SandRidge Energy leader John Suter was up front about his Oklahoma City company’s 2019 earnings performance. It wasn’t good. He described it as a “challenging year” after the company announced a fourth quarter net loss of $249 million or $7.01 per share. The adjusted net loss was $4 million or $0.11 a share even …
WPX Energy reports 70% jump in 2019 earnings but a loss in 4Q
Tulsa’s WPX Energy reported a $121 million fourth quarter 2019 loss or $0.29 per share from its operations even after a 16 percent increase in oil volumes. It also intends to push forward with a $400 million repurchase of WPX shares. The company said its total 2019 net income of $256 million was 70% higher …
Senate confirms deputy Interior Secretary
Oklahoma U.S. Sens. Jim Inhofe and James Lankford voted Tuesday in support of the confirmation of Katharine MacGregor to be deputy Interior secretary. Her confirmation came on a 58-38 vote with five Democrats voting in support of her nomination by President Trump. MacGregor also secured support from Florida Sen. Marco Rubio, who had placed and then …
ExxonMobil reaches $1 million storage tank leak settlement in New Mexico
ExxonMobil will contribute $500,000 to a fund used to clean up leaks from petroleum storage tanks as part of a settlement reached with New Mexico. The Associated Press reports the settlement stems from a 2010 lawsuit that alleged the company used money from the state Corrective Action Fund to clean up petroleum contamination at a …
Energy news in brief
** The Federal Trade Commission said Wednesday it has filed a complaint challenging a proposed joint coal mining venture by two of the world’s biggest coal producers, both based in St. Louis, who said they plan to continue to pursue the deal. Peabody Energy and Arch Coal announced in June that they had agreed to combine …
Electric utilities want congress to address climate change
The nation’s 2,000 community-owned electric utilities agreed for the first time this week that Congress needs to take action to address climate change. And dozens of Oklahoma utilities are a part of the agreement. The American Public Power Association, meeting in Washington, unanimously approved a resolution in support of current bipartisan efforts to reach a …
STACK reveals another big producer for Devon Energy
One of the most recent significant producing oil wells was reported this week in Oklahoma’s STACK play by Devon Energy Production Co. LP. The Everett 12_1-15n-11w 2hx had production of 1,578 barrels of oil a day in addition to 3,315 Mcf of natural gas. The well is located at 12 15N 11W or about 6 …
Surprise retirement at German company that produces Roundup weed killer
The man who was behind Bayer’s $63 billion takeover of U.S. based Monsanto plans to step down in April, even as his company struggles with countless lawsuits filed over the weedkiller Roundup. Some of those lawsuits were filed by Oklahomans who contend their use of Roundup led to the cancer they suffer. Werner Wenning announced …
What’s next for OKC’s Chesapeake Energy?
After reporting a fourth quarter loss that was slightly better than expected by analysts, Oklahoma City’s Chesapeake Energy Corp. saw its shares plunge 13.3% toward a record low in morning trading on Tuesday. The major tumble came after Chief Executive Doug Lawler revealed plans were being laid for a reverse stock split in what to …
Schlumberger leader says crazy shale production days are gone
The head of Schlumberger is predicting we have seen the last of the crazy rate of production in U.S.shale. And that includes Oklahoma. It’s the claim of CEO Olivier Le Peuch, the man who runs the worldwide company with exploration and production offices throughout Oklahoma where some of that “crazy” oil production has occurred over …
