that I would bring …
Energy Transfer/Enable Midstream
Ahead of the government’s expected approval of its merger with Oklahoma-based Enable Midstream Partners LP, Texas-based Energy Transfer reported third quarter net income of $635 million, an increase of $1.29 billion from a year earlier. Energy Transfer announced its $7 billion Enable Midstream merger in February but still awaits Hart-Scott-Rodino Act clearance. It is …
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