** The Environmental Protection Agency (EPA) broke the law in approving agricultural weedkilling products sold by Bayer and two other chemical giants, ignoring clear evidence that the new herbicides would cause widespread damage to crops, a federal court ruled on Wednesday. ** The U.S. Environmental Protection Agency released on Thursday a proposed overhaul of how major clean …
US oil prices hover close to $40
The combination of an upbeat jobs report and OPEC’s weekend meeting to discuss continued oil production cuts prompted oil prices to jump to nearly $40 a barrel in the U.S. and stocks in oil firms to soar. West Texas Intermediate futures shot up nearly 6% or $2.14 a barrel, finishing Friday at $39.55 on the …
Oklahoma’s rig count drops to eleven
Oklahoma’s rig count dropped to eleven this past week while the nation’s rig count plunged by another 17, leaving only 284 working in the U.S. Oklahoma’s count had lingered a few weeks on 12 while one year ago, the state had 101 active oil and gas rigs. But permits to drill have been few …
Chesapeake Energy’s stock rockets as oil prices surge
Shares of Chesapeake Energy Corp. CHK, +76.51% rocketed 50.3% in active afternoon trading Friday, boosted by a surge in crude oil prices ahead of a weekend meeting of major oil producers. Market Watch reported that volume swelled to 5.5 million shares, compared with the full-day average of about 2.5 million shares. The oil and gas company’s stock, has now more …
Some analysts still bet on Chesapeake going bankrupt this year
Oklahoma City’s Chesapeake Energy continues to be on a list of analysts who predict will be among those firms filing for bankruptcy this year, a move hastened perhaps by the COVID-19 pandemic and the oil crisis. Analyst Travis Hoium, writing for Motley Fool predicted Chesapeake is one of three firms he believes will head to …
President Trump signs order fast tracking energy projects
In a move considered beneficial to energy companies and criticized by environmentalists, President Donald Trump on Thursday signed an executive order that gives federal agencies emergency powers to fast-track major energy and other infrastructure projects by overriding environmental permitting requirements. The White House said the order was a way to help the economy rebound from …
500 might lose jobs at Texas steel plant
A Houston manufacturer of drill pipe said it may layoff its entire workforce — nearly 500 people — as a result of the energy downturn and coronavirus, according to a filing with the Texas Workforce Commission. Houston Chronicle reported that Texas Steel Conversion, which manufacturers metal tubing and pipe for the oilfield industry, said in …
Devon shareholders okay incentive pay plan
The results of Devon Energy’s annual meeting this week are official as shareholders gave approval to a 2019 incentive pay plan that had been opposed by some proxy advisers. A reported 61% of the votes supported the company’s plan of a 2019 performance-related stock awards for top executives at Devon. In a Friday filing with …
Figures show plunge in worldwide rig counts
Baker Hughes announced Friday that the Baker Hughes international rig count for May 2020 was 805 down 110 from the 915 counted in April 2020, and down 321 from the 1,126 counted in May 2019. The international offshore rig count for May 2020 was 195, down 33 from the 228 counted in April …
Recent wells completed by EOG Resources and Chaparral Energy
Chaparral Energy and EOG Resources are among companies filing recent well completion reports in Oklahoma. Chaparral completed two wells on a single pad in Canadian County with combined production of 973 barrels of oil a day. The two Denali 1206 wells are located at 20 12N 76W which is a site midway between El …
