$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…

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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…

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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…

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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…

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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.

   

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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 …

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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…

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Holly Energy Reports Increased Earnings

Holly Energy Partners, L.P., based in Dallas and operators of a Tulsa refinery reported third quarter 2014 financial results showing distributable cash flow of $45.6 million, a 4 percent increase over the third quarter of a year ago.
The quarter…

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Another Pipeline to be Built Moving Oil Out of Eagle Ford Play

Another pipeline project’s going to be built moving oil out of the Eagle Ford play in west Texas. The announcement’s been made by Plains All American Pipeline, L.P. and Enterprise Products Partners L.P. It will be a new condensate gathering sy…

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Hyundia and Kia Fined—-You Driving One?

In all liklihood, some of the 1.2 million vehicles that led to a $100 million civil penalty against Hyundai and Kia are being driven by Oklahomans. And, according to the Environmental Protection Agency, they’re helping emit 4.75 million metric t…

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