The state of Oklahoma has received an increase in the Fiscal Year 2018 energy revenue disbursement from the federal government. U.S. Secretary of the Interior Ryan Zinke announced that Interior’s Office of Natural Resources Revenue, disbursed $7.867 million in Fiscal Year 2018 energy revenues to Oklahoma. This represents an increase of $5.241 million from the previous year’s …
Magellan Midstream sees large jump in 3Q earnings
Tulsa’s Magellan Midstream Partners, L.P. reported third quarter net income of $594.5 million, a large increase from the $198.5 million reported in the third quarter of 2017. Some of the gain is credited to the company’s $353.8 million sale of its part ownership in the BridgeTex Pipeline Company, LLC. Distributable cash flow came to $281.8 …
Gulfport Energy’s CEO steps down amidst accusations
Even as Oklahoma-based Gulfport Energy announced its third quarter net income of more than $95 million, chief executive Michael G. Moore stepped down after the company learned he had made personal charges to a company credit card. The company also found Moore, who was paid $4.7 million a year as of 2017, had used Gulfport’s …
DEQ to issue environmental grants in January
The Oklahoma Environmental Quality Education Committee plans to hand out environmental grants to schools in early 2019 and the grants include amounts up to $1,000. The DEQ’s Education Committee is urging schools, students and teachers to apply for the grant “to promote enthusiasm in young people for learning about the environment and natural resources.” The …
ONE Gas offers $400 million in notes
Tulsa’s ONE Gas, Inc. announced this week an offering to sell $400 million of its 30-year senior notes at a coupon of 4.50 percent. The company anticipates net proceeds will total $392.1 million after deducting the underwriting discounts and commissions. Management indicated it will use the proceeds to repay amounts outstanding under its commercial paper …
Final planning for annual governor’s Water Conference
Online registration is underway for the upcoming Governor’s annual Water Conference and Research Symposium to be held in Midwest City. The ‘early bird’ registration ended Oct. 31 which included a $200 registration rate. As of Nov. 1, the regular rate of $250 is being charged. The event is scheduled for Dec. 5 through the …
Continental’s Project Springboard is paying off
Continental Resources Inc.’ Project Springboard, a massive exploration effort of a 70-square mile area near Chickasha in the SCOOP play continues to pay off. The company filed a completion report this week showing one well with production of 1,210 Boed along with 1,290 Mcf of natural gas. The Triple H 4-30-31hs located at 30 7N …
Newfield Exploration sold to Canadian firm in $5.5 billion deal
Another major energy purchase was announced this week and it involves a major player in Oklahoma’s STACK play—Newfield Exploration Inc. The Houston-based company is being sold in a $5.5 billion purchase by Canada’s Encana Corp., a firm that had been trimming its oil and gas holdings in the past several years. But this purchase of …
ConocoPhillips wraps up sale of Barnett Shale holdings
ConocoPhillips announced Thursday it completed its $230 million sale of its Barnett assets to Lime Rock Resources. The sale of properties in Montague, Wise, Denton and Cooke Counties, Texas was announced in early August. It was the Houston company’s first acquisition in the Fort Worth Basin. Eric Mullins, co-CEO of Lime Rock Resources, said at …
Mammoth Energy has record 3Q earnings
Record earnings for the third quarter have been announced by Oklahoma City-based Mammoth Energy Services as net income reached $69.5 million. Total revenue was $384 million which represented a 157 percent increase over the third quarter of 2017. A year ago, Mammoth Energy reported a net loss of $800,000. The net income increase amounts to …