Author's posts
2013 Layoffs Proved to be Costly for Chesapeake
Even as Chesapeake Energy released its third-quarter earnings report this week of $169 million in net income and $82 million in adjusted earnings for shareholders, it was still dealing with former co-founder and president Aubrey McClendon.
Burie…
Keystone Pipeline to be a Test of the President’s Willingness to Work with New Congress
After taking control of the U.S. Senate, Republicans now say they will move quickly to approve the Keystone XL pipeline, the one already built in Oklahoma and Texas but waiting for approval from Canada to Nebraska.
During his Wednesday afternoon news …
Law Firm Seeks Potential Clients to Sue SandRidge
The delay by SandRidge Energy in reporting its third quarter earnings report for 2014, one the firm says was caused by a routine Securities and Exchange Commission review has prompted a Los Angeles law firm to announce it is investigating potential cla…
$1 billion in Earnings for Devon Energy
A whopping $1 billion in net earnings for the third quarter of 2014 has been reported by Devon Energy Corporation based in Oklahoma City. It compares to third-quarter 2013 net earnings of $429 million. The most recent earnings mean a common sha…
Victorious Politicians Credit Energy
Energy wasn’t a key issue in any of the statewide races in Oklahoma but it certainly was referenced by some of the celebrating politicians Tuesday night. U.S. Senator Jim Inhofe and Lieutenant Governor Todd Lamb both spoke of it as they celebrated the…
Oklahoma Gas Prices Drop Back Below $3
Oklahoma’s average gasoline price has dropped below $3 a gallon, reversing course from what occurred a week ago, according to AAA Oklahoma. Tuesday was the sixth consecutive day that Oklahoma’s average price at the pump had fallen according to spokesm…
Denton Voters Make it Official—Fracking is Banned
The north Texas city of Denton has become the first in the Lone Star State to ban any more permitting of hydraulic fracturing, as voters on Tuesday sided overwhelmingly against Oklahoma City-based Devon Energy and other major oil companies that f…
Oil Drops to $76.45 a Barrel
From the Associated Press
NEW YORK
Stocks edged mostly lower on Tuesday, led by a drop in energy stocks as oil continued to fall. Investors were also disappointed by the earnings outlooks from companies including Priceline and Michael Kors.
Keeping score: The Standard & Poor?s 500 index fell 12 points, or 0.6 percent, to 2,005 as of 12:11 p.m. Eastern time. The Dow Jones industrial average fell 15 points, or 0.1 percent, to 17,350 points. The Nasdaq composite dropped 36 points, or 0.8 percent, to 4,602.
Oil losers: Energy stocks in the S&P 500 index dropped 2.4 percent, extending their losses for the year to 5.6 percent as oil prices fell. U.S. benchmark crude slumped $2.33, or almost 3 percent, to $76.45 a barrel, the lowest price since October 2011. Brent crude, the international benchmark, fell $2.34, or 2.8 percent, to $82.43 a barrel.
Oil has fallen sharply in recent weeks as global supplies rise while demand for fuel trails earlier expectations.
Oil winners: The slumping price of oil is giving a boost to airlines, because the cost of fuel is their single largest operating costs. Delta Airlines surged $1.56, or 3.8 percent, to $42.15. United Continental, Jet Blue and Southwest Airlines also logged big gains.
Consumer boost: While slumping oil prices are hitting stocks hard, they should benefit the economy in the longer run as lower gas prices filter through to consumers, said Ernie Cecilia, Chief Investment Officer of Bryn Mawr Trust. The consumer should also benefit as interest rates continue to remain low, even after the Federal Reserve has stopped buying bonds as part of its economic stimulus measures.
?When oil spikes, all you hear about is that it?s a tax on the consumer, so conversely, it?s a windfall of sorts for the consumer, so it?s a plus,? said Cecelia.
Tulsa Energy Firms Join Quality Jobs Program
Two more energy companies are participating in the Oklahoma Quality Jobs Program, qualifying for nearly $16 million in incentive payments as they create 459 jobs in the coming decade. The Oklahoma Commerce Department oversees the Quality Jobs Program …
ONEOK Announces 3Q Earnings Drop From Year Earlier
Tulsa-based ONEOK, Inc has announced third quarter 2014 net income of $64.5 million or 31 cents per diluted share. It includes a noncash impairment charge of $76.4 million or 9 cents per diluted share which resulted from the firm’s equity investment i…