The day after Mammoth Energy Services, Inc. suffered a 22% drop in trading of its shares, the Oklahoma City company revealed third quarter financial earnings were up but so were its losses. The firm reported total revenue of $57.5 million compared to $70.5 million from a year earlier and also more than the $47.4 …
New Mexico’s Democratic Gov. upbeat about climate summit
New Mexico’s Gov. Michelle Lujan Grisham says she is “energized” after taking part in the COP21 climate change summit in Glasgow, Scotland. While her state rakes in millions every year from its share of Permian Basin oil and gas production, the Democratic governor leads New Mexico’s climate change efforts, including more restrictions on the …
Sens. Inhofe and Lankford split support on 2 more Biden nominees
At least one Biden nominee got the support of Oklahoma Sens. Jim Inhofe and James Lankford. He was Michael Connor who was confirmed on a 92-5 vote as Assistant Secretary of the Army for Civil Works overseeing the regulatory and infrastructure programs at the Army Corps of Engineers. As such, he will be in …
Energy headlines for Monday
** West Virginia Democratic Sen. Joe Manchin rejected the way his party has approached climate change and China amid the gridlock over President Biden’s Build Back Better spending plan. He pointed out China has 3,000 coal plants while the US has 500. “My environmental friends will make you believe…that the 500 are polluting the whole world,” Manchin said. …
Pioneer heads toward minimal hedging
After selling its Delaware Basin assets to Oklahoma City’s Continental Resources in a $3.25 billion deal, Pioneer Natural Resources indicated it will minimize its hedging in the coming year. Reuters reported Pioneer’s Chief Executive Officer anticipates oil prices to be between $80 and $100 a barrel in the next several years. Click here for …
Midwest governors seek authority to let E15 be sold year-round
Eight Midwest Governors want the Biden administration to let gasoline with a 15% ethanol blend be sold year-round in their states. Their request comes after a federal appeals court last summer struck down a 2019 rule allowing year-round E-15 sales nationally reported Radio Iowa. The letter was signed by Govs. Kim Reynolds of Iowa, …
Cheniere awaits approval of LNG expansion
Natural gas exporter Cheniere Energy is moving closer to an expansion of its ability to turn more Oklahoma natural gas into LNG for shipment overseas—perhaps aiding European and Asian countries with depleted inventories ahead of winter. Cheniere Energy and Venture Global LNG have inked five deals in the past five weeks to bring 9.2 million …
Another big tumble for crude oil prices and OK energy stocks
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 …
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 …
