** A freight train derailed in a fiery crash near a small town in Minnesota early Thursday, forcing residents to evacuate as a precaution, officials said. The incident was reported at around 1 a.m. CT. Multiple tankers of a train operated by BNSF Railway derailed and caught fire on the western edge of Raymond, a town in …
Category: Oil & Gas
Congressman reminds bank regulators of Oklahoma’s infamous Penn Square Bank failure 41 years ago
When a House Committee grilled federal regulators this week on their bailout of California’s Silicon Valley Bank, Oklahoma Congressman Frank Lucas was among those wanting some answers. He also reminded regulators of the infamous collapse of the Oklahoma City Penn Square Bank and the response of the FDIC in the early1980s. He sits on …
Devon’s SEC filing details revolving credit agreement
A new SEC filing by Devon Energy Corporation showed the Oklahoma City oil and gas firm recently entered into an amended and restated credit agreement for a $3 billion revolving credit facility. Bank of America, N.A. was identified as the administrative agent and the swing line lender. Such a lender is one that makes …
Texas legislators tackle bill to oppose EPA’s anti-oil and gas efforts
Texas legislators are considering a bill to bar state officials from giving assistance of any kind to enforcement of any federal oil and gas law that contradicts the state’s own laws. The Hill reports the bill has bipartisan support and if signed into law could prevent problems to the Environmental Protection Agency in its …
Crude oil total declines at Cushing Hub
Data from the federal government shows the amount of crude oil in storage at Oklahoma’s Cushing hub declined in the past week. The U.S. Energy Information Administration reported that Cushing held 35.2 million barrels of crude oil as of March 24, down from the 36.8 million barrels recorded as of March 17. Crude stocks …
Congresswoman says America needs Lower Energy Costs Act
Oklahoma Congresswoman Stephanie Bice makes the case to support the Republicans’ H.R. 1, the one they call the Lower Energy Costs Act. In a letter released this week to her constituents, the Republican Representative said the Act would roll back anti-energy policies put forward by the Biden Administration and repeal the $6 billion natural …
ONE Gas receives proceeds from sale of Winter Storm Uri bonds in Texas
A filing with the SEC by ONE Gas revealed its Texas Gas Service division received nearly $197 million as its portion of the net proceeds from the sale of Winter Storm Uri bonds. The filing indicated the sale was of Customer Rate Relief Taxable Series 2023 Bonds issued by the Texas Natural Gas Securitization …
Production of 2,900 barrels a day from two more Ovintiv wells near Okarche
The ability of Ovintiv Inc. to find large producer oil wells in Oklahoma’s STACK play continues to be a marvel to observers of the oil and gas industry. The company’s latest two producers, both drilled on a single pad in Kingfisher County had combined production of nearly 2,900 barrels of oil a day. Both …
Crude slipped in Wednesday’s trading but OK energy stocks recorded gains
Crude oil prices dropped in Wednesday’s trading while Oklahoma energy stocks headed in the opposite direction. Investors looked to make profits from two straight days of gains for crude oil prices. West Texas Intermediate crude dropped 23 cents or 0.3% to close at $72.97 a barrel on the New York Mercantile Exchange. Brent crude, the …
Federal bank survey finds slowed growth in oil and gas in Texas, New Mexico and Louisiana
A survey by the Federal Reserve Bank of Texas showed growth in the oil and gas sector in Texas, Louisiana and southern New Mexico stalled in the first quarter of 2023. The Dallas Fed Energy Survey indicated the business activity index, the survey’s broadest measure of conditions in the district’s energy firms, was down …
