Following a 70% increase in revenues in 2022, Nine Energy Services, Inc. prepares to release its first quarter 2023 earnings report on May 9. The Houston-based company, with operations throughout Oklahoma’s SCOOP and STACK plays, will release the report prior to a 9 a.m. Central Time conference call. Nine Energy’s President and Chief Executive …
Category: Oil & Gas
Crude stocks continue dropping at Cushing Hub
The amount of crude oil in storage at the Cushing Hub of northern Oklahoma fell again in the past week, reaching its lowest level of 2023. The U.S. Energy Information Administration reported that as of April 14, there were 32.8 million barrels held in storage at the hub. It was a drop of 1 …
New Mexico reports progress in plugging abandoned oil wells
New Mexico state officials report they have plugged more than 200 inactive oil and natural gas wells, most in the southeast where the state shares part of the Permian Basin. The State Land Office claims it also saved taxpayers $20 million in cleanup costs by having the oil and gas industry pick up …
Court rules against conservation groups fighting the ConocoPhillips Alaskan oil drilling plan
ConocoPhillips scored another win in its effort to explore for oil in the northern reaches of the Arctic. A federal appeals court ruled this week that the company can move ahead with its early stage construction this winter season at the controversial Willow oil project in Alaska. Conservation groups had gone to court …
Headlines of other energy stories
** New York City’s chief financial officer Brad Lander has announced plans to divest from fossil fuel stocks in the two largest city retirement funds. The funds have pension contributions and assets worth more than $170 billion. It may also lead to NYC pension bankruptcies. The highest performing stocks by industry in 2022 were oil and …
Another drop in crude oil prices and Oklahoma energy stocks
Crude oil prices dropped nearly 2% to a two-week low in Wednesday’s trading and the majority of Oklahoma energy stocks followed suit. The strengthening of the dollar caused the decline, despite a sharp drop in U.S. crude inventories. West Texas Intermediate crude for May delivery dropped 2.1% or $1.70 per barrel to settle at $79.16 …
Buried agenda items reveal $6 billion in requests by ONG, OGE and PSO
On the surface, it would appear the Thursday morning special meeting of the Oklahoma Corporation Commission would be routine, normal and certainly nothing out of the ordinary. Far from it. Buried in the agenda under the innocuous-appearing 24-hour signing agenda are items that could end up costing taxpayers and consumers a lot of money. …
Baker Hughes reports increased earnings and revenue
Increased earnings and revenue were the order of the day for Houston-based Baker Hughes Co. The company, with major operations throughout Oklahoma, reported an 18% increase in first quarter revenue of $5.7 billion while adjusted operating income rose $160 million to reach $438 million. Cash flows generated from the company’s operating activities were $461 …
Senator Mullin says Biden put politics over American energy prosperity
“The Biden administration prioritizes politics over American prosperity.” That’s the “in-your-face” assessment by Oklahoma U.S. Sen. Markwayne Mullin. Writing recently in the Washington Times, the Republican Senator charged the administration “has been gas-lighting our domestic energy producers for the past two years.” He accused the White House of using “faulty statistics” to justify its …
Forced pooling the target of reforms in Colorado
Forced pooling, such as exists in Oklahoma, is getting more attention in Colorado where some lawmakers are seeking to reform the process. Some of the state’s lawmakers want more transparency in the process and a bill to do so will face a public hearing this week before a Senate committee. The bill has its …